Innovative Food Holdings, Inc. (OTCQB:IVFH)

Innovative Food (OTCQB:IVFH) ($0.93; $46.4M market cap), announced Q1 2024 results:

• Sales of $15.7 million vs $16.6 million in the prior year
• Non-GAAP EPS of $0.00 vs a non-GAAP loss of $0.01 in the prior year

“During the past twelve months as my tenure as CEO has progressed, my confidence in the opportunity that lies ahead for IVFH continues to increase. We have a solid foundation, a passionate and committed team, and an industry with tremendous long-term potential. We recognize the importance of maintaining a laser focus on our top priorities in a complex economic environment to create a robust, profitable, and sustainable business model. As we navigate the ever-changing landscape of the food industry, we believe in our ability to adapt, innovate, and capitalize on opportunities that will hopefully drive long-term shareholder value,”

IVFH is a specialty food company serving national chains.

Innovative Food (OTCQB:IVFH) ($0.96; $47.8M market cap), announced a new partnership with Cheney Brothers, a southeast broadline distributor generating more than $3 billion in revenue, and one of the fastest growing distributors in the United States. 

“This new contract is an exciting step forward in demonstrating the growth potential for IVFH. As we mentioned on our recent earnings call, we’ve been highly focused for months on opportunities to expand our profitable, asset-light drop-ship offering, and it’s great to see those efforts begin to bear fruit. Most importantly, this contract is evidence of our platform’s wide appeal, strong value proposition, and ease of deployment. As I’ve mentioned before, we are focused on developing many similar relationships, and will continue to announce them as they formalize. That said, we remain focused on execution, and are intent on ensuring we develop these opportunities to their fullest potential.”

See an investor pitch from research contributor Sebastian Krog that was published to GeoInvesting on March 19, 2024. 

IVFH is a specialty food company.

Innovative Food (OTCQB:IVFH) ($0.50; $24.8M market cap), a specialty food company, announced Q2 2023 results:

• Sales of $18.8 million vs $20.5 million in the prior year
• Non-GAAP EPS of $0.00 vs a non-GAAP loss of $0.03 in the prior year

“We also exit our second quarter with a dramatically reshaped balance sheet, enabled by the restructuring of our loans through Maple Mark bank, receiving a loan guarantee from the USDA, and receiving additional working capital from the USDA. As a result, we improved net working capital to a positive $4.5 million in the second quarter, compared to a deficit of $4.7 million in the prior quarter, an improvement in net working capital of over $9 million. As part of the transaction, Maple Mark has also increased our revolver by an additional $1 million. Due to the Company’s improved operations performance along with its restructured balance sheet, we believe that we now have adequate near-term liquidity to implement our business plan.”

Innovative Food (OTCQB:IVFH) ($0.41; $19.9M market cap), a specialty food company, announced Q1 2023 results:

• Sales of $17.0 million vs $15.6 million in the prior year
• Non-GAAP loss of $0.01 vs a non-GAAP loss of $0.03 in the prior year

“I am pleased with the strong start to the year as we achieved record first-quarter revenue. The reopening of restaurants, hotels, and other travel related foodservice customers post-COVID has continued to provide us with a tailwind, enabling us to serve our customers and drive our business forward. As many of these positive trends are normalizing, we are focused on leveraging our recent success as a springboard to build a more resilient and adaptable business model, as evidenced by the year-over-year improvement in gross margin and reductions in SG&A expenses. Overall profitability during the quarter was impacted by approximately $1.9 million of one-time employee severance as a result of our recent leadership transition. Backing out these one-time expenses, our first quarter adjusted net loss would have improved by 49%, reflecting the third consecutive quarter of improved adjusted profitability.

Innovative Food (OTCQB:IVFH) ($0.35; $12.5M market cap), a specialty food company, announced Q4 2021 results:

• Sales of $20.9 million vs $15.1 million in the prior year
• Non-GAAP EPS of $0.00 vs a loss of $0.03 in the prior year

The results are via a 10K only, No press release has been issued yet.  We need to read through filing to see if management offers any outlook for 2022. 

Innovative Food (OTCQB:IVFH) ($0.35; $12.5M market cap), a specialty food company announced Q1 2021 results:

• Sales of $12.2 million vs $13.3 million in the prior year
• Loss per share of $0.05 vs a loss of $0.09 in the prior year

Results are currently only via a 10-Q, while the press release has not crossed the wires yet.  Here are some comments on the quarter from the 10-Q:

“The decrease in revenues is primarily attributable to a decrease in specialty foodservice revenues which was driven by the nationwide closures of restaurants and other foodservice establishments related to COVID-19. As more foodservice establishments and restaurants have re-opened we have experienced improving foodservice revenues, although revenues still remain below historical levels. The decline in specialty foodservice was partially offset with revenues increases mainly associated with e-commerce revenues. The increases in e-commerce revenues were driven by the Company’s ability to increase sales at its e-commerce properties and convert significant shifts in e-commerce specialty foods, supermarket trends, and e-commerce grocery trends, into e-commerce revenues.”

