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Shop for Meats, Olive Oil, Balsamic Vinegar, and Of We will be in touch with you shortly. Now for the more controversial aspect of IVFH: corporate governance, or the lack there of. I placed this order in October for biggest client's top 3 executives. Tell us a bit more about you so we can get to know each other better. I don't see any rush to own it. Stir into hot water or drizzle over pancakes. Or are you merely parroting what the quarterly report says? By using this site, you agree to the Terms of Service, Privacy Policy, and Cookie Policy. But I still think it has upside in 2018. Worst Customer Service of my life. Innovative Food Holdings I also loved that each item was clearly labeled (especially the different cheese types) and you were sent an informational card with details on all the inclusions. The balance sheet is repaired and the share structure has been greatly simplified. WebOwned and operated by industry veterans, our history dates back to 1918, when Charles Chesman founded one of the first cheese importing companies in the United States. I see no reason why USF, which did $24B in sales last year, would attempt to put the screws to little IVFH. Innovative Food Holdings, Inc. is a direct-to-chef and a direct-to-consumer platform providing over 7,000 of the highest quality, unique specialty food products directly to chefs and direct to consumers nationwide, through e-commerce offerings and multichannel partnerships. Igourmet.com was built from the ground up on Shopifys e-commerce platform, which supports leading digital, data, and marketing capabilities, and provides users with anintuitive, user friendly, and visually pleasing online gastronomic experience. In January, it announced the acquisition of igourmet. In addition, through its specialty foodservice division, igourmet offers a wide assortment of specialty food products to restaurants, specialty retailers and other business establishments. EconoTimes. Maybe head to Whole Foods instead. Each one has a story, and everything is tasty., Gastro Obscura co-author Dylan Thuras explains that, The Gastro Obscura team takes enormous pride in sharing the stories of thousands of unexpected dishes, unique ingredients, and fascinating culinary traditions from around the world, so we are incredibly excited to team up with igourmet to share some of our favorite most interesting foods. Search over 700 I was slightly disappointed with this one. Adjustments to reconcile net income to net cash used in operating activities: Provision (recovery) for doubtful accounts, Cash received from the sale of fixed assets, Cash paid in settlement of contingent liabilities in connection with acquisitions, Proceedsfrom Payroll Protection Plan Loan, Cash and cash equivalents at beginning of period, Cash and cash equivalents at end of period. This company is a joke, seriously. Under duress they provided the full refund we demanded. Welp no email, no refund and now they are closed for three days!! Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. I am a value-investor that looks for opportunities to exploit market inefficiencies to make outsized profits. If I refuse at the door, I know they will never refund me. Igourmet LLC Company Profile | Mountain Top, PA | Competitors Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. A week later and our ham was on the other side of the USA (Indianapolis). All Rights Reserved. In addition, the Company believes that the presentation of these financial measures enhances an investors ability to make period-to-period comparisons of the Companys operating results. Since the 1860s, its given coffee at New Orleans beloved Caf du Monde a rich, full taste. In the past, IVFH focused on buying options from insiders/former insiders and large blocks of shares only. Customer service never returned my calls or emails. | 17 Seonyu-ro 49-gil, Yeongdeungpo-gu, Seoul, South Korea, Newspaper Registration No. Total liabilities and stockholders' equity, Selling, general and administrative expenses, Weighted average shares outstanding - basic, Weighted average shares outstanding - diluted. The new facility features a modern and efficient layout and includes freezer and refrigeration space to support the Companys entire product line. The acquisition of igourmets business is synergistic to our current mission of providing small specialty food companies direct access to the kitchens of end users 2018.01.02, Publisher/Editor. The former owner/operator had essentially maxed out his credit cards trying to keep the lights on. Social. I'm thinking 1.7 cents with flat organic growth (flat quarter over quarter would be better than 2Q). For the first nine months of 2020, the Company reported a net loss of $(6.6 million), or $(0.19) per share, compared to net income of $28,000, or $0.00 per diluted share, for the first nine months of 2019. The stock will continue to screen well, particularly if they can integrate igourmet quickly. The customer service folks returned contact 3 separate times that they have removed my email address, yet still