BONITA SPRINGS, Fla., Aug. 8, 2024 (GLOBE NEWSWIRE) — Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, today announced the signing of an agreement to sell its consumer e-commerce business igourmet.com for $700,000. The Company expects the transaction to close within the next 30 days. The Company’s Pennsylvania office is not included in the transaction. Sampford Advisors, Inc. and Erben M&A Advisors served as selling advisors on the transaction.
Chief Executive Officer (“CEO”) Bill Bennett stated, “With today’s announcement, we mark further progress on our strategic stabilization plan to sell unproductive assets and redirect resources and focus to our profitable Foodservice business, as first discussed in our November 2023 earnings call. The proceeds from this sale will be used to support our anticipated M&A strategy as well as to invest in new growth initiatives in our Foodservice business. We look forward to continuing to grow our core, profitable Professional Chef business.”
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have an exciting story, or are at the forefront of food trends. Our gourmet food marketplace brings together the world’s best food producers with the country’s best professional chefs. We take care of the assortment, experience, and technical tools that enable our professional chefs to create unforgettable experiences for their guests. For more information, visit www.ivfh.com.
Forward-looking statements
This press release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the “Company”) that are based on the current views of the Company’s management and assumptions and information currently available to the Company. These statements reflect the Company’s current views with respect to future events and are subject to certain assumptions, including those described in this press release. Should one or more of these underlying assumptions prove incorrect, actual results may differ materially from those described herein as “should,” “could,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potential,” “seek” or “expect.” Other factors that could also cause actual results to differ materially include international crises, environmental and economic issues and other risk factors described in our public filings. The Company does not intend to update these forward-looking statements. The content of the websites referenced above is not included herein.
Contact for investors and media:
Gary Schubert
Chief Financial Officer
Innovative Food Holdings, Inc.
[email protected]
