BornAgain
3 weeks ago
IVFH ~ Innovative Food Holdings, Inc. Announces Fulfillment of Largest Purchase Order in the Company's History
Wed, October 23, 2024 at 11:28 AM EDT 4 min read
In This Article:
IVFH
+3.33%
BONITA SPRINGS, Fla., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional chefs, announced today the shipment of its largest purchase order in company history through its newly established partnership with a top 10 U.S. retailer.
This milestone order totaled $676,000 of gourmet cheese. This order represented an acceleration of approximately twenty times compared to our cheese production rates of only two weeks prior. The scale and complexity of this order highlight the strength of IVFH's operational capabilities and its commitment to delivering premium products at scale. To meet the demands of this partnership, IVFH recently installed four new high-efficiency packaging machines. This marks a significant expansion of the Company’s operational infrastructure.
Outlook for Q4 and Beyond
As IVFH continues to ramp up production to serve its new retail partner, the Company expects substantial revenue growth throughout Q4 of 2024. Due to startup costs associated with the expansion, IVFH expects profits from this partnership to begin materializing in early 2025.
Bill Bennett, Chief Executive Officer of IVFH, commented, "This is an exciting time for our company as we expand into the retail market. The size and scale of this order speak to the tremendous opportunity ahead, and we are confident that our investments in people, infrastructure, and technology will continue to drive long-term value for our shareholders."
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world’s best artisan food makers with top professional chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional chefs create unforgettable experiences for their guests. Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to the Company that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements, including those related to the Company’s growth plans, reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein, which include words such as “should,” “could,” “will,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” “targeting” or “expect”, or similar expressions. Additional factors that could also cause actual results to differ materially relate to current conditions and expected future developments, international crises, environmental and economic issues and other risk factors described in the Company’s public filings. As a result, readers are cautioned not to place undue reliance on these forward-looking statements and should understand that these statements are not guarantees of performance or results and that there are a number of risks, uncertainties and other important factors, many of which are beyond the Company’s control, that could cause the Company’s actual results to differ materially from those expressed in these statements, including, among others: economic factors affecting consumer confidence and discretionary spending; cost inflation/deflation and commodity volatility; competition; reliance on third party suppliers and interruption of product supply or increases in product costs; changes in the Company’s relationships with vendors and customers. The Company does not intend to update these forward-looking statements.
https://finance.yahoo.com/news/innovative-food-holdings-inc-announces-152800413.html
Lucky_Luciano
8 months ago
IVFH up 250% on Noble Roman's Portfolio, and I have it on good authority that he has all 71,000 of his shares still.
Time to review his post from 8-22-22:
---------------------------------------------------
1. You really don't know what's happening. The letter is fresh, and he wasn't able to talk to Banderas and Pappas according to his letter. We don't know if they are in discussions now or not.
2. It's not possible to conclude if Pappas and Banderas bought in or IFFF Denver Smith proposed it. But with Denver's allies and his recent buying, Pappas and Banderas, it doesn't take a big percentage of the retail investors to get in board. And the onlne consensus there is pretty clear. There is that path.
3. It's not that logical to conclude they see no way out of the mess. Banderas put up $3M of his own money last year. That's not very long ago and the landscape hasn't changed. Whatever he saw then, he sees now. And #2 is another fork in the road and way out. If they don't take it, that too is most likely bullish. Or, it means they were duped. Which I dn't find logical, but it may be a good coping mechanism for others that may have been duped. The more logical thing to concluce is that these high IQ's that may or may not be on the same page as Sam now -- or Sam on board with them now -- is that an intelligent plan fails. And that's called risk. And the floor is not that far below. It's only 20 cents. Unless someone were to have all their eggs in this basket, no reason to panic as the nervous nellies around here 24/7.
4. The fact that the stock doesn't trade high enough means they have no liquidity, as I noted. And that they are underwater, as I noted. So, they are stuck. That's bullish to me. A fire under their rears and a short runway without taking on more debt or more dilution at their own expense. It's called having Mr. Market in a headlock.
5. It's not obvious what, if anything, Denber presented or whether or not the board supported it or an agreement was reached. There will be a plan. There always is. And the fact that there is no way out for them but crash, burn, or fly, is good enough for me.
