Pacific Ventures Group's Seaport Meat Company Reports Revenue Growth of 13% for the First Quarter 2021

Rhea-AI Summary

Pacific Ventures Group, Inc. (OTC PINK:PACV) reported a significant revenue increase of 13%, totaling $6.65 million for the three months ended March 31, 2021. This growth is attributed to the easing of COVID-19 restrictions in California, particularly in San Diego County, leading to a resurgence in client orders and business activity.

CEO Shannon Masjedi expressed optimism for continued revenue growth as restrictions lift further, noting the company has expanded sourcing and production capacities to meet rising demand.

Positive

• Revenue increased by 13% to $6.65 million for Q1 2021.
• Eased restrictions in California have led to increased business activity.
• Expansion of sourcing and production capacities to better serve customers.

Negative

• None.

Sales Continue to Ramp as Restrictions Lift in California

LOS ANGELES, CA / ACCESSWIRE / May 20, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the "Company"), a food and beverage holding company specializing in the distribution of consumer food, beverage, meats, and alcohol-related products, announced today that its Seaport Meat Company ("Seaport") division increased revenue by $0.76 million or 13% to $6.65 million for the three months ended March 31, 2021.

As California continues to lift restrictions, Seaport Meat Company is seeing an increase in sales. More and more clients are coming back and increasing orders from previous levels, as Seaport takes on new customers amid the pandemic.

Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "We are thrilled with our first quarter 2021 results, as we approach our highest monthly revenues to-date. Recently eased restrictions across California and specifically in San Diego County have spurred business activity. Restaurants are back to 50% indoor capacity, on their way toward 100%. Petco Park and County Fairs are back and ramping their business and capacities. We expect even greater growth of revenue as more and more restrictions are lifted. Over the past year and a half, we have expanded our sourcing, increased our production capacity, improved our efficiencies and vastly enhanced our positioning in order to better serve existing and new customers as we return to normalcy."

Pacific Group Ventures, including San Diego Farmers Outlet, increased revenue by 8.35% for the three months ended March 31, 2021.

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.

Investors Contact:

ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/648327/Pacific-Ventures-Groups-Seaport-Meat-Company-Reports-Revenue-Growth-of-13-for-the-First-Quarter-2021

FAQ

What revenue growth did PACV report for the first quarter of 2021?

PACV reported a revenue increase of 13%, totaling $6.65 million for Q1 2021.

How have COVID-19 restrictions affected PACV's sales?

The lifting of restrictions in California has spurred increased sales for PACV, particularly in their Seaport division.

What are the future growth expectations for PACV?

PACV expects continued revenue growth as restrictions are further eased.

Which division of PACV reported significant revenue growth?

The Seaport Meat Company division reported a revenue increase of 13%.