Barfresh Completes $6 million Financing to Accelerate Growth and Meet Uplisting Requirements for a National Exchange
Barfresh Food Group (OTCQB: BRFH) completed a $6 million private placement at $0.36 per share, eliminating around $1.5 million in debt. The company expects to be debt-free post-forgiveness of its $0.56 million Paycheck Protection Program loan. CEO Riccardo Delle Coste highlighted improved liquidity and plans for expansion in schools, anticipating double current locations for the new school year. Barfresh aims for significant revenue growth in the latter half of 2021, driven by enhanced products and market share expansion.
- Completion of a $6 million private placement enhances liquidity.
- Elimination of approximately $1.5 million in debt improves financial health.
- Expected debt-free status post-PPP loan forgiveness.
- Projected significant revenue and cash flow growth in H2 2021.
- Anticipation of doubling presence in public schools for new school year.
- None.
Company Expects Continued Sequential Revenue Growth as Schools, Military, Restaurants and Amusement Parks Slowly Return to Normal Service Throughout 2021
Company Expects Strong Improvement in both Revenue and Operating Cash Flow in the Back Half of 2021 Compared to the First Half of 2021
LOS ANGELES, June 03, 2021 (GLOBE NEWSWIRE) -- Barfresh Food Group Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, today announced that it has completed a private placement of approximately
The Company’s first Paycheck Protection Program “PPP” loan of
Riccardo Delle Coste, the Company’s CEO stated, “This financing dramatically improves our liquidity and will provide the appropriate capital for profitable expansion in our many and growing channels throughout 2021 and beyond as well as satisfying the shareholder equity criteria for uplisting to a national exchange. We are very well positioned to continue the penetration in the public schools throughout the United States and expect to enter the new school year in approximately double the number of locations the company is currently serving.”
Mr. Delle Coste continued, “Our new Twist & Go product combined with our bulk and single serve products has us well positioned to achieve much stronger top and bottom line improvement in the backhalf of 2021 compared to the first half. In addition, we have dramatically improved our expenses and expanded our customer base positioning us to capture a larger share of the market. I believe this is a strong vote of confidence from several of our significant long-term existing stockholders leading this offering.”
About Barfresh Food Group
Barfresh Food Group Inc. (OTCQB: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for restaurant chains and the foodservice industry. The company's proprietary, patented system uses portion-controlled pre-packaged beverage ingredients that deliver freshly made frozen beverages that are quick, cost efficient, better for you and without waste. Barfresh has an exclusive distribution partnership with the leading food distributor in North America. For more information, please visit www.barfresh.com.
Forward Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking, including statements about the Company's commercial progress, success of its strategic relationship(s), and projections of future financial performance. These forward-looking statements are identified by the use of words such as "grow", "expand", "anticipate", "intend", "estimate", "believe", "expect", "plan", "should", "hypothetical", "potential", "forecast" and "project", “continue,” “could,” “may,” “predict,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The contents of this release should be considered in conjunction with the Company's recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company expressly disclaims any current intention to update publicly any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Investor Relations
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Deirdre Thomson
ICR
646-277-1283
Deirdre.Thomson@icrinc.com
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