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Gallant Brands Purchases Soupman Inc. Out Of Bankruptcy
Posted by Mike Berger Date: October 16, 2017in: Category News, Center Store, Northeast, SuppliersLeave a comment
Gallant Brands/Soupman
Gallant Brands Inc. (GBI) has acquired the assets of Soupman Inc. from bankruptcy, eliminating more than $11 million in debt and trade liabilities. Soupman Inc., owner of The Original Soupman brand, now has a clean balance sheet and a new management team, according to the Sept. 28 announcement.
GBI was founded for the specific purpose of purchasing Soupman. The Soupman brand, created in 1984 by Al Yegenah and made famous by the television show “Seinfeld” in 1995, filed for Chapter 11 bankruptcy protection on June 13, 2017, as a result of overbearing legacy liabilities and corporate governance issues, according to GBI.
“We are selling great soup, and we’re going to sell a lot more,” said Joseph Hagan, president of GBI when asked if the business would continue operations. “A new regime is poised to finally capitalize on this brand’s colossal value.”
Hagan added, “I am proud of the collective efforts of our team. We have all worked diligently to avoid interruption in operations and to identify those business opportunities that move our business forward. We are especially pleased to have the support of our long-term shareholders, vendors, suppliers, franchisees and our customers. Their patience and commitment through this transitional period for Soupman has been pivotal in our re-emergence. We look forward to keeping the public informed of our streamlined business model, new customers and exciting new opportunities.”
Eatontown, New Jersey-based GBI says it has engaged a team of financial and food industry veterans with more than 100 years’ experience collectively as its management team. With an emphasis on strong cash flow, the Gallant team will implement simple operational changes capable of saving the business more than $1.2 million per year in spending while aggressively pursuing new business opportunities. Gallant officials said they are committed to communication, transparency and accountability with Soupman’s constituents.
Greatest thing Hagan every said: We are especially pleased to have the support of our long-term shareholders, vendors, suppliers, franchisees, and our customers.
sounds public to me![color=red][/color]
http://originalsoupman.com/news/soupman-inc-emerges-bankruptcy
OUPMAN, INC. EMERGES FROM BANKRUPTCY
SEPTEMBER 28TH, 2017
-Company’s Brand & Financial Position Strengthen as New Management Completes Transition.
News provided by Gallant Brands, Inc. d/b/a Soupman, Inc.
EATONTOWN, N.J., Sept. 28, 2017 /PRNewswire/ — Soupman, Inc. (the “company”), owner of the Original Soupman brand, emerged from bankruptcy on September 8, 2017, with a clean balance sheet and a new management team committed to living up to the brand’s value.
The brand, created in 1984 by Al Yegenah and made famous by Seinfeld in 1995, filed for Chapter 11 bankruptcy protection on June 13, 2017, as a result of overbearing legacy liabilities and corporate governance issues.
After an arduous legal battle, Gallant Brands, Inc. (“GBI”), led by shareholders of the public entity acquired the assets of Soupman, Inc. from bankruptcy, eliminating over $11 million in debt and trade liabilities.
“We are selling great soup, and we’re going to sell a lot more,” said Joseph Hagan, president of GBI when asked if the business would continue operations. “A new regime is poised to finally capitalize on this brand’s colossal value.”
Hagan continues:
“I am proud of the collective efforts of our team. We have all worked diligently to avoid interruption in operations and to identify those business opportunities that move our business forward. We are especially pleased to have the support of our long-term shareholders, vendors, suppliers, franchisees, and our customers. Their patience and commitment through this transitional period for Soupman has been pivotal in our re-emergence. We look forward to keeping the public informed of our streamlined business model, new customers, and exciting new opportunities.”
About Gallant Brands, Inc.
