Nightfood
Holdings Signs Letter of Intent for All-Stock Acquisition of
CarryOutSupplies.com
Tarrytown,
NY, July 17, 2024 - InvestorsHub NewsWire
-- Nightfood Holdings Inc. (OTCQB:
NGTF, "Nightfood") is excited to announce it has signed a
Letter of Intent ("LOI") to acquire SWC Group Inc., doing business
as Carryoutsupplies.com ("CarryOut"). CarryOut is a leading
wholesaler and distributor of custom takeout packaging for the
foodservice industry, with traditional, biodegradable, and
compostable options.
Under the terms of
the LOI, through its wholly-owned subsidiary, Future Hospitality
Ventures Holdings Inc., Nightfood will acquire the reemerging
wholesaler in an all-stock transaction.
CarryOut
specializes in traditional and eco-friendly custom printed
packaging solutions for food service businesses. This includes items such as
to-go hot food boxes, snacks bowls, sushi trays, soup cups, ice
cream cups and lids, coffee cups and lids, utensils, and
more. An innovator and leader in
industry trends, CarryOut is advancing its portfolio of
eco-friendly options to shape the future of the
industry.
CarryOut has
proudly served over 7,000 wholesale accounts since its founding in
2004. The company grew significantly
over the years before the COVID foodservice contraction almost
forced a shutdown. The reemerging company recorded
revenue of over $2 million in calendar 2023, a positive sign, yet
still a fraction of peak pre-COVID revenue. Management believes Carryout is
poised to return to and surpass its pre-COVID revenue and
profitability.
The extensive
customer base has traditionally consisted of small and medium-sized
foodservice operators, including restaurant franchises, coffee
shops, ice cream parlors, tea houses, cafes, yogurt stores, and
other foodservice establishments.
Nightfood
management believes significant growth opportunities exist in
securing preferred vendor status with regional and national branded
food service entities with unique and future- focused eco-friendly
solutions
"We are thrilled at
the opportunity to acquire rapidly-growing CarryOut Supplies and
for the opportunity to restore it to its pre-COVID scale and
beyond," said Lei Sonny Wang, CEO of Nightfood Holdings Inc.
"CarryOut is an exciting stand-alone business, and the strategic
value of this acquisition is greatly enhanced by synergies with our
existing subsidiaries and those we anticipate acquiring in the
future."
Nightfood is
committed to ensuring a smooth transition for CarryOut's employees
and customers. We look forward to leveraging
the combined strengths of our portfolio of exciting
subsidiaries.
For more
information about Nightfood Holdings Inc. and to stay updated on
our latest developments, please visit our website at
www.nightfood.com.
About
Nightfood Holdings, Inc.
Nightfood Holdings
Inc. (OTCQB:
NGTF) is a forward-thinking holding company dedicated to
identifying and capitalizing on explosive market trends within the hospitality, food services,
consumer packaged goods and commercial real estate sectors. Our mission is to create
unparalleled upside potential in industries ripe for innovation and growth by leading newly emerging categories and
seizing opportunities in markets undergoing transformational
upheaval.
We are at the
forefront of introducing and deploying AI-enabled robotics
products, revolutionizing operational efficiencies and customer
experiences across our focus areas. Additionally, we are
committed to
developing and
marketing wellness-focused consumer packaged goods, meeting the
growing demand for healthier and functional options. Through these
strategic initiatives, Nightfood endeavors to drive significant
value and growth for our shareholders.
About
Carryoutsupplies.com
SWC Group Inc, dba
Carryoutsupplies.com, is a leading provider of disposable takeout
packaging solutions serving the entire United
States. The company specializes in
custom traditional and eco-friendly custom printed packaging for
small and medium-sized restaurants, dessert shops, and other
foodservice businesses.
Forward-Looking
Statement Disclaimer
This press release
contains forward-looking statements, as that term is defined in the
Private Litigation Reform Act of 1995, that involve significant
risks and uncertainties. Forward-looking statements can be
identified through the use of words such as "anticipates,"
"expects," "intends," "plans," "believes," "seeks," "estimates," "guidance," "may," "can," "could", "will", "potential", "should,"
"goal" and variations of these words or similar expressions.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect Nightfood's current
expectations and speak only as of the date of this release. Actual
results may differ materially from Nightfood's current expectations
depending upon a number of factors. These factors include, among
others, adverse changes in general economic and market conditions,
competitive factors including but not limited to pricing pressures and new product introductions,
uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the
business. Except as required by law, Nightfood does not undertake
any responsibility to revise or update any forward-looking
statements whether as a result of new information, future events or
otherwise. More detailed information about Nightfood and the risk
factors that may affect the realization of forward-looking
statements is set forth in Nightfood's filings with the Securities
and Exchange Commission (SEC). Investors and security holders are
urged to read these documents free of charge on the SEC's website
at http://www.sec.gov.
Media
Contact:
Contact:
Nightfood Holdings
Inc. Media Relations
Email:
media@nightfood.com Phone: (886) 261-7778