“We continue to assess the potential of new revenue sources from the manufacture and sale of proprietary food products, private label products and additional sales channel opportunities in both the foodservice and consumer space and will implement a strategy which based on our analysis provides the most beneficial opportunity for growth.”

Innovative Food (OTCQB:IVFH) ($0.35; $12.6M market cap) a specialty food company announced Q4 2020 results:

• Sales of $15.1 million vs $17.7 million in the prior year
• Loss of $0.03 vs EPS of $0.01

The company has not issued the Q4 press release yet. However, in January the company issued a release disclosing record Q4 e-commerce orders. 

Innovative Food (OTCQB:IVFH) ($0.32; $10.9M market cap) a specialty food company, announced record Q4 e-commerce orders. Highlights from the release:

• Fourth quarter e-commerce orders increased over 90% year-over-year to approximately $10.5 million from approximately $5.5 million in the fourth quarter of 2019.

• Approximately 1.9 million website visitors in the 2020 fourth quarter, compared to approximately 1.0 million website visitors in the fourth quarter of 2019.

• Approximately 1.0 million website visitors in the month of December 2020 alone, compared to approximately 0.5 million website visitors in the month of December 2019.

“We experienced strong e-commerce growth throughout 2020 and fourth quarter performance exceeded our expectations as e-commerce orders surged over 90% to a quarterly record of approximately $10.5 million. E-commerce momentum has accelerated as consumers have shifted to online purchasing. Furthermore, we have been able to drive and support record demand through the investments we have made in our e-commerce platform over the past two years and we achieved record orders, website visitors, and conversions across our e-commerce business. We believe we are very well-positioned for further growth in 2021 and beyond, as consumer trends continue to shift towards online purchasing and as we build upon our record fourth quarter e-commerce performance. In addition, we continue to see the acceleration of new e-commerce related market opportunities as the value of our e-commerce platform is unlocked and our momentum continues to build.”

On a side note, IVFH is one of longest tenured Run to One stocks, add to that list on September 4, 2013 at a price of $1.75

Innovative Food Holdings Inc (OOTC:IVFH) (Specialty Foods) announced Q3 2020 results:

• Sales of $11.2 million vs $13.4 million in the prior year
• Loss of $0.05 vs $0.00 in the prior year

“The decrease in revenues is primarily attributable to a decrease in specialty food service revenues which was driven by the nationwide closures of restaurants and other foodservice establishments related to COVID-19.” 

Innovative Food Holdings Inc (OOTC:IVFH) (Specialty Foods) – announced Q2 2020 results:

• Sales of $11.9 million vs $13.9 million in the prior year
• Loss per share of $0.04 vs $0.01 in the prior year

“The COVID-19 crisis continues to have a meaningful impact on the specialty foodservice market.  We are working hard to support our customers during this challenging period, and we believe we are strongly positioned to grow specialty food service revenues as economic conditions improve. Our direct-to-consumer e-commerce platform as well as our leading procurement and logistic capabilities allowed IVFH to quickly pivot resources and respond to the rapidly-changing market, which partially offset lower foodservice revenue during the quarter as a result of the COVID-19 crisis. We believe that IVFH’s leading multi-channel infrastructure and e-commerce-centric platform are uniquely positioned to offer our products directly to a growing customer base. In addition, we continue to accelerate compelling partnership opportunities with large, national retailers and other specialty food companies, leveraging years of experience working with corporate partners. Going forward, we are focused on continuing to leverage the positive momentum underway at IVFH and the multiple opportunities we have to expand e-commerce sales and bottom-line profitability.”

Innovative Food (OTCQB:IVFH) ($0.55; $18.6M market cap) a speciality food company announced Q2 2019 results:

• Sales of $13.9 million vs $11.9 million in the prior year
• Non-GAAP EPS of $0.01 vs $0.01 in the prior year

 “IVFH experienced strong growth across both our specialty foodservice and e-commerce channels during the 2019 second quarter, reflecting increasing customer awareness of our product offerings, as well as successfully leveraging the resources of our interconnected platform.  Our continued emphasis on providing customers with new, exciting, and unique products that reflect the latest food trends helped drive strong second quarter results...

...IVFH’s focus on unique specialty foods supports growing consumer preferences to smaller, high-quality, digitally-driven suppliers.  As a result, we are experiencing higher levels of demand and interest from current and potential customers. I am excited by our growth opportunities for the remainder of 2019 and beyond,” concluded. Mr. Klepfish. 

GBR Innovative Food (OTCQB:IVFH) ($1.25; $40.7M market cap), a speciality food company strengthened its executive team with appointment of Michael Fabrico as CIO.

“Mike’s formidable background as a highly regarded senior executive at successful organizations, combined with his demonstrated track record of driving innovation, and leading digital transformation and getting results, provides a key addition to the Innovative Food Holdings team,” said Sam Klepfish, CEO of Innovative Food Holdings. See more...