Gallant Brands, Inc. (GBI) was founded with the specific purpose of purchasing Soupman, Inc. assets and operating the company under new management. GBI has identified one critical employee and has engaged a team of financial and food industry veterans with over 100 years’ experience collectively as its management team. With an emphasis on strong cash flow, the Gallant team will implement simple operational changes, capable of saving the business over $1.2 million per year in spending while aggressively pursuing new business opportunities. Gallant is committed to communication, transparency, and accountability with the Soupman, Inc. constituents.
SOURCE Gallant Brands, Inc.
Investors may be studying some short-term indicators on shares of Soupman Inc (SOUPQ). The current 7-day average directional indicator is Buy!
why would people think that anything change with the business? any paperwork anywhere or even a mention of this? nothing changed. Soupman Inc has was and is the same, only difference is new board, cronies are out. Shares still alive and well... waiting for q to come off or shares to move over to new symbol. Plain and simple.
did the cartons ever have a ticker of SOUPQ? just curious.. hoping for a big shot north this week
thanks for sticking around here and keeping everyone informed, you are very kind
that does not make sense really why would they still have it on the web page at all if that were the case...
I am LONG w 117k shares of soupq but not sure why the investors relations link on the soupman website is down? mean anything?
now ask yourself why they did not do that... are they trying to reign in a few dollars from their shares in soupq on exchange for pissing off many shareholders and customers? Don't forget, they are no longer just shareholders, they are owners, they are selling soup... OR
Are they NOT A PRIVATE COMPANY
$$$GO SOUP$$$
Angel what is a realistic timeframe for the pps to settle and build some support around the .50 range in your opinion?
6 -12 months?
I'll buy more even at .02 and take a 500% profit, I would be willing to do that.
tomorrow I am buying more, waiting for settlement period YEE HAW
Buckeye Business Review
hares of Soupman Inc (SOUPQ) are on watch as they closed the most recent session above the Parabolic SAR line. The current level of the shares currently stands at 0.0161 at the time of writing.
SAR stands for stop and reverse and it is a trend following indicator, designed to identify the turning point in price action. The parabolic SAR is shown on the charts as a series of small ‘dots’ that are placed either above or below the price. When the price is trending to the upside, the dots are below the price action and when the price is trending to the downside, the dots are above the price action.
When the share price closes above the upper Parabolic SAR, a trader could interpret a buy signal. The Parabolic SAR will move from being above price to below price and the trader would cover any existing short positions and reverse direction and buy long.
$$$ Is your real name Joe Hagan ? sounds like something he would be saying to himself right now $$$
$$$$$$$$$$$$$$$$ LETS GO SOUP $$$$$$$$$$$$$$$$$$
Soupman Inc (SOUPQ) Needle Moving -12.07%
October 11, 2017 Stock Press Contributor
Needle moving action has been spotted in Soupman Inc (SOUPQ) as shares are moving today on volatility -12.07% or -0.0021 from the open. The OTC listed company saw a recent bid of 0.0153 and 3105771 shares have traded hands in the session.
"Upgrade it's own shares" WHAT DOES THAT EVEN MEAN?
This does a great job of explaining the reverse merger benefits. Obviously losing the Q goes hand in hand with this, I don't see them as separate. I know some say you can't do it but I have read that it has happened several times where ticker stays the same after emerging from BK on quite a few occasions.
Delta stock reemerged on the NYSE on May 3, 2007, under its old ticker symbol DAL.
http://www.investopedia.com/articles/stocks/09/introduction-reverse-mergers.asp
Debt was sold and settled...No debt = No Bankruptcy
Wisconsin / Illinois / Detroit ... where the COLD really is
That would be great if we could get this soup at a drive-through
There has really only been one press release saying thank you to the long term shareholders and others followed by more to come. Once more to come, comes... we will be happier. $$$
I'd like to see Soupman Soup in the MidWest
Cold is coming, Soup will be selling, we will all eat soon-
What was purchased by Wealthcolony / Gallant Brands from 2013 view:
We are leveraging the star power and influence of our famous business partners and brand ambassadors: Shaquille O’Neal, Jason Alexander and Reggie Jackson. They have significant equity stakes in SoupMan and believe in our products and where we’re going. Stay tuned late this year and in 2013 to see how they’ll be leading our marketing efforts and participating in building our brand.