it continues. Will the multiple expand at that point? Innovative Food Holdings, Third Quarter E-commerce Revenue Increased 165% to a Third Quarter Record of $4.2 MillionThird Quarter Active E-commerce Customers Increased Over 150% Compared to the Prior Year PeriodEnhancedSpecialty FoodE-Commerce Platform Is Well Positioned for 2020Online-CentricHoliday Season. The prices range from $29.99 for a cute sea salt set with stand for $29.99, to an over-the-top Royal Treasures gift box for $999.99. It is not just what went wrong, but that they removed my negative review about a product they sold, even though I complimented them on how they handled it. We were able to achieve record third quarter e-commerce sales as a result of strong customer demand, while undertaking significant structural changes throughout our organization to support our compelling growth dynamics and optimize our platform driven cost structure, stated Sam Klepfish, CEO of Innovative Food Holdings. I think I can put my capital to use elsewhere To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. We plan on working closely with the igourmet team towards quickly driving bottom line profitability through operational efficiencies, cross-company synergies and margin improvement, explainedJustin Wiernasz, President of Innovative Food Holdings. WebBONITA SPRINGS, Fla., May 05, 2021 (GLOBE NEWSWIRE) -- Igourmet.com, a wholly owned subsidiary of Innovative Food Holdings, Inc. (OTCQB: IVFH), today announced Shop chef-quality fresh meats and artisanal charcuterie. I have little doubt that IVFH will strip significant costs out of the business and return it to profitability within the next 2-3 quarters. I am not receiving compensation for it (other than from Seeking Alpha). I will never order anything from them again. This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the Company) that are based on the current beliefs of the Companys management, as well as assumptions made by, and information currently available to, the Company. IVFH had over 20,000 active e-commerce customers in the third quarter, which is an increase ofover 150% from the same period last year. Express delivery will deliver your goodies in two to three business days for $24.99. It goes against our guidelines to offer incentives for reviews. In 2017, IVFH made 72% of their sales to US Foods Holdings (USFD). Its astringent, bitter flavor comes from ammonium chloridean ingredient that once featured prominently in cough syrup. BOILED CIDER SYRUP: Apple molasses is a forgotten delight from colonial New England. How to help your child develop resilience, 8 everyday foods you might not realise are ultra processed and how to spot them, Yakuza battle Chinese gangs for control of Japan's criminal underworld, Vitamins and supplements: what you need to know before taking them, McDonald's Malaysia Pledges $43M to Boost Sabah Presence; 36 Outlets and 5,000 Jobs by 2030, Hopes fade for room temperature superconductor LK-99, but quantum zero-resistance research continues, Ron DeSantis shows how 'ugly freedoms' are being used to fuel authoritarianism, Our older population will triple in 40 years. $2-3M can be done in 12-18 months and with very little other shareholder friendly activities taking place, this would be a nice reason for the current shareholder base to stick around. iGourmet was started back in 1997 with the goal of sharing specialty foods found around the world with foodies and gourmands alike. Never again. WebWe are happy to create a unique selection of specialty food products for your establishment. The most manageable gift boxes range from $99 to $200 and typically include four to 10 items across categories like cheese, meat, crackers, and sweets. My quick look at the 10-Q does seem that the rest of the businesses (ex USF) is growing nicely. I would like to see a buyback program where consistent repurchases are made when the window is open. . While the company's core business has grown at a very consistent pace over the past five years, the fact remains that many investors will not touch the stock due to perceived and actual past errors in judgment. My base case is that none of this happens. Recommendations are independently chosen by Reviewed's editors. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body. No position. Lorem ipsum dolor sit, amet consectetur adipisicing elit. The iGourmet gift boxes can be a bit of a splurge, but there is a lot to choose from. Nothing. We also ensure all reviews are published without moderation. They do not ship fed ex. The Company reported a net loss for the 2020 third quarter of $(1.6 million), or $(0.05) per share, compared to a net loss of $(158,000), or $(0.00) per share, in the prior years third quarter. Companies can ask for reviews via automatic invitations. Innovative Food Holdings, NEW YORK, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Gastro Obscura, the premier destination for wondrous, intriguing, and surprising food and drink around the world created by the ever-curious minds behind Atlas Obscura, and igourmet.com, the premier online retailer of