Just an Update
Our SEC 8-K filings show we made a lot of progress with a plan to convert early stage loans into common stock at $.30 per share upon reaching $3 million of our new offering to fund the expansion of the Artisanal Premium Cheese brand in company-owned stores. We have worked on this plan for a couple years now, with full architectural plans, equipment specs and a menu completed. Once we reach the $3m mark of our $5m offering, we can break escrow and start on this new plan that includes us becoming a fully-reporting public company again. We will bring our filings current. We are raising funds, which is good.
Our $.30 share price for the loan conversion is the same price for the conversion of our series A preferred stock. It's essentially our board and shareholder approved internal valuation. Additionally, we formed a new entity for this expansion plan that we will selling 30% of to raise capital, so it will not be significantly dilutive. We did offer some shares in AHFP to make the funding more attractive.
We operate now in the Hudson Valley and have a new website - www.artisanalcheese.com and still ship nationwide to our online customers and wholesale to restaurants and hotels and select retailers.
By working through a licensing and distribution agreement, we eliminated overhead and are profitable. Our new balance sheet will show a much stronger position going into our expansion plan.
Our past history has shown us that offering the full experience of our brand will be the means to build our company in a scalable manner. The format of our stores will be a combined cheese shop and café of around 1,200 square feet in size. A cheese-centric menu with wines and beers by the glass will make our locations a Piece of Paris in neighborhoods where we settle. We plan to start in New York City where our brand is strongest. Whenever we sold direct to consumers the Artisanal experience came through and we had success -- the Artisanal Bistro, our wine & cheese classes, Costco roadshows, farmer's markets. Selling cheese in great condition with the information that consumers love, is a winning formula. There is a real business here for sure.
We have some great new cheeses online -- www.artisanalcheese.com - with a just-flown-in buffalo mozzarella from Italy (1st time we did this!) and new USA cheeses like St. Stephens, Grassias, Eclipse and Ballston Blue. Use Promo Code My Mils for 10% off. The Louis Vuitton Moet Hennessy co-marketing campaign is starting to get traction too.
Our new retail shops will be great.
Soon the yield sign will be removed as we will restart filing again.
All the best,
Dan
ddowe@artisanalcheese.com