___________________________________________________
Please don't argue with Noble Roman again. Or me, for that matter. As you can see, it's very costly when you think it's more important to be not wrong than it is to be right.
trading.jeff
1 year ago
$IVFH PR: Innovative Food Holdings, Inc. To Hold Investor Call August 10
BONITA SPRINGS, Fla., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs and Home Gourmets, today announced that the Company will host an investor call on August 10, 2023 at 9:00 am Eastern Time via Zoom and by phone. The purpose of the meeting will be for management to discuss the Company's second fiscal quarter results for the quarter ended June 30, 2023, followed by Q&A with investors.
Investors and other interested participants may attend the call on the web or by phone as follows:
Join Zoom Meeting online: https://us02web.zoom.us/j/83669790398?pwd=NG9qcXVpeE03WmtTb0pZK1hXNjNiQT09
Meeting ID: 836 6979 0398
Passcode: 487262
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https://www.globenewswire.com/news-release/2023/08/01/2716078/0/en/Innovative-Food-Holdings-Inc-To-Hold-Investor-Call-August-10.html
$IVFH
trading.jeff
1 year ago
$IVFH PR: Innovative Food Holdings, Inc. Announces Recap of First 100 Days of CEO Bill Bennett
Company plans to begin quarterly earnings calls in August; long-term strategy to be outlined later this year
BONITA SPRINGS, Fla., July 11, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to Professional Chefs and Home Gourmets, today announced the completion of CEO Bill Bennett’s first 100 days with the Company, and shared a recap of the accelerated pace of change he has initiated so far. This includes progress on several of the initiatives outlined in his recent shareholder letter, such as the Company’s cash flow management, financing structure, and e-commerce strategy.
Under Mr. Bennett’s leadership over the last 100 days, IVFH has refreshed its board of directors, elected a new chairman, hired a new outside general counsel (Ellenoff Grossman & Schole LLP), onboarded new auditors (Assurance Dimensions), updated and expanded the Company’s corporate governance documents and board committee charters, made significant business process changes to improve margins, refinanced the Company’s outstanding short term loans with significant maturity extensions, increased the borrowing capacity of the Company, hired a new COO (Brady Smallwood), and finalized a budget and incentive program for 2023 focused on prudent growth and profitability.
In addition, the Company has made important progress on the evolution of its e-commerce strategy. As stated in Mr. Bennett’s April 2023 letter to shareholders, the Company is focusing on improving customer retention and lifetime value by examining each step of the end-to-end customer journey, identifying areas of fallout, and testing aggressively. Such efforts have included 1) iGourmet’s recent launch of its first ever loyalty program and 2) its new gourmet meat offering “Butcher Counter by iGourmet”, with a focus on creating new customer purchase occasions.
Lastly, Mr. Bennett has implemented a Company-wide re-organization dubbed “One IVFH” to put the customer at the center of the Company. With three distinct business units (Professional Chef, Home Gourmet, and Brand Services), this new structure is intended to (1) unlock growth, (2) establish clear accountabilities, and (3) enable faster innovation.
“I have focused my first 100 days on getting the right leaders in the right roles and on setting the Company on a path to driving shareholder value,” stated Bill Bennett, CEO of IVFH. “I have been incredibly impressed by the team we have here at IVFH. They are passionate and committed and are jumping into their new roles with vigor. As I stated in my first annual shareholder letter, we remain on track to publicly discuss our longer-term strategy later this year.”
Mr. Bennett continued, “I’ve also enjoyed my conversations with many investors who have reached out to welcome me to the Company and wish me well. I look forward to continued dialog and transparent communication with our shareholders. In fact, I’m excited to announce that starting with our Q2 earnings release in August, we plan to initiate quarterly earnings calls with investors. Further details on the call timing and logistics will be the subject of a future press release.”