the largest assortment of high-quality specialty foods sourced from artisan food producers, are uniting forces to create the ultimate food experience for the curious eater - a limited edition Taste of Gastro Obscura Box. This gift box includes 13 hard to find snacks from around the world. Evil liars. It is of the size and footprint that IVFH can easily bring into the fold and apply best practices and efficiencies to increase profitability. Now he doesn't have to answer any questions. Dismal. Gourmet Foods International Company Profile | Management and I will attempt to address both in this article and hypothesize how the company can address them in a manner that will benefit shareholders. Pre-assembled, delicious cheese boards that are perfect for gifting or for easy, no-fuss entertaining. All the insiders know. 1:48. Grit or quit? The optics of this are just horrible. For the right person and situation? So the only other way for the stock to move significantly higher is for the company to continue to execute operationally and not make any obvious errors in judgment. IGourmet - Crunchbase Company Profile & Funding Bad service is one thing; lying is another. | Source: Web220 Oak Hill Rd Mountain Top, PA, 18707-2103 United States. Obviously this is super helpful in case you arent home when the box gets delivered or if you decide to have the box shipped to your home and then transport it to a friends home as a gift. For the 2020 nine months, SG&A expenses were $14.0 million, compared to $11.6 million in the prior year period. Get your company in order folks, maybe you have to change your shipping methods. Contact Info. I placed a second order, paid additional for the product to arrive on a specified day, and again it did not arrive until two full days after promised and again it was spoiled. Find out how we combat fake reviews. Probably not far off. No calls. igourmet Company Profile | Management and Employees List Innovative Food Holdings, Inc. (OTCPK:IVFH) entered into an agreement to acquire all assets of iGourmet LLC ( iGourmet') for $8.3 million on January 22, 2018. Big Tech is firing employees by the thousands. In particular, the Drunken Goat DOP Cheese stood out as something I wouldnt normally choose but paired deliciously with the included Toast for Cheese by the Fine Cheese Co. All Rights Reserved | It is for this reason that I still believe my risk versus reward is skewed to the upside at the current price. Innovative's President, Justin Wiernasz, spent 13 years at USFD prior to coming to IVFH in 2007. My complaint is that the customer service is non-responsive. The prices range from $29.99 for a cute sea salt set with stand for $29.99, to an If I had to choose a favorite of the two options, I would choose the Captive the Crowd Gift Box based on my own tastes and preferences. Even if they post a good quarter, I think there will be a lot of sellers again. Tyson Foods Inc., the biggest US meat company, is exploring options including a potential sale of its China business, according to people with knowledge of Forward-Looking StatementsThis release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the Company) that are based on the current beliefs of the Companys management, as well as assumptions made by, and information currently available to, the Company. The beauty of Baldauf cheeses is in the 'hay milk' that is collected from the century old, robust cow breed called the 'Allguer Braunvieh'. Here are 8 tips for writing great reviews. But again I like the risk versus reward at the current level. Spencer Chesman commented, I am excited to be part of the Innovative Food Holdings family of companies. Maybe you asked Sam at the last conference call and I just missed it. Because we ordered two of iGourmets Favorite Gift Boxes, shipping was free (this offer is only available for a limited time). We are particularly excited to have acquired one of the leading direct to consumer e-commerce brands in the specialty and gourmet food space, which significantly expands our specialty food distribution channel capabilities. That seems quite low, but again long-time followers of the company understand that a significant portion of microcap investors consider the stock uninvestable due in large part to the poor corporate governance experienced over the years and the failed Fresh Diet acquisition. The minority shareholders are the only ones who haven't received the 'gone private' memo. PUBLISH holdings LLC. Here is what IVFH's CEO, Sam Klepfish, said about the acquisition in the press release: I wrote this article myself, and it expresses my own opinions. | Source: Company Contact:Ronit WallersteinInvestor RelationsInnovative Food Holdings, Inc.(954) 881-9158rwallerstein@IVFH.com, Investor and Media Contact:Andrew M. BergerManaging DirectorSM Berger & Company, Inc.