GBR Innovative Food (OTCQB:IVFH) ($1.24; $40.4M market cap), a speciality food company, announced on November 30, 2017 that Nathaniel Klein has been appointed to the Board of the Directors.  The Company stated:

“We are very excited to add Nathaniel Klein to the Board,” said Sam Klepfish, Chief Executive Officer of Innovative Food Holdings. “We believe that Nathaniel’s extensive private equity background and his data driven approach towards growing companies to the next level with a focus on unlocking shareholder  value, are valuable resources for the Board of Directors of Innovative Food Holdings.  We expect he will provide significant opportunities to build additional value for all Innovative Food Holdings shareholders.”

Mr Klein commented:

“Innovative Food Holdings is well positioned—financially and strategically—to take advantage of the considerable growth opportunities in the specialty food sector,” commented Mr. Klein. “It is an exciting time to be joining the Board of IVFH, which contains the critical attributes to create significant shareholder value.  I have tremendous respect for the management team and Board, and I look forward to working with them.”

GBR Innovative Food Ho (OTCQB:IVFH) ($0.95; $29.9 market cap), a speciality food company, announced Q3 2017 results:

• Sales of $10.5 million vs $9.1 million in the prior year

• Non-GAAP EPS of 0.05 vs $0.04 in the prior year

Quotes from management:

“There are significant changes occurring within the food space and we believe that the Innovative Food Holdings business model provides significant opportunities to capitalize on those changes. We will continue to focus on growing our core sales channels, and at the same time we continue to asses and aggressively pursue new synergistic market opportunities.

We ended the third quarter of 2017 with a simplified capital structure, a strong balance sheet including a strong cash position, and full availability of our commercial line of credit. Given the strength of our core business as well as our strong financial position, and the multitude of potential opportunities within the rapidly changing food space, we continue to believe that Innovative Food Holdings’ shares are undervalued and we will continue to focus on driving future value for all shareholders.”

IVFH ($0.98) -  Speciality food product provider IVFH reached exactly $1.00 per share in yesterday’s trading session. In IVFH’s case, it was recapturing this threshold as shares had reached much higher levels in its early tenure as a Run to One stock (late 2013 to 2015).  Back then, after its first bid for and eclipse of $1.00, shares tumbled as a failed acquisition (Fresh Diet) hampered the Company’s growth and profitability.  Since divesting of the Fresh Diet business, IVFH has been reporting solid earnings.  Shares have climbed back from a low of $0.39 in late 2016 and built on bullish momentum to yesterday’s precipice.  You can see our full coverage on IVFH here.

GBR $IVFH ($0.70) announced Q2 2017 results:

• Sales of $10.5 million vs $8.3 million in the prior year

• Non-GAAP EPS of $0.05 vs non-GAAP EPS of $0.03 in the prior year

Quotes from management:

"We are pleased by our strong financial results for the 2nd quarter and for the first six months of 2017, which included both record revenues and profits as our team continued to execute across multiple sales channels. We will continue to focus on driving top and bottom line growth in existing sales channels and within new, synergistic sales channels.

We believe that Innovative Food shares are undervalued, and that going forward, the strength of our financial results and business model, combined with our strong balance sheet and streamlined capital structure, provide significant opportunities for unlocking shareholder value for all Innovative Food Holdings shareholders."

IVFH ($0.62) - A new 13D/A filed yesterday shows a slight increase in stake by 73114 Investments and Youth Properties, LLC.  The group of investors added ~183,000 shares from July 13 to July 18, 2017.  

BONITA SPRINGS, FL--(Marketwired - Jun 22, 2017) - Innovative Food Holdings, Inc. (OTCQB: IVFH) announced today that it has reached an agreement with its largest institutional investor in which 2.51 million warrants have been exchanged for 250,000 shares of the company's common stock.

As a direct result of this transaction, potential dilutive securities of Innovative Food Holdings have been reduced by over 2.2 million shares.
Sam Klepfish, CEO of Innovative Food Holdings commented, "Given Innovative Food Holdings' recent strong financial results and its unique position within the rapidly growing specialty food space we continue to believe that Innovative Food Holdings' shares are significantly undervalued. Accordingly, we are extremely pleased to have been able to reduce potential share dilution at these price levels. Furthermore, we believe that this transaction is a key step towards streamlining our capital structure, increasing IVFH investor visibility and unlocking IVFH shareholder value."

IVFH ($0.57) announced Q1 2017 results:

• Sales of $9.4 million vs $8.0 million in the prior year

• Non-GAAP EPS of $0.03 vs non-GAAP EPS of $0.02 in the prior year

Quotes from management:

"We are very pleased with our first quarter results which reflect our focus on driving both revenue and bottom line growth. At the same time, we continued to prudently position the Company to capitalize on additional short term and long term revenue opportunities within the specialty food space. In addition, we continue to take tangible actions towards minimizing shareholder dilution and towards streamlining our capital structure.

