NEW YORK — Artisanal Brands, Inc. (otcqb:AHFP), has announced that it has completed the final phase of its $6.0 million equity raise through the sale of the last $1.1 million of its Series A redeemable convertible preferred stock.
The completion of this equity tranche enables the Company to continue to move forward with a new retail development program with its distribution partner, KeHE Distributors, while also continuing to expand its presence in various Costco locations across Costco's Northeast, Southeast, and select West Coast Divisions.
Artisanal's President and CEO, Daniel Dowe remarked, "The completion of the sale of the original issuance of Series A preferred stock improves our balance sheet and allows us to progress with our business plan. We plan to accelerate the expansion of our retail program through our endeavors with KeHE and Costco. Additionally, we are working with major retailers like Kroger Supermarkets and well established independent retailers around the country. Our unique CheeseClock (TM) program is capturing the attention of retailers who recognize the value that this consumer education program offers in pairing our cheeses with a selection of wines and beers.
"With the sale of our Series A shares completed, we may push forward with our plans to maximize revenues and customer satisfaction in each area of our business. The Artisanal brand has become synonymous with high-quality, often unique, hand-crafted cheeses which can be enjoyed in the finest restaurants and hotels across the country, or in a consumer's living room, whether purchased it at their local specialty food store, received as a gift or purchased online."
About Artisanal Brands, Inc.
Artisanal Brands, Inc. markets and distributes a line of specialty, artisanal and farmstead cheese products, as well as other related specialty food products under its own brand to food wholesalers and retailers, as well as directly to consumers through its catalogue and Web site, artisanalcheese.com. The Company is based in New York, New York.
Safe Harbor Statement:
Forward-looking statements made in this press release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Potential risks and uncertainties include, but are not limited to, the risks described in Company filings made with the Securities and Exchange Commission.
Source: Artisanal Brands, Inc.