? Tim Gannon, co-founder of Outback Steakhouse, Inc., and inventor of the Bloomin Onion®, has joined our Board of Directors. As our Culinary and Business Development Director, Tim has made an immediate and positive impact on SoupMan, Inc., through his vision and his culinary expertise and will play a significant role helping to bring us to the next level. Tim is one of the most successful and highly respected executives in the food business. He was one of the key players that over a 25-year period built Outback Steakhouse Inc. into a 1,400-outlet chain, with over $3.5 billion in annual sales.
? We are expanding our branded foodservice operations, including our program at Tim Horton’s and other restaurant chains, and also becoming part of healthy meals at schools and college campuses nationwide. Earlier this year, we began serving our Mexicali Beans in all New York City public schools and are currently working on additional vegetarian product approvals.
? Our branded The Original SoupMan soups are also now available at three locations at the College of Staten Island, part of the City University of New York, serving some 540,000 students at 24 institutions in New York City. We’ve developed a full-scale school lunch program, introduced by Reggie Jackson at the School Nutrition Conference in Denver this summer. The program includes affordable, low-sodium, low-fat options, including Shaq-A-Roni ‘n Meatballs and many vegetarian recipes. These new lunches, focused on vegetarian recipes with the guidance of Tim Gannon, meet the new USDA guidelines for school foods. Several school systems across the country are evaluating our program, which reflects Shaq’s personal goal of helping children eat healthily.
? SoupMan’s franchise operations, including a very successful operation at Mohegan Sun Casino in Connecticut, are moving in an exciting direction. Lloyd Sugarman, co-founder of Johnny Rockets Hamburgers, and his partner, Robert Azinian, are expanding and re-branding our concept. Their new restaurant at Mohegan Sun at Pocono Downs in Pennsylvania will be branded Al’s Famous New York Delicatessen & Restaurant. The new concept centers on a 200-seat restaurant serving authentic, fresh-sliced New York deli sandwiches, salads, entrees and a full breakfast menu along with our signature soups. We anticipate that revenue at this location will be significantly higher than our current model, and that it will become a successful franchise model.
? We recently completed a $954,000 1-year 12% bridge note offering, which was sold to select accredited investors, with Legend Securities, Inc., a FINRA member investment banking firm, acting as placement agent, and are pleased to report that as of August 31, 2012, we have approximately 31 million shares of our common stock outstanding.
We believe we have made a great deal of progress, and, as we look ahead to 2013, we look to continued growth in grocery, in foodservice and in our franchise operations.
As the weather begins to cool, we anticipate that people will heed our cry: Soup’s On!
Thank you for believing in us. We value you and appreciate your support and your patience as we work tirelessly to grow real and sustainable value for our shareholders.
Respectfully,
/s/ Arnold Casale
Arnold Casale, CEO
SoupMan, Inc.
About SOUP Stock
I am long in soupq but really after the purchase of assets there has not been enough time to create, package, update ticker printing, distribute, stock, and sell under a ticker without the Q, that is one... two, that would not happen without an announcement because that would be throwing money down the toilet..
Agree... and furthermore, I believe that they will take the new symbol at some point and convert these over. Reason being is perception is poor with the Q. Once that drops off and a new symbol is issued, that may lead to a spike of dollars in my opinion.
could not agree more, in this for months now since .03 GO SOUP
what was timeline compared to soup... my soup is getting cold
We are especially pleased to have the support of our long-term shareholders, vendors, suppliers, franchisees, and our customers.
same company... new leadership nothing else
same article said more to come... I would say wait for the more that is to come before you jump ship-
WC got 51% of SOUPman
WC got Gallant
Gallant go SOUPman
soupman inc did not go through a bankruptcy... they started to, emerged from bankruptcy
has anyone seen a trade where everyone was on the same page?
there is the hammer we've been looking for.
i.e. TENDER OFFER