We strongly believe that these tangible actions, combined with strong financial results and capitalizing on future specialty food opportunities are key elements towards achieving our goal of increasing value for all Innovative Food Holdings shareholders."

IVFH ($0.48) reported Q2 2016results:

• Sales of $8.3 million vs $7.6 million in the prior year

• EPS of $0.02 vs $0.005 in the prior year

Quotes from management:

"We are pleased that we were able to drive record top and bottom line results. As we enter the second half of 2016 we will continue to focus on driving sustainable sales and profitability growth, and towards increasing inherent value for IVFH shareholders."

BONITA SPRINGS, FL--(Marketwired - Dec 9, 2015) -  Artisan Specialty Foods, a nationwide specialty food distributer, re-packer and importer and a wholly-owned subsidiary of Innovative Food Holdings (OTCQB: IVFH), has launched its new 28,000 sf. distribution facility in Broadview, Illinois.

The Broadview facility was purchased in July 2015 and built out to meet Artisan's custom specifications. Its central location and large size enables Artisan to better serve its customers in Metro Chicago and the surrounding areas. The greater capacity also allows the company to introduce a wider range of products that are repacked or private labeled, and allows for growth in stocked inventory for all products, including products sold nationally. The successful launch and integration of this facility enables Artisan, as well as other Innovative Food Holdings subsidiaries, to better serve a fast-growing customer base.

"The new customized build out, integration and warehouse transition to this new facility went seamlessly due to the hard work of our talented and dedicated team at Artisan Specialty foods," said Justin Wiernasz, president of Innovative Food Holdings. "We continue to see strength in the Artisan business and expect this distribution facility to help drive growth with our current local chefs and customers, and to also help facilitate further national sales growth across Innovative Foods' subsidiaries."

Mr. Wiernasz continued, "This facility also provides the opportunity to service the growing number of chefs in the Greater Chicago area that are seeking artisanal specialty and local, farm-to-table products. Furthermore, I expect that this expansion of Artisan Specialty's capabilities and offerings will open the door for the growth of Artisan's unique business model into additional specialty food verticals and markets."

IVFH ($0.85) reported Q3 2015 results:

• Sales of $12.1 million vs $8.7 million in the prior year period

• Net loss of $0.13 vs a net loss of $0.08 in the prior year

• Announced planned spin-off of The Fresh Diet; See our recap of this development here.

• Direct to Chef segment (the remaining operating entity for IVFH) reported adjusted earnings of $0.03 vs $0.07 on 22.8 million and 9.3 million shares outstanding, respectively.

Quotes from management:

“As recently announced, we plan to spin-off The Fresh Diet as a separate public company in 2016, which will enable us to focus on our strong, cash flow generating, direct-to-chef business. We believe that two distinct, segment-focused companies will more effectively drive growth in shareholder value and command a more appropriate valuation from the capital markets."

BONITA SPRINGS, FL--(Marketwired - Nov 12, 2015) - Innovative Food Holdings Inc. (OTCQB: IVFH), an industry-leading specialty food platform, is planning to spin-off its wholly-owned subsidiary, The Fresh Diet, as a separate public company.

The move will establish The Fresh Diet's direct-to-consumer operations as distinct from Innovative Food Holdings' long-established, industry leading direct-to-chef specialty food platform. As part of the transaction, institutional investors have agreed to provide $1 million in funding directly to The Fresh Diet, Inc.

The spin-off of The Fresh Diet as a publicly traded company is expected to provide a variety of benefits to shareholders:

• Innovative Food Holdings and The Fresh Diet management will each be able to better focus on their core businesses and more effectively drive growth in shareholder value
• The Fresh Diet will become a pure-play direct-to-consumer business, ideally positioning The Fresh Diet to realize the higher valuations typically associated with foodtech and food-delivery public companies
• As a standalone public company, The Fresh Diet will be able to take advantage of acquisition opportunities in multiple fresh meal verticals, building upon its leading last mile specialty food delivery platform
• Innovative Food Holdings shareholders will continue to benefit from future success of The Fresh Diet through Innovative Food Holdings' remaining ownership stake
• Two separate companies will allow potential new investors to delineate the risk/return characteristics of each business and better match their own investment objectives

"These numerous benefits strongly support our decision to spin off The Fresh Diet," said Sam Klepfish, CEO of Innovative Food Holdings. "We believe the market value of The Fresh Diet and our profitable direct-to-chef businesses are not being fully appreciated or captured in Innovative Food Holdings' stock price. By establishing our direct-to-chef and direct-to-consumer businesses as distinct operations -- each with their own particular business characteristics and dynamics -- we believe it provides the best opportunity to maximize shareholder value."

"Furthermore, in connection with driving value in our company, our board of directors has also approved allocating up to $1 million for a stock repurchase program to be implemented in open market purchases from time-to-time. While we continue to invest our capital in strategic business initiatives, we are prepared to be opportunistic in purchasing our own shares."

