Italian Food and Beverage Corp (IFBC)

[prof]

http://www.prnewswire.com/news-releases/restaurant-industry-sales-are-projected-to-grow-631070083.html

Restaurant industry sales are expected to reach $799 billion in 2017. Although this will represent the eighth consecutive year of real growth in restaurant sales, the rate of growth remains moderate. The restaurant industry will remain the nation's second-largest private sector employer with a workforce of 14.7 million.

http://www.prnewswire.com/news-releases/restaurant-industry-sales-are-projected-to-grow-631070083.html

The National Restaurant Association projects that the restaurant-industry sales will reach $798.7 billion in 2017, or gain a 4.3 percent over the industry's estimated sales of $766 billion in 2016. A gradually improving economy will help the restaurant market sales to grow further in 2017, even as restaurant operators face continued margin pressures, a tightening labor market and some lingering consumer uncertainty. The Association also projects that the restaurant industry's workforce will grow slightly to 14.7 million in 2017. Restaurants will remain the nation's second-largest private-sector employer, providing jobs and careers for about one in 10 working Americans. Italian Food & Beverage Corp. (OTC: IFBC), Ruby Tuesday, Inc. (NYSE: RT), Diversified Restaurant Holdings, Inc. (NASDAQ: SAUC), TerraVia Holdings, Inc. (NASDAQ: TVIA), Rave Restaurant Group Inc. (NASDAQ: RAVE).

Table service remains the largest segment in the industry, but quick service sales growth rate will be higher. Food and beverage sales in the table service-restaurant segment are projected to reach $263.0 billion in 2017, or up 3.5 percent from 2016. Quick service and fast-casual sales are expected to total $233.7 billion in 2017, or a 5.3 percent gain over 2016's sales volume.

Italian Food & Beverage Corp. (OTC: IFBC) today has released the financial results for both the quarter ended March 31, 2017 and the year ended December 31 2016. The company announced, "Gross revenues for the first quarter of 2017 have exceeded expectations, and, consequently may be predictive of an over-all increase in gross revenues for the year ended December 31, 2017 over the prior year. Accompanying these top-line increases were reductions in over-all operating expenses.

The March 31, 2017 quarterly financials reflect gross revenues of $584,347, while the gross revenues for the year ended December 31, 2016 equaled $1,440,359, which amounts to an increase over the prior year end gross revenues of $575,743.

Moreover, IFBC is seeking to expand its Vinosity presence in Italy by opening a second location in the heart of Rome this year. In addition, IFBC is intending to expand its Mio Café business in the US and Asia where we have pursued, and continue to pursue the possibilities for expansion.

It is our goal to continue to increase revenue while significantly reducing their related costs. This cost reduction program will extend to the significant cutting of central overheads."

Our CFO Vincenzo Ventola stated the following, "IFBC has come a long way since its reverse merger in 2015. The company has now digested the complexities of the reverse merger to the extent that the inventory is spare, the gross profits have favorably settled, and the expenses are under control. We have bolstered revenue and it is our firm intention to persist in our efforts to achieve consistent profitability."