Pacific Ventures Announces Preliminary Q1 2022 Revenues of $10.4 Million and 43% YoY Growth

Rhea-AI Summary

Pacific Ventures Group (OTC PINK:PACV) announced preliminary unaudited record revenue of $10.4 million for Q1 2022, representing a 43% year-over-year growth.

This growth is largely attributed to strong demand from an expanding customer base, particularly due to the performance of its Seaport Meat Company subsidiary.

The company aims to sustain this growth by broadening sales channels and enhancing cross-selling opportunities. A comprehensive financial report is expected by May 20, 2022.

Positive

• Record revenue of $10.4 million for Q1 2022, a 43% increase year-over-year.
• Strong performance driven by the Seaport Meat Company subsidiary.
• Expected sustained growth through expanded sales channels and cross-selling opportunities.

Negative

• Need for additional capital to meet future business requirements, which may be dilutive or difficult to obtain.
• Exposure to risks including market acceptance and intense competition from larger companies.
• Dependence on single suppliers for certain products and limited manufacturing capabilities.

LOS ANGELES, CA / ACCESSWIRE / May 17, 2022 / Pacific Ventures Group, Inc. (OTC PINK:PACV) ("Pacific Ventures" or the "Company"), a consumer-centric holding company specializing in the distribution of food, beverage and alcohol-related products, today preannounced preliminary unaudited record revenue of $10.4 million for the three months ended March 31, 2022.

"The first quarter of 2022 was highlighted by strong organic growth across our business, with our Seaport Meat Company subsidiary contributing significantly to our performance," said Shannon Masjedi, President and CEO of Pacific Ventures Group. "Notably, the quarter's record sales were up 43% over the prior years' quarter, primarily due to strong demand from our growing customer base. We are executing well on our strategy to continue this growth trajectory as we expand our sales channels and increase cross-selling opportunities across our businesses. I look forward to sharing our full first quarter results as we look ahead to the second half of the year."

The Company expects to provide its full financial report for the three months ended March 31, 2022 by May 20, 2022.

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC:PACV) is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of operating subsidiaries, Pacific Ventures delivers specialty groceries, top quality proteins and produce, and innovative products to consumers through wholesale, retail, and direct-to-consumer channels. For more information on Pacific Ventures Group, please visit www.pacvgroup.com.

Forward Looking Statements

This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Relations Contact:
Brooks Hamilton
MZ Group - MZ North America
(949) 546-6326
PACV@mzgroup.us
www.mzgroup.us

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/701589/Pacific-Ventures-Announces-Preliminary-Q1-2022-Revenues-of-104-Million-and-43-YoY-Growth

FAQ

What were Pacific Ventures Group's Q1 2022 revenues?

Pacific Ventures Group reported preliminary unaudited revenues of $10.4 million for Q1 2022.

What was the year-over-year growth for PACV in Q1 2022?

The year-over-year growth for PACV in Q1 2022 was 43%.

When will PACV release its full financial report for Q1 2022?

Pacific Ventures Group is expected to release its full financial report by May 20, 2022.

What factors contributed to the growth of PACV in Q1 2022?

The growth was primarily due to strong demand and performance from the Seaport Meat Company subsidiary.

What are some risks associated with investing in PACV?

Risks include market acceptance of products, competition from larger companies, and reliance on single suppliers.