(216) 464-6400andrew@smberger.com. Shop Expertly Curated Cheese Accompaniments, Untiunti dit rem as et dicitatur ad elignim est, officius eum sin. The business will operate under igourmets valued and trusted trade name. It was room temperature. They are amortizing a lot nowcash flow is better but for the working capital draws YTDmuch of it should reverse in Q4. It certainly seems like something changed with the USF business. Both boxes I ordered were shipped in temperature-controlled packaging and everything was intact and fresh. This bolt-on acquisition was picked up on the cheap from a distressed seller. Too many other better rated businesses to choose same items from. I do believe that IVFH can take out significant costs out of igourmet. Our direct-to-consumer offerings includes www.igourmet.com and www.mouth.com. Shop for Meats, Olive Oil, Balsamic Vinegar, and Of The Month Clubs. IVFH employs chefs that work directly with the customers to suggest offerings and provide for an unrivaled customer experience. I do not expect IVFH to hit the earnout targets outlined in the merger agreement, given the starting point on profitability. I received an order confirmation, but no shipping confirmation. If a buyback program is announced and/or a new board member is added, an uplisting is back on the table. After several years of promising to add board members but never actually delivering, the company made the announcement in late 2017 that shareholders had been waiting for. Im not going into specifics, but these people stand behind their service and are honorable business people in my eyes. A couple of weeks ago, I ordered turkey dinner for two for Thanksgiving to be delivered the day before Thanksgiving for my sister and her husband who are both ill. Today (two days before Thanksgiving), they sent me an email saying that they didn't receive delivery of the Thanksgiving dinners, so they would have to cancel my order! Sign up for daily updates for the most important None of the blogs or other sources of information is to be considered as constituting a track record. There were large ice packs to keep everything cool and there was no leaking or dampness. We believe these efforts will increase operating efficiencies and enhance overall profitability in the coming quarters. Innovative Food Holdings, Inc. acquired all assets of This information should be considered in addition to the results presented in accordance with GAAP, and should not be considered a substitute for the GAAP results. As with all such advisory services, past results are never a guarantee of future results. Still no tracking numberAfter using a 3rd party tracking company, I found out that the only shipped on 12/18 and wouldnt be delivered until the 21st, when there will be no one to receive it, which is why I ordered it for 18th delivery and agreed to pay the additional money. www.igourmet.com. MonThurs: 9am6pm EST December 02, 2021 08:00 ET CONTACT: Ronit WallersteinInvestor Relations Analyst(718) 645-1755[emailprotected]. I will never ever be using their services again. To be clear, I never had high expectations for Mr. Klein. It is very simple. Innovative Food Holdings Acquires the Assets of What a complete waste of time. You can track your package at any time using the button below." Subway reportedly nears deal to be bought by Arbys owner for Roark Capital, which owns restaurants Arbys and Buffalo Wild Wings, is nearing a deal to buy sandwich chain Subway for about $9.6 billion, the Wall Street A few days pass and still nothing from their end. While my love for mozzarella sticks may not have set me up with the most sophisticated palate, I wanted to put these gourmet gift baskets to the test. It can also leverage the underutilized warehouse space to increase distribution capabilities for its existing business. Not 100% sure. WebBONITA SPRINGS, Fla., Jan. 31, 2018 (GLOBE NEWSWIRE) -- Innovative Gourmet, a subsidiary of Innovative Food Holdings, Inc. (OTCQB:IVFH), a leading provider of high They are in a transition periodthey may or may not return to a nice level of profitability. Intense research, intelligence, and patience are the keys to having success in this strategy. But how does DNA profiling actually work? I am not receiving compensation for it (other than from Seeking Alpha). WebThe Widest Selection of Artisan Cheeses, Gourmet Gift Baskets & Specialty Foods is Available Only at igourmet.com. In reviewing the Q3, 2017 cash flow statement, investors might have noticed that the company did not award any stock-based compensation during that period (there was no change from Q2), an indication that they were waiting for a compensation committee to develop performance metrics before awarding any more. First, I do not expect any significant improvements in corporate governance. 