https://www.globenewswire.com/news-release/2023/07/11/2702601/0/en/Innovative-Food-Holdings-Inc-Announces-Recap-of-First-100-Days-of-CEO-Bill-Bennett.html
BornAgain
1 year ago
Good to see big names coming to IVFH
Innovative Food Holdings Appoints Brady Smallwood as Chief Operating Officer
8:00 AM ET 5/17/23 | GlobeNewswire
Innovative Food Holdings Appoints Brady Smallwood as Chief Operating Officer
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d24cc2e-c412-49b6-b465-581c28553c7b
BONITA SPRINGS, Fla., May 17, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (IVFH), a national seller of gourmet specialty foods to professional and home chefs today announced the hiring of Brady Smallwood as Chief Operating Officer. As Chief Operating Officer, Mr. Smallwood will develop, integrate, and oversee companywide strategies designed to maximize efficiencies and drive growth across all business categories.
"We are excited to welcome Brady to IVFH. His extensive experience developing and implementing profitable retail strategies at complex, multi-billion-dollar companies, including Kroger and Walmart, is complemented by his smaller company, eCommerce experience in the direct-to-consumer space. We believe Brady's skillset will help drive and execute our strategic objectives and deliver value to our shareholders," states Bill Bennett, CEO of Innovative Food Holdings. "As Brady and I have worked together in several capacities over the last decade, we have repeatedly focused on providing organizations with strategic structure and strong execution. I'm thrilled to welcome Brady to IVFH as we pursue the potentially incredible opportunities that lie ahead of the Company."
Mr. Smallwood was most recently Sr. Director -- eCommerce at The Kroger Co. In this role, he was responsible for the strategy, planning, and operations of Kroger's $10+ billion eCommerce business. He also led the recent launch and implementation of Kroger's rapid grocery delivery business. He joined Kroger from Walmart where he last served as Director -- Merchandise Operations leading multiple digital transformation initiatives. Mr. Smallwood's previous experience spans leading consumer, retail, and financial organizations including Younique Products, a former subsidiary of Coty, Inc., American Capital, and Freddie Mac. Mr. Smallwood received a bachelor's degree in Business Management from Brigham Young University and obtained a master's degree in Business Administration from The University of Chicago Booth School of Business, where he was an honors graduate and marketing scholarship recipient.
About Innovative Food Holdings, Inc.
At IVFH, we help make meals special. We provide access to foods that are hard to find, have a compelling story, or are on the forefront of food trends. Our gourmet foods marketplace connects the world's best artisan food makers with top professional chefs and passionate home chefs nationwide. We curate the assortment, experience, and tech enabled tools that help our professional and home chefs create unforgettable experiences for their guests and families. IVFH's owned online retail brands include www.igourmet.com, www.plantbelly.com and www.mouth.com.
Additional information is available at www.ivfh.com.
Forward-Looking Statements
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the "Company") that are based on the current beliefs of the Company's management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as "should," "could," "will," "anticipate," "believe," "intend," "plan," "might," "potentially" "targeting" or "expect." Additional factors that could also cause actual results to differ materially relate to the global COVID-19 crisis, international crisis, 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 are not incorporated herein.
names coming on board to
this company...
Lucky_Luciano
2 years ago
Attitudes sure changed around here. Perhaps it's time to take a look a Noble Roman's post here that I'm responding too. Perhaps some apologies are in order. Who would like to go first. To recap a few things he said:
1. You really don't know what's happening. The letter is fresh, and he wasn't able to talk to Banderas and Pappas according to his letter. We don't know if they are in discussions now or not.
2. It's not possible to conclude if Pappas and Banderas bought in or IFFF Denver Smith proposed it. But with Denver's allies and his recent buying, Pappas and Banderas, it doesn't take a big percentage of the retail investors to get in board. And the onlne consensus there is pretty clear. There is that path.
3. It's not that logical to conclude they see no way out of the mess. Banderas put up $3M of his own money last year. That's not very long ago and the landscape hasn't changed. Whatever he saw then, he sees now. And #2 is another fork in the road and way out. If they don't take it, that too is most likely bullish. Or, it means they were duped. Which I dn't find logical, but it may be a good coping mechanism for others that may have been duped. The more logical thing to concluce is that these high IQ's that may or may not be on the same page as Sam now -- or Sam on board with them now -- is that an intelligent plan fails. And that's called risk. And the floor is not that far below. It's only 20 cents. Unless someone were to have all their eggs in this basket, no reason to panic as the nervous nellies around here 24/7.
