EAST RUTHERFORD, N.J., July 15, 2013 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (the "Company") (OTCBB:MMMB), a marketer of specialty pre-prepared and frozen and refrigerated foods, is issuing this statement to bring investors up to date on current operating results. Financial data provided in this release is preliminary and is subject to review before being officially released in the Company's Quarterly Report for the period ending June 30, to be filed with the United States Securities and Exchange Commission by August 15, 2013. Accordingly, the Company's actual results may vary from those reported here.
Summary Projection of June 30 Financial Information:
The Company's estimated Sales Net of Returns and Allowances and Slotting Fees for the quarter ending June 30, 2013 was $1,700,388, a 33.4% increase from $1,274,763 in the prior year. Estimated Net Loss for the quarter ending June 30, 2013 was $(695,050), compared to $(447,409) for the prior year. Estimated Net Loss in the quarter ending June 30, 2013 includes a $156,104 non-cash charge for the issuance of 318,000 options and warrants to directors, employees and vendors on April 26, 2013. Net Loss per share for the quarter ending June 30, 2013 is estimated at $(.03) compared to $(.03) for the same period in 2012.
As of June 30, 2013, the Company has placed its products in 17,000 locations in supermarkets and other retailers and expects commitments for an additional 6,200 additional placements of product over the next four months. The Company believes that its sales will continue to grow in the last six months of 2013.
Expected New Product Offerings:
The Company is introducing several new products this summer; including Gluten Free Slow Cooked Italian Sauce and Beef Meatballs; Mac N Mama's™ (pasta, cheese and meatball dinner entrée); and Orchiette (pasta), Broccoli and Pork Meatballs; in retail and food service packs. In addition, the Company is introducing Vegetable Meatballs in food service packs as well. The Company will be introducing Slow Cooked Italian Sauce and Spicy Beef Meatballs in both food service and retail packs later this fall in limited capacity to test the products' appeal. The Company also intends to offer cheese-stuffed beef meatballs as well as spaghetti with beef and turkey meatballs in the next six months.
Financing:
On September 1, 2013, the Company's bank loan with Provident Bank ("Provident") will terminate. Currently, the Company has borrowed $350,000 from Provident under its existing line of credit, which remains outstanding. The Company is actively interviewing candidates to replace Provident and believes it will find a suitable lender shortly. The Company is also in the process of raising up to $5,000,000 in gross capital proceeds from a private placement presently being undertaken by its placement agent, Spartan Capital Securities, Inc., and on July 12, the Company received $1,102,290 (net of fees) from the first closing of the raise thereunder.
Marketing Campaign:
The Company will be advertising on Sirius Radio beginning this July in a continuous advertising campaign through December 31, 2013. The Company expects that over 15,000 commercials will be heard during that period by Sirius Radio listeners.
About MamaMancini's
MamaMancini's, Holdings, Inc. through its wholly owned subsidiary, MamaMancini's, Inc. markets a line of fully cooked and ready to serve Italian specialty foods, primarily meatballs, in slow cooked Italian sauce. The Company's products are principally sold through the frozen, perishable and prepared foods sections of supermarkets and mass retailers.
Forward-Looking Statements
This press release may contain forward-looking statements, including information about management's view of MamaMancini's Holdings, Inc. future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of MamaMancini's Holdings, Inc., its subsidiaries and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on MamaMancini's Holdings, Inc. future results. The forward-looking statements included in this press release are made only as of the date hereof. MamaMancini's Holdings, Inc. cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, MamaMancini's Holdings, Inc. undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by MamaMancini's Holdings, Inc.