Muscle Maker Inc's New Subsidiary,
Sadot LLC, Posts $54.19 Million Revenue in First 30 Days of
Operation
New Agreement with AGGIA Increases
Year-To-Date Revenue 725% to $62.86 Million
AGGIA to Earn Shares at Premium
Price of $1.5625 Per Share Based on Net Income Generated
Fort Worth, Texas, December 12,
2022 -- InvestorsHub NewsWire -- Muscle Maker, Inc.
(Nasdaq: GRIL),
today announced its new wholly owned subsidiary, Sadot LLC
("Sadot"), generated $54.19 million in revenue for the month of
November, its first month of operation and management by AGGIA LLC
FZ ("AGGIA"). For the month of November, Sadot completed 26
commodity shipping transactions in seven different countries
consisting of various commodities such as food oils, white wheat
and soybean meal.
Michael Roper, CEO of Muscle Maker, stated "it has been our belief
that the AGGIA agreement could be a game changer for Muscle
Maker. To put the $54.19 million into perspective, the total
company revenue through Q3, 2022 was $8.67 million. The
$54.19 million revenue Sadot generated for November alone pushes
the total company revenue for the entire year to date upwards of
725% in just one month, raising our year-to-date revenue to $62.86
million."
On November 18th, Muscle Maker
filed a Form 8K with the Securities and Exchange Commission and
issued a corresponding press release announcing a new subsidiary,
Sadot, and a material agreement between Sadot and AGGIA.
AGGIA will manage the day-to-day operations of Sadot, focusing on
shipping, trading, sourcing, farming and production of physical
commodities. The agreement could eventually lead to a change
in the makeup of the Muscle Maker board of directors and result in
a significant issuance of common stock to AGGIA. This is a
pay for performance agreement where AGGIA can earn shares of Muscle
Maker common stock based solely on net income generated.
Shares earned are calculated using net income generated divided by
a premium share price of $1.5625 per share. AGGIA could earn
up to 14,424,275 shares of common stock by generating $22,537,929
of net income into Sadot.
Roper continued, "a unique aspect of this agreement with AGGIA is
that it is pay-for-performance based. AGGIA only earns shares
of common stock if they generate net income into our wholly owned
subsidiary, Sadot. We are confident AGGIA has the experience
and expertise to implement the Sadot strategy, and we believe
$54.19 million in revenue in one month is a positive start. While
AGGIA focuses on the commodity side of the business, the current
Muscle Maker team continues to focus on growing the company through
our Pokemoto franchising efforts. Our strategy remains the
same. As a matter of fact, last week we announced the
Pokemoto division has crossed a milestone by signing 50 franchise
agreements. This structure allows the Muscle Maker team to focus on
franchise growth while the AGGIA team focuses on the commodity
shipping side of the business. We believe this leverages each
team's strengths while also creating a more diversified company
overall."
The preliminary, unaudited financial results included in this press
release are based on information available as of December 12, 2022
and management's initial review of operations and financial results
as of such date. They remain subject to change based on the
completion of the Company's customary quarterly financial closing
and review procedures and are forward-looking statements. The
Company assumes no obligation to update these statements, except as
may be required by law. The actual results may be materially
different and are affected by the risk factors and uncertainties
identified in this press release and in the Company's annual and
quarterly filings with the Securities and Exchange Commission.
Further, the Company's independent auditor has not reviewed or
performed any procedures on the preliminary, unaudited financial
results.
About Muscle Maker Grill
Restaurants
Muscle Maker, Inc.
is the parent company of "healthier for you" brands delivering
high-quality healthy food options to consumers through traditional
and non-traditional locations such as military bases, universities,
delivery and direct to consumer ready-made meal prep options.
Brands include Muscle Maker Grill restaurants, Pokemoto Hawaiian
Poke and SuperFit Foods meal prep. Our menus highlight healthier
versions of traditional and non-traditional dishes and feature
grass fed steak, lean turkey, chicken breast, Ahi tuna, salmon,
shrimp, tofu and plant-based options. For more information on
Muscle Maker, Inc., visit www.musclemakergrill.com,
for more information on Pokemoto visit www.pokemoto.com
or for more information on SuperFit
Foods visit www.superfitfoods.com.
Forward-Looking
Statements
This press release may include "forward-looking statements"
pursuant to the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. To the extent that the
information presented in this press release discusses financial
projections, information, or expectations about our business plans,
results of operations, products or markets, or otherwise makes
statements about future events, such statements are
forward-looking. Such forward-looking statements can be identified
by the use of words such as "should", "may," "intends,"
"anticipates," "believes," "estimates," "projects," "forecasts,"
"expects," "plans," and "proposes." Although we believe that the
expectations reflected in these forward-looking statements are
based on reasonable assumptions, there are a number of risks and
uncertainties that could cause actual results to differ materially
from such forward-looking statements. You are urged to carefully
review and consider any cautionary statements and other
disclosures, including the statements made under the heading "Risk
Factors" and elsewhere in documents that we file from time to time
with the SEC. Forward-looking statements speak only as of the date
of the document in which they are contained, and Muscle Maker,
Inc., does not undertake any duty to update any forward-looking
statements except as may be required by law.
Contact:
Muscle Maker Grill Marketing
marketing@musclemakergrill.com
Investor Relations:
IR@musclemakergrill.com
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