4. The fact that the stock doesn't trade high enough means they have no liquidity, as I noted. And that they are underwater, as I noted. So, they are stuck. That's bullish to me. A fire under their rears and a short runway without taking on more debt or more dilution at their own expense. It's called having Mr. Market in a headlock.
5. It's not obvious what, if anything, Denber presented or whether or not the board supported it or an agreement was reached. There will be a plan. There always is. And the fact that there is no way out for them but crash, burn, or fly, is good enough for me.
So, simple logic alone rules the day. Overthinking, as usual, kept people from buying below .20. You can lead a mule to water...
Let's take a look at this letter today from the new CEO. Didn't even have to spill blood to get a new CEO. Oh, what was that earlier about the former CEO would never step down. Oh, he had a secret weapon up his sleeve. Was that right?
You know, I read this letter, and I just know he gets it.
I think it's safe to conclude that nobody would step down from a $10-billion dollar division in a much more stable company to a company with a $17-million market cap on shaky ground. Unless they are a High School Track star on the Varsity team and asked to join the little league team with the condition that if they take them to State, you get Olympic sized income and sponsorship.
"Most recently, I led eCommerce for The Kroger Co., responsible for Kroger’s $10 billion eCommerce business. "
Since the former only used to happen in my dreams, I think it's safe to conclude that dreams do happen on Wall Street.
My current 14.7% paper return is chump change. Not acceptable for this risk/return/duration. I'm looking forward to 140% return here. I think it's quite doable. Actually, to be honest, 400% is quite doable. 140% is also chump change.
Truth!
trading.jeff
2 years ago
Letter to shareholders from new CEO, Bill Bennett:
BONITA SPRINGS, Fla., April 10, 2023 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Company”), a national seller of gourmet specialty foods to professional and home chefs today released the following letter from the Chief Executive Officer to Shareholders.
Dear Fellow Shareholders,
With just a few weeks under my belt, it is thrilling to write my first letter to our shareholders. As you may know, I joined IVFH as CEO on February 28, 2023, after an extensive career at several Fortune 500 food, consumer, and retail companies. Most recently, I led eCommerce for The Kroger Co., responsible for Kroger’s $10 billion eCommerce business. I am honored to have the opportunity to serve IVFH as CEO and leverage my background, network, and leadership experience to take IVFH to the next level. I am excited by the opportunities ahead of us and believe the Company can create significant value for its customers, team members, and shareholders.
I’m particularly excited to take over at a time when the Company has made great strides in its financial results, especially over the last two quarters. In 2022, IVFH grew revenues by 28.8% to an annual record of $80.1 million. This was driven by a strong fourth quarter, with revenues up 14.5% to a quarterly record of $23.9 million. But even more impressive was the way we achieved this growth as we improved SG&A from 33.0% of revenue to 24.6% of revenue. In addition, after several years of unprecedented eCommerce growth, we made the bold decision to pull back on our marketing spend to focus on profitability, while improving the customer experience.
Over the first several weeks of my journey here, I’ve been getting to know IVFH from the inside, meeting our passionate and committed team members, touring our facilities, and delving into our financials. My next few weeks will be spent getting to know our customers, partners, and service providers. Over the near term, my goal is to create a cohesive strategy and organization. There is so much opportunity at IVFH, and it will be exciting to pull it all together into a crisp package so we can discuss where we are headed with our team members, customers, partners, and shareholders.
Everything we do is with a lens towards creating shareholder value. Three key principles govern our work: 1) Managing cash flow is of utmost importance, and we still have work to do to produce consistent positive operating cash flow. 2) Building a consistent and reliable financing structure is critical. We will achieve an important milestone when we hopefully receive approval from the USDA on our loan guarantee, refinancing our short-term loan into a 30-year loan, and equipping us with additional growth capital. 3) Managing equity dilution to ensure our hard work pays off. For example, my compensation package does not include a single share of stock until the Company hits some meaningful stock price thresholds. As my tenure as CEO develops, look for more details on our strategic plan later this year.
