Replies to post #8986 on Innovative Food Holdings Inc (IVFH)

[kimbaray]

In reply to: Your saying the BOD pushed back after laoning Pasta another 200k. Why didnt they decline the loan?

No I said the BOD pushed back after Pasta kept requesting more funds. I remember that they gave them a good will 10k loan and stated that was it.

On August 24 th, 2005 IVFH loaned $150,000 to Pasta Italiana, Inc.(“Pasta”); a full line manufacturer of pasta products and entrees. The loan was secured by the personal guarantees of the two principals of Pasta. As consideration for the loan, IVFH, was given the option, for 180 days, to purchase 100 percent of the outstanding shares of Pasta through the issuance of 10 million shares of IVFH. On February 7 th 2006 IVFH loaned an additional $96,000 to Pasta. In consideration for the additional loan, Pasta Italiana agreed to extend the option agreement to April 24, 2006. We made several other advances to Pasta of operating funds in January and February of 2006 amounting to an additional $104,000.
During the second quarter we extended an additional $10,000 to Pasta Italiana. In addition to the $10,000 extended, Pasta Italiana required unexpected significant additional funding and unexpected conditions for closing on their acquisition were demanded. IVFH felt it strategically prudent to discontinue further funding unless certain conditions requested by IVFH were met. As a result of these conditions not being met, our option to acquire Pasta Italiana was not exercised and we have allowed the option to lapse. Our current focus is on the full return to us of our loans, plus interest, by Pasta Italiana.
That marked the end of Joe! He did not want to play anymore and went home.
Joe has a name and was the focal point of IVFH (CEO)
The BOD was looking out for the business while trying to get along with Joe.
They knew the warrants were coming due and did not feel that throwing more money at Pasta was a viable solution. Joe was looking out for family.
I’m sure the BOD was so tired of it all that they let him leave before his contract was up.

We are all in this because of Joe. Joe is gone and so is our investment.
Lets hope that Chef Z can pull us together! JMHO.