The Fresh Diet's CEO, Bryan Janeczko, added: "We believe that operating The Fresh Diet as its own entity will provide greater transparency into operations, and further establish its current position as the leading specialty food platform in the fast-growing direct-to-consumer, fresh-meal category. This will also better position The Fresh Diet to attract additional partners and the capital markets support it requires, as demonstrated by the institutional funding commitment."

Transaction Details

Completion of the spin-off is subject to conditions, including required approvals and agreements. Additional details of the proposed spin-off, including proportionate shareholding and separate financial information relating to The Fresh Diet and Innovative Food Holdings will be provided to shareholders prior to the closing of the transaction. In connection with the transaction, Innovative Food Holdings expects there to be a separate listing of The Fresh Diet on a U.S. exchange in the first quarter of 2016, following appropriate filings and approvals with the SEC and NASDAQ. Innovative Food Holdings also plans to retain between 10% to 19.9% of The Fresh Diet, and expects to distribute 70% to 85% of The Fresh Diet shares directly to Innovative Food Holdings' shareholders.

IVFH ($1.05) reported Q2 2015 results:

• Q2 2015 sales of $12.5 million vs $6.4 million in the prior year period

• Q2 2015 loss per share of $0.08 vs EPS of $0.03 in the prior year

Quotes from management:

"Following a strong start to 2015, our second quarter was highlighted by the second consecutive quarter of 18% sales growth in our Direct-to-Chef business as well as sequential gross margin improvement in the Direct-to-Consumer business," said Sam Klepfish, CEO of Innovative Food Holdings.

"The Direct-to-Consumer business continues to make progress as The Fresh Diet continued its transformation into a data-driven e-commerce business, and we believe The Fresh Diet has strong opportunities for exponential growth. In addition, we continue to add technological and operational capabilities to the overall direct-to-consumer platform, including the development of a direct-to-consumer API, with key goals of on-boarding additional partners and offerings to the platform in 2015. Furthermore, it is important to note that gross margin improvements have the additional benefit of further enhancing the value-add and cost profile that the platform offers to potential brands and partners.

"Finally, we achieved positive cash EBITDA in the second quarter, which is ahead of our own internal expectations."

Third Quarter 2014 Results

• Third quarter 2014 total revenue was approximately $8.7 million, up 50% as compared to $5.8 million in the third quarter of 2013.
• GAAP Basic and Fully Diluted EPS in the third quarter of 2014 was $(0.07) per share compared to $(0.05) per share in the third quarter of 2013. Non-GAAP loss per share of $0.02 vs EPS of $0.06 in prior year.

Sam Klepfish, CEO of Innovative Food Holdings, commented, "We utilized the power of our Specialty foodservice platform to drive solid revenue growth and enhanced profitability, as we benefited from the operating leverage intrinsic in our business model. We continued to show both top line revenue growth and bottom line growth in the Specialty foodservice segment as we focused on the execution of our business model and strategic goals. We believe that the purchase of The Fresh Diet provides a unique opportunity to add a valuable, strategic, and operational asset to Innovative Food Holdings, including the ability to add an efficient, low-cost, last mile, direct to consumer platform to our business which is highly synergistic to our core specialty food offering. We further believe that this platform is highly scalable, with the ability to handle significant growth without extensive infrastructure investments and that the Fresh Diet platform substantially fills gaps within both the direct-to-consumer and foodservice food distribution system in the United States, giving us a comprehensive, efficient, source-to-table offering unmatched in the industry."

Mr. Klepfish continued, "The Fresh Diet management team continues to leverage their years of food service expertise in systems and processes gained as senior executives at Fortune 100 global food companies. Under the leadership of Chief Executive Officer Raj Rawal, former CIO of Burger King and of Budget Avis, and Asif Sayed, COO of The Fresh Diet, former Senior Director, Global Operations for Burger King, who was responsible for ensuring the profitable, efficient and customer-focused operations for 8,750 restaurants in 29 countries across the Americas, the team has made significant progress in streamlining and improving key operational and quality metrics and continues to focus on optimization and integration of further operational efficiencies in the platform.

"We entered into The Fresh Diet acquisition with high expectations for the market opportunity. Based on further analysis of the expanding addressable market and feedback from industry executives in this space, we now believe that The Fresh Diet platform has growth and new market opportunities that significantly exceed our initial expectations.

"In that regard, we believe that The Fresh Diet is uniquely positioned to take advantage of several key consumer trends such as eating healthy, source to table, same day and next day delivery, customized food nutrition and specialty daily meals, the growth in e-grocery, and specialty food ecommerce amongst several other fast growing markets. Finally, the barriers to entry to create a viable platform in this market remain significant and we believe that our market presence, combined with the power of a scaled platform uniquely positions us to potentially capture several key organic growth opportunities and select focused synergistic acquisition opportunities."

Mr. Klepfish concluded, "We look forward to executing in both our Specialty foodservice segment and in our Direct to Consumer segment to capture key identified market opportunities in the rapidly growing specialty foodservice and consumer markets."

