Company Expands to Additional 542 New School Customer Locations Across Multiple States, Serving Barfresh Products to Over 390,000 Students for Fall
Accelerating Customer Wins to Drive Barfresh’s Projected Record Fiscal Year 2024 Revenue and Year Over Year Margin Expansion
LOS ANGELES, June 04, 2024 (GLOBE NEWSWIRE) — Barfresh Food Group Inc. (the “Company” or “Barfresh”) (Nasdaq: BRFH), a provider of frozen, ready-to-blend and ready-to-drink beverages, continued accelerating its education channel growth trajectory, announcing today it has won several new customers in this key sales channel. The Company recently secured 542 new school locations across multiple states, representing a collective population of over 390,000 students. These new school locations will serve a variety of the Company’s products, including its Twist & Go carton and bottled smoothie products, 5:1 100% juice concentrates, and 1:1 bulk easy pour concentrates to their students beginning with the 2024-2025 school term. Over the past month, Barfresh has announced over 3,100 new customer school locations, representing over 2.2 million students, that will be served a range of the Company’s products either on their breakfast menus or a la carte menus. With numerous bids in the education channel currently underway, the Company anticipates announcing a significant number of new customer wins before the 2024-2025 school year commences.
Riccardo Delle Coste, the Company’s Chief Executive Officer, stated, “We’re thrilled to announce another wave of significant new customer acquisitions within the education channel. This continued success stems from our strategic efforts to expand national broker coverage, increase production capacity for our popular carton product, and reintroduce our 100% juice concentrate offering. The recent addition of a Vice President of Supply Chain & Co-Manufacturing will be instrumental in onboarding these latest school wins while ensuring sufficient product supply and exceptional service levels as we seek to add a new bottle co-manufacturing partner. These newly secured 542 school locations will offer students a diverse portfolio of healthy beverages thoughtfully crafted to meet the unique needs of the education channel. Securing these accounts showcases the strength of our sales capabilities, the tremendous appeal of our better-for-you product portfolio, and reinforces our runway for continued expansion. Our powerful acquisition pipeline has numerous bids underway to onboard additional schools as Barfresh customers ahead of the 2024-2025 school year. This accelerated pace of new customer acquisitions strategically positions us for record revenue performance and expanded profit margins in fiscal year 2024.”
About Barfresh Food Group
Barfresh Food Group Inc. (Nasdaq: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for the education market, foodservice industry and restaurant chains, delivered as fully prepared individual portions or single serving and bulk formats for on-site preparation. The Company’s single serving, on-site prepared product utilizes a proprietary, patented system that uses portion-controlled pre-packaged beverage ingredients, delivering a freshly made frozen beverage that is quick, cost efficient, better for you and without waste. 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, including statements about the Company’s commercial progress, success of its strategic relationship(s), and projections of 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”, “continue,” “could,” “may,” “predict,” and “will” and variations of such words and similar expressions are intended to identify such forward-looking statements. 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. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. The contents of this release should be considered in conjunction with the Company’s recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company expressly disclaims any current intention to update publicly any forward-looking statements after the distribution of this release, whether as a result of new information, future events, changes in assumptions or otherwise.
Investor Relations
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Deirdre Thomson
ICR
646-277-1283
Deirdre.Thomson@icrinc.com
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