Barfresh Expands Penetration of the Education Channel with Addition of 314 New School Locations
Barfresh Food Group (Nasdaq: BRFH) has expanded its K12 beverage offerings to 29 new school districts, impacting over 242,000 students. This includes Caddo Parish Public Schools in Louisiana, marking the company's first entry into the state, and multiple districts in Virginia. The CEO highlighted a significant growth trajectory in the education sector, with four consecutive quarters of revenue increases. Barfresh anticipates further growth without needing additional capital, bolstered by a strong balance sheet.
- Expansion to 29 new school districts, reaching over 242,000 students.
- First school district secured in Louisiana, increasing market presence.
- Four consecutive quarters of revenue growth reported.
- Strong financial position with no immediate need for additional capital.
- None.
Expansion to 29 New School Districts with Over 242,000 Students
Company Secures First School District in the State of Louisiana
LOS ANGELES, Jan. 26, 2022 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, today announced the addition of Caddo Parish Public Schools in Louisiana, Loudon County Public Schools, Northern Neck Co-op and South Side Co-op in Virginia. Representing an expansion of its k12 portfolio of products to an additional 314 schools spread over 29 school districts with a collective population of 242,000 students. The Company is strengthening its presence in Virginia with the expansion to 6 school districts with Northern Neck Co-Op, 21 school districts with Southside Co-Op and 1 school district with Loudon County Public Schools. Caddo Parish Public Schools marks the Company’s first school district in the state of Louisiana with 74 school locations serving 45,000 students.
Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “Over the course of 2021 we saw incredible growth of our Twist & Go product in the education channel, by doubling the number of school locations serving our product and expanding internationally to military school locations. As a result, we generated four consecutive quarters of sequential revenue growth and recorded the highest quarterly revenue in the fourth quarter. Momentum has carried into 2022 with the continued advancement into Louisiana and Virginia. The education channel is expansive and while we have made significant headway over the past few years there is still a long runway for growth and we will continue to be aggressive in pursuing new and existing geographies.”
The Company entered 2022 in a very strong financial position and does not foresee the need to raise additional capital due to an expected expanding top line and improving cash flow and very strong balance sheet.
About Barfresh Food Group
Barfresh Food Group Inc. (Nasdaq: 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, and success of its strategic relationship(s). 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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