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Innovative Food Holdings, Inc.Consolidated Balance Sheets, Innovative Food Holdings, Inc.Consolidated Statements of Operations(unaudited), Innovative Food Holdings, Inc.Consolidated Statements of Cash Flows(unaudited). Results of pro-shareholder motions may help a bit and a reverse stock split eventually will too but probably no major movements until 3Q EPS on Nov 14th. The iGourmet signature Kraft boxes are pretty standard wooden boxes, but I love a good container so I have already repurposed them to organize my toiletries. Supplemental disclosure of cash flow information: Non-cash investing and financing activities: Issuance of 131,136 shares of common stock previously accrued, Right to use assets and liabilities - operating, upon adoption of ASU 2016-02, Return of equipment and reduction in amount due under equipment financing loan, Fair value of 9,524 shares of common stock issued for services, Increase in right of use assets & liabilities, Capital lease for purchase of fixed assets. After some heated conversation, I agreed to pay an additional $15.00 for next day delivery, which I was assured I would receive. Bought the 6 month cheese subscription mid December for Christmas delivery. igourmet.com | LinkedIn In that scenario, the stock can do quite well. It already is. It is of the size and footprint that IVFH can easily bring into the fold and apply best practices and efficiencies to increase profitability. Try one in a flute of Champagne. Phone. Information about third parties was supplied to the Company by third parties and we accept no responsibility for its accuracy. However the newfound corporate governance, which could possibly have led to an uplisting, was short-lived. Obviously signaling to the investment community that they are ready to start acting like a public company will help. We added you to the list. While some of the decline is likely also in response to the igourmet acquisition, there is no doubt that the resignation of Mr. Klein left a bad taste in some investors mouths and they quickly exited the stock, as evidenced by the strong volume right after he resigned. Our vast assortment includes thousands of exclusive, competitively priced cheeses, meats and While a treasure trove of cheese, biscuits, coffee, sweets, and more packaged in an actual treasure chest sounds like a dream, that price tag is not a reality for everyone. Since 1882, Vermonts Wood family has made theirs from scratch. TikTok, If Fed Ex can't deliver on time use Ups. This is not another major misstep like the Fresh Diet acquisition . I'm not expecting big 3Q EPS. IMO, Sam looked at the cost of buying out all the little people versus the cost of continuing to file four times a years while ignoring the little people. New investors will find the stock (as they already have), and they won't have the history with the name that the "haters" do. We believe that Innovative Food Holdings expanded range of distribution channels can provide significant value to new and emerging foodservice and CPG brands across a broad spectrum of unique specialty food products, and enables Innovative Food Holdings to be well positioned for multiple revenue and value add growth opportunities.. San Francisco Bay Area, Silicon Valley), Operating Status of Organization e.g. We know that the interest on the debt will be significantly lower due to both the better terms that IVFH can secure and lower debt levels (see the proforma results for details). Thank You from a very pleased customer!!! Natur International Appoints Spencer Chesman as Co-CEO Additional information is available at www.ivfh.com. Has it been since Obama was president? You can choose from savory to sweet iGourmet food baskets to find the perfect gift for the foodie in your life. Buy Gourmet Cheese, Award Winning Gift Baskets & Fine Food Online. Only in a very small way. Disclaimer: EconoTimes provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. The response was vague, demanding more information for some sort of 'verification' of I have no clue whatsoever. Here's my take after some 10Q and press release analysis: ouch , when will people learn that corporate governance is very important. It is an extremely capital light business (only $50K in capital expenditures). The boxes I chose were both pretty cheese-focused but I liked that there was still a balanced variety of items. The product experts at Reviewed have all your shopping needs covered. Investor's memories are short. IVFHs revenue were $11.2 million during the three months ended September 30, 2020, compared to $13.5 million for the three months ended September 30, 2019. How long does it take for skin to repair after sun exposure? Lorem ipsum dolor sit amet consectetur adipisicing elit. Sam doesn't need to take this private. Did anyone attend the annual meeting? Email. I wouldn't bet on it at this point. (2) Includes non-cash amortization charges related to assets acquired, (3) Includes stock and options-based compensation and expenses, (4) Full Year GAAP weighted fully diluted share count, Right to use assets, operating leases, net, Goodwill and other unamortizable intangible assets, Notes payable - current portion, net of discount, Lease liability - operating leases, current, Lease liability - finance leases, current, Lease liability - operating leases, non-current, Lease liability - finance leases, non-current, Commitments & Contingencies (see note 16), Common stock: $0.0001 par value; 500,000,000 shares authorized; 37,891,225 and 37,210,859 shares issued, and 35,053,645 and 34,373,279 shares outstanding at September 30, 2020 and December 31, 2019, respectively.