LOS ANGELES, CA / ACCESSWIRE / April 14, 2020 / Pacific Ventures Group, Inc. (OTCPINK:PACVD), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, today announced a 1:500 reverse stock split that had been approved by majority shareholder action and effected as of this morning Monday, April 13, 2020. The Company's symbol (PACV) will be appended with a "D" for 20 business days after which it will return to "PACV".
The Board and Executive management team strongly believe this share restructuring is in the best interest of all shareholders and the time is right, given the recent combination and integration of Seaport Meat Company, San Diego Farmers Outlet and SnöBar under Pacific Ventures Group. The recently combined companies have achieved operating efficiencies and identified revenue growth opportunities that include, but are not limited to, increasing distribution points for each business for produce, dairy, meat, seafood and all other restaurant supplies.
Combined, San Diego Farmers Outlet and Seaport Meat Company generated $33 million revenue in 2019 and is well-positioned for growth with its larger customer base, expanded range of products, an expanded network of retail and institutional accounts.
Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "It has been a lengthy process to get to this point and has required a tremendous amount of teamwork. Working together with the Company's shareholders, note holders, legal counsel and regulatory agencies, management strongly believes we have accomplished a significant step in preparing for the future of Pacific Ventures Group and the growth of Seaport Meat Company and San Diego Farmers Outlet."
Masjedi, concluded, "We have many goals to still accomplish, including a capital raise to prepare us for the growth of our businesses. Our team is focused on organic and acquisitive growth opportunities and believes over time our valuation will improve as we attract new shareholders. This action also puts us in better position to meet the stock price threshold to eventually list onto a major national exchange. Thank you to all our shareholders for their support, we remain excited about the future of Pacific Ventures Group."
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC: PACVD) 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.