Increases in Customer Base and Order Sizes Drive Record Growth
LOS ANGELES, CA / ACCESSWIRE / March 3, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the "Company"), a food and beverage holding company specializing in the distribution of consumer food, beverage, and alcohol-related products, is pleased to announce record growth of 519% to annual revenue of $30,741,152 for the year ended December 31, 2020.
The Company expects to file its 2020 Annual Report under Form 10-K by March 31, 2021.
"I am proud of our achievement in reaching Company-record sales in 2020, as we increased sales to essential customers with a successful pivot to new opportunities with Hospitals, Nursing Homes, and Naval Bases, stated Shannon Masjedi, Pacific Venture Group's Chief Executive Officer. "Our revenue for the year ended December 31, 2020 was $30,741,142, an increase of $24,822,805, or 519%, as compared to $5,918,337 for the year ended December 31, 2019. We were able to increase our overall customer base and increase the order size of the current customers. Our successful transition into an expanding customer base along with more and more restaurants continuing to re-open and our two largest customers eventually returning to some normalcy puts us in great position for further growth in 2021 and beyond."
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC PINK: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 website 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.
SOURCE: Pacific Ventures Group, Inc.