In the meantime, I want to share a few key observations I have had so far.
First, after spending nearly 20 years across many of the world’s leading food, consumer, and retail companies, I believe IVFH offers something truly unique in the marketplace. Our ability to find a myriad of small, unique products and seamlessly provide them to a large customer base, is a competency that cannot be easily replicated. I have already heard from many of our professional chef and aspiring home chef customers about the value we bring. We simply scale the unscalable and focus on providing our customers with a unique assortment and high level of service.
Second, because we have a diversified range of businesses to build from, I believe that significant revenue growth opportunities exist. Partnerships with several of our broadline customers are nascent. The eCommerce market for food remains in its early days, and our share of that market is underdeveloped. Our broad assortment can be better utilized across all our selling channels, and our capabilities can be more broadly leveraged.
Third, I believe there are meaningful opportunities to expand profitability. While gross margin suffered in the 2022 fourth quarter, we understand the causes and we are working quickly to address them. We also need to think about our mix of business. To grow our eCommerce business going forward, it cannot lose money and offset the gains we have in our profitable food service business. We must change the structure of the business and the go-to-market strategy to ensure we can do so profitably. The biggest element of the change needs to be driven by delving into every aspect of customer retention to ensure that when we spend marketing dollars to attract a customer, we build a relationship and keep them for the long term. We are examining each step of the end-to-end customer journey, identifying areas of fallout, and making the necessary improvements. The fourth quarter was a good step forward on eCommerce profitability with improvements in our acquisition costs and conversion rates. I am confident IVFH can make continued progress there.
I will finish by saying thank you. Thank you for your support, your commitment to IVFH, and your partnership in growing this business profitably. I look forward to sharing more on our strategy with you later this year.
In the meantime, if you have any questions, concerns, or comments please contact me. I’d love to connect and hear from you.
Sincerely,
Bill
https://marketwirenews.com/news-releases/innovative-food-holdings-inc-releases-letter-to-shar-7151334502141197.html?t=934108
$IVFH
greasemonkeyshoes
2 years ago
2 interesting and positive developments........................
a break from the last 4-5 years of shit show and silliness!
1. Selling, general, and administrative expenses:
Selling, general, and administrative expenses decreased by $677,692 or approximately 14% to $4,320,981 during the three months ended September 30, 2022 compared to $4,998,673 for the three months ended September 30, 2021. The decrease in selling, general, and administrative expenses was primarily due to a decrease in payroll and related costs in the amount of $301,946 and a decrease in advertising and digital marketing costs of $355,378. Other components of the decrease in sales, general, and administrative expenses include a decrease in computer and IT costs of $22,113; a decrease in professional and legal fees of $20,587, and a decrease in banking and credit card fees of $15,736; and a decrease in insurance costs of $7,092. These decreases were partially offset by an increase in travel and entertainment costs of $17,903, an increase in office & facilities costs of $16,432, and an increase in taxes of $11,124. The decrease in sales, general, and administrative expenses represent the results of our overall cost-cutting efforts as well as the restructuring of our marketing and advertising programs.
2. BOARD OBSERVER AGREEMENT
Effective November 28, 2022 the Company entered into a Board Observer Agreement with Denver J. Smith (the “Agreement”). Mr. Smith is part of a Schedule 13D group (the “Group”) which holds approximately 8.3% of our outstanding common stock. The Group had threatened a proxy contest, and to avoid expense and disruption associated with a proxy contest the company has signed the Agreement with the Group. The Agreement provides, among other things, that for up to six (6) months, with certain minor limitations, Mr. Smith will have observer status at all meetings held by our Board of Directors as well as meetings held by the various Committees of our Board of Directors. In addition, the Agreement provides for Mr. Smith to become a member of our Board of Directors on or before the six (6) month anniversary of the Agreement subject to fulfillment of the Board’s fiduciary responsibilities. The Agreement contains certain “standstill” provisions regarding proxy contests, Board membership and joining certain ownership groups. The Agreement is conditional upon the Group maintaining certain minimum ownership of our common stock as well as imposing duties of confidentiality and securities law compliance.
I am taking ivfh off my shit list and just may be I would invest in it after next ER.
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