LOS ANGELES, CA / ACCESSWIRE / March 7, 2023 / Pacific Ventures Group, Inc. (OTC PINK:PACV) ("Pacific Ventures" or the "Company"), a consumer-centric holding company specializing in the distribution of food, beverage and alcohol-related products, today issued a letter to shareholders from its President and CEO, Shannon Masjedi.
Dear Fellow Shareholders,
2022 was a year of continued progress for Pacific Ventures, during which we focused on positioning our company for long-term growth. Consumer demand for quality food products remains strong, which has allowed us to capitalize on our expansion strategy while furthering our relationships with existing customers.
The food and beverage industry has undergone a significant amount of change over the last several years, and while the industry has generally recovered to pre-pandemic levels, lingering economic impacts have presented some challenges. Food production costs have risen dramatically over the last two years, due to the short supply of key commodities like wheat and geopolitical conflict. In addition, labor shortages have created pressure on businesses and supply chains.
Despite this, we have driven momentum across our portfolio of businesses by maintaining mutually beneficial relationships with our partners and customers. This is reflected by our ability to generate over $39 million in revenues in 2022. We anticipate this stability will continue through 2023 as we execute our growth strategy.
Importantly, we have taken several important steps to prepare our company for this next phase of growth. Improving our balance sheet has been a primary focus, and we continue to make progress with reducing our debt. Operationally, we continue to uncover new opportunities for margin expansion by creating operational efficiencies, reducing overtime hours.
Today, we provide more than 2,000 fresh, frozen, and dry food SKUs, as well as non-food items, to approximately 400 customer locations in the Southwest U.S. We serve a highly diversified and expanding customer base that includes independently owned restaurants and regional restaurant chains, hospitals, nursing homes, hotels, government and military organizations, and educational institutions.
As one of America's leading meat processing foodservice distribution companies, our mission is to inspire and empower chefs and foodservice operators to bring great food experiences to consumers. This mission is supported by our strategy of supplying the Best Foods at Best Prices, while also providing our customers with the operational support that they require for managing their businesses profitably. The "Best Foods" portion of this strategy is showcased by over 500 featured products that are sustainably sourced or contribute to waste reduction. The "Best Prices" portion is aimed at providing operators flexibility in our service model, but also reliability - meaning on-time and complete orders. We believe our focus on differentiation in product assortment, customer experience and innovation are ultimately the core driver of scale.
Looking ahead, we are focused on several key initiatives that we believe will be significant growth catalysts for our business. Among these are the launch of our direct-to-consumer platform, WWW.SEAPORTSTEAK.COM, which we expect to occur in early in the second quarter 2023. We also will improve communication with our investors and we have a strategy to update stakeholders of our progress in a more timely fashion.
The Company is also still in negotiations and due diligence on the acquisition previously announced. Ms. Shannon Masjedi, Pacific Venture Group's Chief Executive Officer, commented, "We are working towards a definitive agreement and looking forward to closing in the near future. In addition to their existing business, we believe there are great synergies to expand Seaport Meat Company's and San Diego Farmers Outlet's reach toward the middle of the country given their customers and distribution capabilities. This would be a transformational acquisition and, if consummated, will catapult us to near $80 million annual revenue and enable us to be positioned to start the process of an up list to a major national U.S. exchange."
To our customers, employees, and shareholders, thank you for your unwavering dedication to our mission. We look forward to sharing our accomplishments in the coming year as we strive to build sustainable value.
President & CEO
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC:PACV) is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of operating subsidiaries, Pacific Ventures delivers specialty groceries, top quality proteins and produce, and innovative products to consumers through wholesale, retail, and direct-to-consumer channels. For more information on Pacific Ventures Group, please visit www.pacvgroup.com.
Forward Looking Statements
This press release contains "forward-looking statements." Such statements may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company's control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company's filings with the Securities and Exchange Commission (SEC), including the Company's Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC's web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.
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SOURCE: Pacific Ventures Group, Inc.