First Foods Group, Inc. Provides Strategic and Company Update
First Foods Group, Inc. (OTCQB: FIFG) reported significant growth for the first half of 2021, with net sales rising by 138% to $289,879, compared to $121,685 in the same period of 2020. The loss from operations decreased to $668,773 from $1.3 million year-over-year. For Q2 2021, net sales surged 900% to $247,541. The company continues to expand its market presence and supply chain, maintaining good relationships with South American cocoa farmers. New strategic initiatives include expanding distribution and enhancing online marketing.
- Net sales increased by 138% for the first half of 2021.
- Loss from operations decreased from $1.3 million to $668,773 year-over-year.
- Q2 2021 net sales surged by 900% compared to Q2 2020.
- Strong supply chain relationships with South American cocoa farmers.
- None.
Davie, FL, Sept. 27, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- First Foods Group, Inc. (OTCQB: FIFG) is pleased to provide an update on its corporate initiatives and first half 2021 results.
First Half 2021 Key Financial Highlights:
Operating Results for the Six Months Ended June 30, 2021
- Net sales for the six months ended June 30, 2021 were
$289,879 , an increase of138% from$121,685 in the same period 2020. - The loss from operations was
$668,773 compared to$1.3 million loss in the same period of 2020.
Operating Results for the Three Months Ended June 30, 2021
- Net sales for the three months ended June 30, 2021 were
$247,541 , an increase of900% from$24,711 in the same period 2020. - The loss from operations was
$356,482 compared to$432,917 loss in the same period of 2020.
Harold Kestenbaum, CEO of First Foods, stated, “We are pleased with the results of the first half of the year. As the COVID pandemic continues to cause disruptions across the globe, we enjoy uninterrupted supply deliveries from our close-knit group of South American cocoa bean farmers who have allowed us to smoothly continue manufacturing our exclusive ‘bean-to-bite’ specialty chocolate. We continue to make a much more aggressive push into the market with our products. Some of our customers, who had suspended or significantly cut back their operations in response to the pandemic, have resumed operations and relied upon us to consistently provide our superior products.”
Strategic Initiatives include, but are not limited to:
- Selling Southeast Edibles in 80 stores throughout the United States. The complete list of participating stores can be seen on our website under the "store locator" tab https://seecbd.com/pages/sca-store-locator.
- Enhancing our website and initiating a marketing campaign to drive more traffic to southeastedibles.com
- Expanding into the health and wellness market through our newly established FFGI Wholesale Division.
- Considering strategic acquisitions.
About First Foods Group, Inc.
First Foods Group, Inc. is a US holding company specializing in the sale of a variety of Cannabidiol (CBD) based products through its subsidiary, Southeast Edibles, based in the USA. Its state-of-the-art facility is based in Fort Lauderdale, FL. Products include infused premium specialty chocolate edibles all made in the USA. First Foods seeks synergistic value through creating its own new concepts, both through proprietary development, mergers, acquisitions and licensing arrangements in the CBD and health and wellness space. Management is committed to an integrated approach using the highest quality hemp solutions and highest purity standards in the industry. First Foods Group, Inc. also provides management services and funding options for emerging supplement brands and menu concepts.
To learn more about our Southeast Edibles product line, please visit: https://southeastedibles.com/
Cautionary Statement Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "hope", "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward- looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. None of the content of any website referred to above is incorporated herein.
Investor RelationsContact
Andrew Barwicki
516-662-9461 / andrew@barwicki.com
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