BEND,
Ore., July 17, 2023 /CNW/ -- BranchOut Food Inc.
(Nasdaq: BOF) would like to address all its valued shareholders
regarding the recent reduction in share price since the initial
public offering (IPO). While we understand and share your
disappointment, we want to reassure you that our business's
fundamentals and strategic plans remain as strong as
ever.
The current decrease in share price has been perplexing to our
management team, considering that we have announced transformative
contracts with some of the largest retailers in the world, a
significant relationship with the US Army, and other major
announcements.
Late last year, we successfully completed the construction of
our new production facility in Peru. This expansion allows us to increase our
production capacity to about $30
million to meet existing and future demand while lowering
the cost of goods sold (COGs).
The company has a highly skilled management team and Board of
Directors, led by CEO Eric Healy,
who has managed and exited a prior food company through a sale to a
private equity firm. Eric Healy's
family has established renowned brands like Kettle Brand "Kettle
Chips" and Kona Brewing, globally recognized CPG brands.
Considering the facts discussed above, we believe the Company's
current market cap of approximately $12
million is undervalued. Less than 30 days ago, we raised
over $7 million from our IPO and have
no debt on the balance sheet other than a revolving LOC for
production. Our company has very low overhead with our Team
primarily focused on securing and fulfilling large retailer orders.
BranchOut is structured and positioned for rapid topline growth
with minimal SG&A to produce a strong bottom line.
It is important to note that about 1,366,547 shares are owned by
management and affiliates out of the total outstanding 3,962,940.
This limited float further contributes to our opinion that our
stock is undervalued.
BranchOut Food Inc. holds a strong market position, with
numerous major retailers and customers. We have developed strategic
relationships with key industry leaders that understand the
significant value of our proprietary food processing
technology.
We remain committed to our shareholders and believe that the
recent market conditions do not reflect the true value of our
company. We encourage you to look beyond short-term fluctuations
and recognize the underlying strength of our business. We strongly
believe that our short and long-term strategy, strong partnerships,
and increased production capacity will drive significant growth and
value creation for shareholders.
About BranchOut Food Inc. BranchOut is an international
food-tech company delivering truly great natural snacks and real
superfood ingredients enabled by their licensed dehydration
technology. BranchOut Food is a leading provider of high-quality
dehydrated fruit and vegetable-based products, and its commitment
to quality and innovation sets it apart as a trusted brand and
private label supplier. For more information about BranchOut Food
Inc. and its products, please visit www.branchoutfood.com.
Contact:
BranchOut Food Inc.
Phone: 1-801-532-7840
Email: info@branchoutfood.com
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SOURCE BranchOut Food Inc.