Karat Packaging Expands National Salesforce, Focusing on Greater Penetration in East Coast and Mid-West Regions
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CHINO, Calif., Sept. 19, 2023 (GLOBE NEWSWIRE) -- Karat Packaging Inc. (“Karat” or the “Company”) (Nasdaq: KRT), a specialty distributor and manufacturer of disposable foodservice products and related items, today announced it has completed a strategic initiative to expand its national salesforce, with the addition of five experienced sales representatives focusing on the East coast and Mid-west regions.
“The new team will enhance Karat’s presence in key regions,” said Alan Yu, Karat’s Chief Executive Officer. “Combined with our new warehouses in Chicago and Houston and our pending plans for additional distribution centers in strategic locations, Karat will be in an excellent position to enhance market share and serve an increasing number of regional and national chain accounts.
“Our expanded sales team, along with the recent promotion of Daniel Quire to the newly created position of Chief Revenue Officer, demonstrate our commitment to fulfilling our long-term growth initiatives and reaffirm that our strategic plan is working. Lollicup USA Inc., our operating entity, is debt-free, and we continue to generate strong cash flow and maintain a solid balance sheet,” Yu added.
About Karat Packaging Inc.
Karat Packaging Inc. is a specialty distributor and manufacturer of a wide range of disposable foodservice products and related items, primarily used by national and regional restaurants and in foodservice settings throughout the United States. Its products include food and take-out containers, bags, tableware, cups, lids, cutlery, straws, specialty beverage ingredients, equipment, gloves and other products. The company’s eco-friendly Karat Earth® line offers quality, sustainably focused products that are made from renewable resources. Karat Packaging also offers customized solutions, including new product development and design, printing, and logistics services. To learn more about Karat Packaging, please visit the company’s website at www.karatpackaging.com.
Caution Concerning Forward-Looking Statement
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, including, but not limited to, enhancing market share and serving an increasing number of regional and national chain accounts, are subject to numerous conditions, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2022 and our other public filings made with the Securities and Exchange Commission (SEC). Copies are available on the SEC’s website at www.sec.gov. Karat undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Investor Relations and Media Contacts:
PondelWilkinson Inc.
Judy Lin or Roger Pondel
310-279-5980; ir@karatpackaging.com
