IVFH things of note from recent PRs:
11/12: The CEO of Innovative Food Holdings, Inc., Mr. Sam Klepfish, said, "We are very satisfied with our third quarter results. During the third quarter we followed a strategy of aggressively focusing on expanding market share and our end user customer base through both increased marketing and through lower costing to customers and in building our retail and private label program. While these strategies had the short term effect of lowering margins and increasing expenses, we believe this leaves us very well positioned for the historically busy 4th quarter. We are also pleased to announce that in the second half of October, with the historically busiest two months of the year still ahead of us, we had already surpassed sales for the entire 2009.
Mr. Klepfish continued, "Reporting best ever revenues for any quarter in the company's history is especially satisfying inasmuch as the record occurred in the third quarter, yet it exceeded revenues from our previous record set in 2009 which was set in the historically busy 4th quarter. We remain very excited about the 4th quarter's opportunities and we believe that we are very well positioned in all our sales channels for the historically busy November-December holiday season."
10/29: Dr. Chris Brown commented, "I am very excited about the direction of the company and I am delighted to join the board of Innovative Food Holdings. As a current shareholder of Innovative Food Holdings I look forward to actively working with the board to increase awareness in the investor community about the company. In addition, I believe that the stock of Innovative Food Holdings is currently undervalued at current market prices and I plan on increasing my current position in Innovative Food Holdings through share purchases in the open market." (one of the new directors is buying shares on open market).
The company is also announcing that its Board of Directors approved a plan to purchase and retire up to 15,000,000 shares of the Company's common stock, over a twelve month period. Innovative Food Holdings anticipates that the purchases will be made from time to time, depending on market prices, from cash on hand.
The timing and amount of any purchases will be determined by Innovative Food Holdings' management based on its evaluation of market conditions, capital allocation alternatives, and other factors. The share repurchase program does not require Innovative Food Holdings to acquire any specific number of shares and may be modified, suspended, or terminated by Innovative Food Holdings at any time without prior notice. The share repurchase program is designed to comply with U.S. securities laws, rules and safe harbors for purchases that do not constitute tender offers.
Commenting on the Innovative Food Holdings share buyback program Mr. Klepfish noted "We believe that this repurchase plan represents an attractive option for the Company, and reflects the confidence of our Board in Innovative Food Holdings' long-term prospects". Mr. Klepfish continued, "Over the year the Company has improved operations, built cash, and established additional business opportunities, and the Board felt it was the appropriate time to take this action."
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