Innovative Food Holdings Inc (IVFH)

[Eldan]

Thanks Luke,

I read back a few months on the board and saw that you had accumulated a lot. I admire your stamina. What would concern me and should concern you even more is if IFVH issues more of these deeply undervalued shares to make some future acquisition instead of working from a multiple that's less dilutive.

The other thing that kind of bothers me is the iGourmet website. It's pretty dated. I was pleased to see that the shopping experience got generally good reviews, but when they decide to update that site, I just hope they pick the right people to do it.

It seems to me that there are a ton of tiny private and public companies out there that have overleveraged and are getting killed in this rising rate environment. If you can find the winners with spare capital, who have the capability and the daring to pick them all up for a song, those are good stocks to own. IVFH could potentially be one of those but I wouldn't want to see it use its equity at this multiple. Another one I would mention is BGSF, I'm long, but they're up a lot already since I found them; I'm eyeing the exits.