BONITA SPRINGS, Fla., Oct. 1, 2014 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH), a leading nationwide provider of specialty foods, gourmet specialty meals, gluten free foods, and direct from source artisanal foods, today announced it has launched a retail channel offering for new and emerging food brands via the acquisition of Organic Food Brokers, LLC (OFB), a Boulder, Colorado-based company. Organic Food Brokers focuses on launching and growing retail sales for small and emerging organic and specialty food brands nationwide.

Organic Food Brokers works closely with emerging food brands to develop and execute sales, marketing and distribution plans via its nationwide network of retail-related food broker relationships while providing emerging food brands distribution and shelf placement access in all of the major metro markets in the food retail industry. Organic Food Brokers has been instrumental in the launch and nationwide growth of many highly recognizable specialty food brands over the past several years. As a result, the company has established a nationwide network of retail decision makers and buyers representing key retail shelf space for thousands of supermarkets and other food retailers across the United States. OFB's success and capabilities can offer clients a distinct competitive advantage over the thousands of other products that seek to enter the food retail market each year.

Innovative Food Holdings plans to leverage synergies related to its specialty and artisanal food capabilities to further accelerate the growth and conversion rate of OFB's pipeline. Expected synergies include the ability to offer nationwide foodservice distribution opportunities for new and select existing and potential OFB clients with retail products, which can potentially crossover and succeed in the foodservice space. In addition, foodservice oriented offerings within the Company's core foodservice markets will have the potential to successfully and efficiently cross over to retail shelves.

The acquisition purchase price includes cash consideration of $100,000, a performance based earn out of up to $225,000, seller financing in the form of a $200,000 note, convertible at $1.54 per share and options to purchase 100,000 shares of Innovative Food Holdings at $1.46 per share. OFB generates revenue through monthly recurring revenues as well as through earning a percentage of future sales of client company products. Organic Food Brokers, generated approximately $550,000 of unaudited revenues in 2013 and is expected to be immediately accretive to earnings. OFB will operate as a wholly owned subsidiary of Innovative Food Holdings.

Sam Klepfish, CEO of Innovative Food Holdings, commented, "Innovative Food Holdings continues to pursue opportunities to leverage our unique position in the specialty food space to grow synergistic opportunities and to enter into new complimentary specialty food markets, utilizing a low capex model. We are excited about the opening of this new and potentially promising market area for Innovative Food Holdings, and we look forward to being able to take advantage of the numerous growth opportunities and synergies available in the retail space."

Justin Wiernasz, President of Innovative Food Holdings, noted, "We have been seeing continued convergence between retail and foodservice products in the rapidly changing specialty food distribution market. We are particularly enthusiastic about this acquisition as we believe it uniquely positions Innovative Food Holdings to offer unique, highly synergistic capabilities and relationships in both the rapidly growing specialty foodservice and specialty food retail area."

BONITA SPRINGS, Fla., Aug. 20, 2014 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH), a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market, today announced that it has acquired 100% of The Fresh Diet, Inc.  The Fresh Diet is the nationwide leader in freshly prepared gourmet specialty meals, using the finest specialty, artisanal, direct from source ingredients, delivered daily, directly to consumers using The Fresh Diet® platform. The Fresh Diet's platform includes a company managed and owned preparation and logistics infrastructure, including a comprehensive company owned network of same day and next day last mile food delivery capabilities.

For the trailing 12 months ended June 30, 2014  The Fresh Diet generated approximately $24 million in revenues. The Fresh Diet will be operated as a wholly-owned subsidiary of the Company, and the transaction is currently expected to be accretive to the Company's earnings in fiscal year 2015.

The total purchase price for the acquisition of the business was 10 million shares of the Company's common stock plus the assumption of debt.  In addition, connected to the acquisition, the Company raised approximately $1.4 million of equity capital at $1.00 per share from accredited investors and institutions. There was no placement agent and no warrant coverage on the transaction. The capital raised will be targeted towards growth and expansion opportunities related to The Fresh Diet.  The Fresh Diet's platform offers the opportunity to expand into additional specialty food market categories including non-diet daily specialty meals, meal kits, allergen specific and additional platform based specialty food opportunities, in the direct to consumer market as well as in select foodservice markets.

"We believe that the expansion of Innovative Food Holdings' platform to include the capabilities of The Fresh Diet's platform is an extraordinary opportunity for the Company," commented Sam Klepfish, CEO of Innovative Food Holdings, "As evidenced by our recent strong second quarter financial results, we are focused on executing and delivering on a specialty food platform based strategy which has the capability to expand sales with low fixed infrastructure costs. We further believe that the Fresh Diet platform, which includes both daily prepared specialty foods and leading last-mile capabilities, is a platform which is uniquely positioned to complement the existing platform of Innovative Food Holdings, enabling us to leverage the rapidly changing specialty food market and provide unique source-to-table capabilities and dramatically enhance our direct-to-consumer infrastructure and capabilities.

