Expects Initial Rollout to Generate Annualized Revenue of over $4 Million Beginning in April 2018
Further Location Expansion Expected Throughout 2018
BEVERLY HILLS, Calif., March 08, 2018 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (OTCQB:BRFH), a manufacturer of frozen, ready-to-blend beverages, today announced that it has signed a national foodservice account with over 1,000 locations throughout the United States. The planned rollout will begin in April 2018. This national customer will be adding Barfresh’s dairy and non-dairy smoothie options to their menus.
Based upon initial test results and customer planning for the rollout, Barfresh is expecting annualized revenues of over $4 million. Barfresh expects to add additional locations throughout the year.
"This is a major milestone for Barfresh. We have been testing with many national chains during the past several years and this national rollout is especially satisfying given the scale of this customer’s enterprise,” stated Riccardo Delle Coste, the Company's CEO. “Barfresh has the resources in place to begin executing against this acceleration in orders and future customers of this size and larger. We have an established and efficient business organization in place, including our salesforce and brokerage network, contract manufacturing partners, logistics and distribution network, and available inventory to start shipping immediately. These capabilities of our company are integral in satisfying this customer’s operational requirements. Our progression with other major national accounts continues and we intend to use this rollout as an additional milestone to validate our product’s solution and convert the other national account prospects that we have been cultivating.”
About Barfresh Food Group
Barfresh Food Group, Inc. (OTCQB:BRFH) is a developer, manufacturer and distributor of ready-to-blend beverages, including smoothies, shakes and frappes, primarily for restaurant chains and the foodservice industry. The company's proprietary, patented system uses portion-controlled pre-packaged beverage ingredients that deliver freshly made frozen beverages that are quick, cost efficient, better for you and without waste. Barfresh has an exclusive distribution partnership with the leading food distributor in North America. For more information, please visit www.barfresh.com.
Forward Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Company's commercial progress and future financial performance. These forward-looking statements are identified by the use of words such as "grow", "expand", "anticipate", "intend", "estimate", "believe", "expect", "plan", "should", "hypothetical", "potential", "forecast" and "project", among others. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company and may not materialize. Investors are cautioned that any such statements are not guarantees of future performance. The contents of this release should be considered in conjunction with the warnings, risk factors and cautionary statements contained in the Company's recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10K and Quarterly Report on Form 10Q. Furthermore, the Company does not intend, and is not obligated, to update publicly any forward-looking statements, except as required by law.
Contact
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Jeff Sonnek
ICR
646-277-1263
Jeff.Sonnek@icrinc.com