My good friend Born, have to disagree. It almost destroyed your investment to zero (in another 3-6 months) it did ruin your investment for a year, what was it $1.50? when they did it, was .50 before they killed the deal, by spinning them off, and they have far less cash than they did have last year. A disaster objectively.
Being a cheerleader is fine, but in case no case can be made. You said that FD would be better alone THAT IS THE WAY THEY WERE BEFORE THE DEAL! The whole idea of the deal was that FD was better off being part of IVFH.
Sam was able to admit his mistake before we lost all our money.
Meant in a friendly way you are a good guy.
Cheers
BONITA SPRINGS, Fla., Aug. 20, 2014 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH), a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market, today announced that it has acquired 100% of The Fresh Diet, Inc. The Fresh Diet is the nationwide leader in freshly prepared gourmet specialty meals, using the finest specialty, artisanal, direct from source ingredients, delivered daily, directly to consumers using The Fresh Diet® platform. The Fresh Diet's platform includes a company managed and owned preparation and logistics infrastructure, including a comprehensive company owned network of same day and next day last mile food delivery capabilities.
For the trailing 12 months ended June 30, 2014 The Fresh Diet generated approximately $24 million in revenues. The Fresh Diet will be operated as a wholly-owned subsidiary of the Company, and the transaction is currently expected to be accretive to the Company's earnings in fiscal year 2015.
The total purchase price for the acquisition of the business was 10 million shares of the Company's common stock plus the assumption of debt. In addition, connected to the acquisition, the Company raised approximately $1.4 million of equity capital at $1.00 per share from accredited investors and institutions. There was no placement agent and no warrant coverage on the transaction. The capital raised will be targeted towards growth and expansion opportunities related to The Fresh Diet. The Fresh Diet's platform offers the opportunity to expand into additional specialty food market categories including non-diet daily specialty meals, meal kits, allergen specific and additional platform based specialty food opportunities, in the direct to consumer market as well as in select foodservice markets.
"We believe that the expansion of Innovative Food Holdings' platform to include the capabilities of The Fresh Diet's platform is an extraordinary opportunity for the Company," commented Sam Klepfish, CEO of Innovative Food Holdings, "As evidenced by our recent strong second quarter financial results, we are focused on executing and delivering on a specialty food platform based strategy which has the capability to expand sales with low fixed infrastructure costs. We further believe that the Fresh Diet platform, which includes both daily prepared specialty foods and leading last-mile capabilities, is a platform which is uniquely positioned to complement the existing platform of Innovative Food Holdings, enabling us to leverage the rapidly changing specialty food market and provide unique source-to-table capabilities and dramatically enhance our direct-to-consumer infrastructure and capabilities.
Justin Wiernasz, President of Innovative Food Holdings, noted "In addition, we welcome the deep industry knowledge and food operations expertise which the executive team at The Fresh Diet brings to the table. We look forward to working with the entire The Fresh Diet team of professionals as we build upon their more than 100 combined years of operations, process management, marketing, franchising, logistics and distribution excellence to drive future growth for Innovative Food Holdings and The Fresh Diet.
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