Targeting 10%+ Organic Growth from $33 Million Annual Revenue Base
LOS ANGELES, CA / ACCESSWIRE / January 6, 2020 / Pacific Ventures Group, Inc. (OTC:PACV), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased provide an update and strategic plan on its recently closed acquisition of Seaport Meat Company.
Pacific Ventures Group entered 2020 with a larger customer base, expanded range of products, an expanded network of retail and institutional accounts and an expected annual revenue base of $33 million.
Since 1983, San Diego Farmers Outlet ("SDFO") has been San Diego's premier supplier of affordable produce, dairy products and specialty groceries for retail customers and wholesale restaurants. SDFO generated approximately $5 million revenue in 2019.
While Seaport Meat Company ("SMC") has been focused on its own manufacturing of custom processed beef, pork, chicken, lamb, veal and seafood and its distribution, primarily in southern California, over the past 30 years, there are opportunities for increased food product distribution. SMC generated approximately $28 million revenue in 2019.
SnöBar is a line of alcohol infused ice cream and ice-pops that initially launched in Arizona in 2013 and are available in liquor stores, restaurants and in grocery stores in specially branded freezers. Each serving of SnoBar's ice cream and ice-pops features the equivalency of a full serving of alcohol. The Company is in midst of expanding SnoBar.
Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "We are pleased to have exited 2019 with the closing of our Seaport Meat Company acquisition. We now have a more significant food distribution platform to build upon in 2020 and beyond as we target at least 10% organic growth and seek additional acquisitions for geographic or food segment growth. Our team is already integrating the businesses to achieve operating efficiencies and identifying revenue growth opportunities that include, but are not limited to increasing distribution points for each business, produce, dairy, meat, seafood and all other restaurant supplies."
Masjedi, continued," We recognize that each distribution network can benefit from carrying and delivering additional food to its end customers, so that one plus one equals more than two. For example, SnoBar can now benefit from the increased distribution of both San Diego Farmers Outlet and Seaport Meat Company. Additionally, we believe Seaport Meat Company has experienced more demand than they can meet, so we have committed to increased inventory purchasing to meet such demand."
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)
Safe Harbor Statement
Forward-Looking Statement: This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
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SOURCE: Pacific Ventures Group, Inc.