EAST RUTHERFORD, NJ — MamaMancini’s Holdings, Inc. (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated food products, today announced the Company has initiated a new search program to target and acquire complementary food product companies that are immediately accretive, meet stringent sales criteria and other requirements.
The Company has assembled an internal team to evaluate potential acquisition candidates, with a particular focus on companies operating in the perimeter of a supermarket – such as the Delicatessen department, Grab-n-Go prepared foods, snack foods and meat department branded foods sections.
MamaMancini’s is targeting companies with sales in the $12 to $20 million per year range, generating positive EBITDA with a product that is symbiotic to the Company’s existing retail, club store and food service distribution network.
“With our strong cash position, positive cash flow, and recent sales momentum from major new commitments, we are ready to initiate a nationwide search for accretive acquisitions. We hope to acquire companies with complementary products in the months to come, which can be distributed nationally leveraging our broad reach and strong brand loyalty amongst consumers,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s.
“Any acquisition target would need to adhere to best practices in accounting controls, enterprise resource planning systems, procurement, manufacturing, marketing, sales and distribution. We believe we can likely finance acquisitions through leveraging our growing cash position, strong cash flow, zero non-lease obligations and significant debt financing commitments from commercial banks on attractive terms. I look forward to working with our team to build out a pipeline of accretive potential acquisitions, positioning us to create value for our shareholders over the long-term,” concluded Wolf.
About MamaMancini’s Holdings, Inc.
MamaMancini’s Holdings, Inc. (OTCQB: MMMB) is a marketer and distributor of specialty prepared, refrigerated and frozen all-natural Italian foods. MamaMancini’s product portfolio consists of over 20 products including meatballs, meat loaf, chicken parmesan, sausages and pasta bowl kits, with beef, turkey, chicken and pork varieties. The Company’s products are sold in over 45,000 locations nationwide, including at well-known retailers such as Sams Club, Whole Foods, Publix, Costco and Albertsons, as well as through national distributors such as Sysco and United Natural Foods. The Company also regularly maintains a direct-to-consumer presence through presentations on QVC. For more information, please visit www.mamamancinis.com.
This press release may contain “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. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may,” “future,” “plan” or “planned,” “will” or “should,” “expected,” “anticipates,” “draft,” “eventually” or “projected.” You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company’s 10-K for the fiscal year ended January 31, 2019 and other filings made by the Company with the Securities and Exchange Commission.