Justin Wiernasz, President of Innovative Food Holdings, noted "In addition, we welcome the deep industry knowledge and food operations expertise which the executive team at The Fresh Diet brings to the table.  We look forward to working with the entire The Fresh Diet team of professionals as we build upon their more than 100 combined years of operations, process management, marketing, franchising,  logistics and distribution excellence to drive future growth for Innovative Food Holdings and The Fresh Diet."

BONITA SPRINGS, Fla., Aug. 20, 2014 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH), a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods, to the professional foodservice market, today announced that it has acquired 100% of The Fresh Diet, Inc.  The Fresh Diet is the nationwide leader in freshly prepared gourmet specialty meals, using the finest specialty, artisanal, direct from source ingredients, delivered daily, directly to consumers using The Fresh Diet® platform. The Fresh Diet's platform includes a company managed and owned preparation and logistics infrastructure, including a comprehensive company owned network of same day and next day last mile food delivery capabilities.

For the trailing 12 months ended June 30, 2014  The Fresh Diet generated approximately $24 million in revenues. The Fresh Diet will be operated as a wholly-owned subsidiary of the Company, and the transaction is currently expected to be accretive to the Company's earnings in fiscal year 2015.

The total purchase price for the acquisition of the business was 10 million shares of the Company's common stock plus the assumption of debt.  In addition, connected to the acquisition, the Company raised approximately $1.4 million of equity capital at $1.00 per share from accredited investors and institutions. There was no placement agent and no warrant coverage on the transaction. The capital raised will be targeted towards growth and expansion opportunities related to The Fresh Diet.  The Fresh Diet's platform offers the opportunity to expand into additional specialty food market categories including non-diet daily specialty meals, meal kits, allergen specific and additional platform based specialty food opportunities, in the direct to consumer market as well as in select foodservice markets.

"We believe that the expansion of Innovative Food Holdings' platform to include the capabilities of The Fresh Diet's platform is an extraordinary opportunity for the Company," commented Sam Klepfish, CEO of Innovative Food Holdings, "As evidenced by our recent strong second quarter financial results, we are focused on executing and delivering on a specialty food platform based strategy which has the capability to expand sales with low fixed infrastructure costs. We further believe that the Fresh Diet platform, which includes both daily prepared specialty foods and leading last-mile capabilities, is a platform which is uniquely positioned to complement the existing platform of Innovative Food Holdings, enabling us to leverage the rapidly changing specialty food market and provide unique source-to-table capabilities and dramatically enhance our direct-to-consumer infrastructure and capabilities.

Justin Wiernasz, President of Innovative Food Holdings, noted "In addition, we welcome the deep industry knowledge and food operations expertise which the executive team at The Fresh Diet brings to the table.  We look forward to working with the entire The Fresh Diet team of professionals as we build upon their more than 100 combined years of operations, process management, marketing, franchising,  logistics and distribution excellence to drive future growth for Innovative Food Holdings and The Fresh Diet."

Second Quarter 2014 Results

• Revenue increased 21% to $6.4 million.
• GAAP Basic EPS increased to $0.05 per share, up from a loss of $(0.015) per share in the second quarter of 2013.

Sam Klepfish, CEO of Innovative Food Holdings, commented, "Leveraging the strength of our platform, we delivered strong revenue growth and improved financial metrics across the board, as we capitalized on the operating leverage inherent in our business model. The continued growth in revenue and profits demonstrates the expansion power of our platform and highlights our ability to execute on our business plan. Our performance also reflects continued and growing demand for our solutions, as professional chefs, forward-thinking restaurants and discerning consumers seek the freshest, highest quality specialty foods delivered with unrivaled logistics."

Mr. Klepfish concluded, "In addition to our core foodservice market we continue to focus on platform type of opportunities that can be scaled, can handle incremental growth without extensive infrastructure investments and which solve existing shortfalls in current specialty, artisanal and direct-from-source food distribution systems. We believe the rapidly changing food consumption trends towards high quality, artisanal foods, presents a compelling market opportunity and due to our proven platform, we are confident that Innovative Food Holdings is uniquely positioned to pursue and execute on those opportunities."

Fourth Quarter 2013 Results

• Q4 2013 revenue of $6.4 million, up 9% compared to $5.8 million for Q4 2012.
• Adjusted EPS grew over 13% to approximately $.08 per share for Q4 2013 vs. $.07 per share in Q4 of 2012.

Sam Klepfish, CEO of Innovative Food Holdings, commented, "At the beginning of 2013, we planned to achieve several key goals: increased revenues, higher profits, and continuing to solidify our financial strength. We succeeded with all three of these targets in fiscal 2013, delivering another record year. Revenues increased 26%, as we secured new program customers, increased sales to our current end user chefs and expanded the number of chefs with which we have relationships. Additionally, we made strategic progress in our direct-to-consumer business, 'For the Gourmet.' Leveraging existing infrastructure, our focus in the online specialty food retail and direct to consumer space, is to expand our core business model into the consumer space and to access the sizable consumer market with a low cost shared risk, incremental approach.

