Barfresh Provides 1st Quarter Fiscal 2016 Corporate Business Update
BEVERLY HILLS, Calif., Aug. 14, 2015 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend beverages, is pleased to announce an update on recent business developments. In addition, the Company is filing its form 10-Q for the first quarter ended June 30, 2015, today.
Riccardo Delle Coste, the Company's CEO, stated, "Our first quarter fiscal year 2016 sales increased 173% from the year ago quarter. In addition, sales in the first quarter exceeded the last three quarters of last year combined. Additionally, ordering trends for July and August have continued at a strong pace. Our business model is gaining momentum as we continue to hire sales representatives and achieve wins for our distribution business, and our large national accounts."
Since our last business update on July 7th, we have added over 500 new customers, and we have begun shipping to 137 new customers during the month of July.
We have continued to expand our distribution agreement with the nation's leading food distributor, and our products have now been rolled out to 30 (of the 74) regional locations in 17 states.
During July, the Company began selling products to new customers including a regional foodservice facilities operator in the Southeast, a Houston based deli sandwich chain, a number of schools and Universities, and a number of travel and entertainment locations.
- During the past six weeks, we have begun in-store testing with one of the nation's largest contract foodservice operators, representing several thousand locations. In addition, we began in-store testing with a national snack-food chain with over 300 locations.
Riccardo Delle Coste, the Company's CEO, added, "Our new customer wins in our distribution network continue to grow as our sales force gains experience in working with our distribution partner. Our national account business, which represents very high potential individual accounts, has increased and progressed along the pipeline into in-store testing in a number of cases. We continue to be very well positioned to capitalize on consumer's growing demand for healthier beverages, combined with a format that is easy to use, eliminates waste, and avoids significant up front capital investment for operators."
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, U.S. patent-pending 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/us.
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.