Armanino Foods Files for 15-Day Extension for OTCQX 2024 Annual Financial Disclosure
The Company recently uplisted to the OTCQX Best Market in 2024, and the additional accounting and disclosure requirements have placed an added burden on the Company’s internal accounting staff. Compounding the burden was the departure of the Company’s CEO in January, which resulted in the Company’s CFO stepping in as Acting CEO.
“This year also marks the first audit with a new independent auditing firm. While our previous auditors have continued to assist us through this transition, we are not yet at the finish line in completing the year-end audit,” said Douglas Nichols, Chairman of the Board.
Nichols continued, “Management and staff are working diligently to complete the audit and file within the 15-day extension period. Of course, the final timeline also depends on the completion of our auditors’ procedures, and we expect more clarity on that soon.”
Despite these temporary delays in the audit process, Armanino’s operations remain strong. For Q1 2025, the Company anticipates reporting another quarter of record sales and net income.
“We thank our shareholders for their ongoing trust and patience as we work through these reporting requirements. We remain committed to full transparency and to upholding the high standards that have defined Armanino for decades,” Mr. Nichols added.
Armanino Foods of Distinction, Inc. is an international food company that manufactures and markets frozen Italian specialty food items to the foodservice, retail, and industrial markets. In addition to a classic Basil Pesto, Armanino offers other flavors and sauces including Cilantro, Dried Tomato & Garlic, Roasted Red Bell Pepper, Southwest Chipotle, Artichoke, Roasted Garlic, Light Basil Pesto, Chimichurri, Harissa, Bolognese, and Alfredo. Armanino’s organic line includes classic Basil Pesto. Finally, Armanino Foods also offers cheese shakers, frozen pastas, and meatballs.
Cautionary Statements Regarding Forward-Looking Information
Statements in this news release regarding our expectations and beliefs about our future financial performance and trends in our markets are “forward-looking statements” as defined in the Private Securities Litigations Reform Act of 1995. Forward-looking statements often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.”
The forward-looking statements in this news release regarding our future financial performance are based on current information and because our business is subject to several risks and uncertainties, actual operating results in the future may differ significantly from the future financial performance expected at the current time. Those risks and uncertainties may include, among others: economic factors affecting consumer confidence and discretionary spending and reducing the consumption of food prepared away from home; the extent and duration of the negative impact of the COVID-19 pandemic and its consequences on the Company; 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 customers and group purchasing organizations; the Company’s ability to increase or maintain the highest margin portions of the Company’s business; achievement of expected benefits from cost savings initiatives; increases in fuel costs; changes in consumer eating habits; cost and pricing structures and other governmental regulation, including actions taken by national, state and local governments to contain and/or respond to the COVID-19 pandemic and its consequences; product recalls and product liability claims; and our reputation in the industry. The forward-looking statements contained in this press release speak only as of the date of this press release and are based on information and estimates available to the Company at this time. We undertake no obligation to update or revise any forward-looking statements, except as may be required by law.
The best source of information on the company is the OTC Markets website (http://www.otcmarkets.com/stock/AMNF/company-info).
View source version on businesswire.com: https://www.businesswire.com/news/home/20250331684870/en/
For further information, please contact:
Edgar Estonina
CFO
(510) 441-9300
amnf@armaninofoods.com
Source: Armanino Foods of Distinction, Inc.