Mr Klepfish added, "Our Food Hatch accelerator program, which is designed to provide shareholders additional upside through a portfolio of equity positions in early stage food related companies, continues to provide access to new food ideas, serving as a valuable incubator for promising seed and early stage food related and foodtech related companies. In addition, we believe that the potential appreciation in the value of the current and future holdings in the Food Hatch portfolio can offer additional shareholder upside and create additional incremental positive capital markets opportunities for Innovative Food Holdings shareholders in the future."

Mr Klepfish noted, "In addition, we believe that the accomplishment of several complex, but highly important, strategic initiatives taken in 2013 have strengthened Innovative Food Holdings as a company and has strongly solidified our unique and growing position in the specialty food market.

These accomplishments included:

• Despite an extremely tight and difficult small business lending environment we were able to establish a commercial banking relationship with one of the top 20 banks in the United States which included a $2.0 million credit line extended to the Company. The availability of credit, and the credibility of the banking relationship combined with our stronger balance sheet, have led to significantly expanded strategic and business development opportunities.
  
  
• Additional beneficial note restructurings including subordination of noteholders which placed the company into the position to enter into the commercial banking relationship and we believe, has further enhanced the company's profile for institutional investors.
  
  
• The company purchased and moved into new headquarters further cutting costs and expanding warehouse capabilities with room for expansion. The building had a purchase price of $770,000 and had a current estimated replacement value of $1.8 million.
  
  
• The Company paid down in full, the loan associated with the purchase of Artisan Specialty Foods.
  
  

Mr. Klepfish concluded, "During the year we grew sales, cash flow and profits ending the year with over $2.0 million in cash. In addition to a number of key strategic initiatives targeted for 2014, our goal is to continue generating profitable sustainable growth and significant cash flows from operations, enter into new market segments, and expand market share through existing and new partners in order to fuel growth in 2014, and over the longer term."

BONITA SPRINGS, FL--(Marketwired - Dec 17, 2013) - Innovative Food Holdings (OTCQB: IVFH), a leading nationwide provider of specialty foods, healthcare foods, gluten free foods, and direct from source artisanal foods to the professional foodservice market, today announced that it has completed a financing transaction with Fifth Third Bank that will provide a $1.0 million revolving credit facility and a $1.0 million term credit facility.

The financing package will be used to pay down the balance of the Company's $1.2 million loan it incurred for the acquisition of Artisan Specialty Foods, Inc., as well as general corporate purposes.

Sam Klepfish, CEO of Innovative Food Holdings, commented, "We believe that this is a significant step for the Company as it strengthens our capitalization and financial flexibility, provides us greater access to capital for investments and acquisitions, and pays down certain notes. In addition, we are pleased to be able to secure financing which reduces dilution to our shareholders."

For additional details, please access Innovative Food Holding's Current Report on Form 8-K filed with the Securities and Exchange Commission on December 16, 2013.

Third Quarter 2013 Results

• Q3 2013 revenues of $6.0 million, up 17% compared to $5.1 million for Q3 2012.
• Adjusted EPS (EPS without amortization and equity related gains/losses) grew approximately 54% to $0.06 per share for Q3 2013 vs. $0.04 per share in Q3 of 2012.

Sam Klepfish, CEO of Innovative Food Holdings, commented, "The strong third quarter results, including sales growth and strong bottom line performance, demonstrate our positive momentum and strong positioning in the fast-growing specialty food space. We delivered across the board organic growth by continuing to gain market share, bringing on new customers, adding more chefs and increasing sales to existing customers. Our unique low infrastructure business model, which results in low sales-related costs, enabled us to drive solid bottom-line improvements as well. Turning to new growth catalysts, we expect that our continuing focus on expanding market share in the nationwide specialty foods market through existing and new partners, to make positive contributions in the coming quarters."

Mr. Klepfish added, "We remain focused on the sales and bottom line growth of our core businesses. In addition, we continue to see many unique opportunities in the evolving specialty food space and we are continuing to invest in additional specialty food synergistic areas relating to all our subsidiaries, which we believe will allow us to continue to be uniquely positioned within a growing spectrum of the specialty food market. We strongly believe that a laser-like focus on core sales and profitability, combined with investments in synergistic opportunities, represent key factors to building long-term value for Innovative Food's shareholders."

Premium Alert Sent To Members on 9/5/2013

IVFH is a company that distributes healthy food products to both consumers and the professional foodservice market.  In our 5/14/2013 email we mentioned we would start tracking IVFH when the stock was trading at $0.44.  We stated that revenues were on track to top $31 million in 2013 and that we liked the industry they served.  Here are few updated reasons for optimism:

• The company has a trailing EPS of $0.16 fully taxed or around $0.13 fully diluted.

• Shares are trading at a trailing P/E of  around 5.

• The stock has now reported ten straight quarters of superior revenue growth.

• The company is increasing its investor awareness initiatives.

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