Home Bistro, Inc. To Introduce New Three-Tiered Meal Pricing Plan

Rhea-AI Summary

Home Bistro (HBIS) has announced positive results from a beta test of a new three-tiered pricing structure, set to roll out on August 1, 2022. CEO Zalmi Duchman stated that the initiative aims to lower meal prices to under $20 while maintaining premium quality and improving profitability. This plan is part of a broader strategy to reduce costs, expand revenue, and increase gross profit margins. The company anticipates achieving profitability by 2023 through these measures.

Positive

• Positive results from beta test of new pricing structure.
• Plans to offer meals under $20 while maintaining premium quality.
• Focused on reducing costs and increasing gross profit margins.
• Goal of becoming profitable by 2023.

Negative

• None.

Initial Positive Results from Current Beta Test

MIAMI BEACH, FL / ACCESSWIRE / July 12, 2022 / Home Bistro, Inc. (OTC PINK:HBIS), ("Home Bistro" or the "Company") a leading online meal delivery platform that offers celebrity chef-inspired, gourmet and lifestyle ready-made meals, today announced initial positive results from its current beta test of an enhanced meal pricing structure. The Company is expected to roll out a new three-tiered pricing plan beginning on August 1, 2022.

Zalmi Duchman, Home Bistro CEO, stated, "Over the past six months we have spent considerable time studying ways to reduce our product costs while expanding our top line revenue and increasing gross profit margin. By analyzing the current market and closely studying the value proposition of alternative products, we believe we are now properly positioned to lowering prices for our customers.

He added, "Recognizing that we offer a premium product, our goal was to offer our all of our meals for under $20 while maintaining our premium product positioning and increasing profitability. From the initial positive results of our beta test, we believe we can accomplish this as we continue taking aggressive measures toward decreasing our expenses, increasing our gross profit margin and achieving profitability in 2023."

About Home Bistro, Inc.

Home Bistro is a leading online platform, www.homebistro.com, that provides for the creation, production, and distribution of direct-to-consumer, heat-to-eat, celebrity chef inspired gourmet meals, which currently include inspirations developed by "Iron Chef" Cat Cora, Ayesha Curry, "Hungry Fan" Chef Daina Falk, "Master Chef" Claudia Sandoval, "Top-Chef All-Star" Richard Blais, Celebrity Pastry and Dessert Chef Melanie Moss, and soon to launch celebrity chefs Roblé Ali and Priyanka Naik.

Home Bistro's Model Meals lifestyle brand www.modelmeals.com is a Whole30 and Paleo approved, ready-to-eat, meal prep service, offering a weekly rotating menu that is prepared by professional chefs, using only the highest quality ingredients available, sourced responsibly and locally, and delivered in sustainable, eco-friendly packaging.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company's growth objectives and industry outlook (as described herein). Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others, statements about the Company's future financial performance, the impact of management changes, any organizational restructuring and the sufficiency of capital resources to fund its ongoing operating requirements; statements about the Company's expectations regarding the capitalization, resources and ownership structure; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including (i) risks related to the combined entity's access to existing capital and fundraising prospects to fund its ongoing operations, and (ii) other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions, or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Contact:

Zalmi Duchman, CEO
zalmi@homebistro.com
Ph: 631.694.1111

SOURCE: Home Bistro, Inc.

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https://www.accesswire.com/708263/Home-Bistro-Inc-To-Introduce-New-Three-Tiered-Meal-Pricing-Plan

FAQ

What is the new pricing structure for Home Bistro (HBIS)?

Home Bistro is introducing a three-tiered pricing plan starting August 1, 2022, aimed at offering meals for under $20.

When will Home Bistro's new pricing plan take effect?

The new pricing plan will roll out on August 1, 2022.

What are Home Bistro's goals for profitability?

Home Bistro aims to achieve profitability by 2023 through cost reduction and revenue expansion.

What are the results of Home Bistro's beta test?

The beta test for the new meal pricing structure yielded positive results, prompting the rollout of the new pricing plan.