BranchOut Food Closes $400,000 Senior Secured Loan
11 Janeiro 2024 - 11:00AM
BranchOut Food Inc. (NASDAQ: BOF), a food technology company and
maker of dehydrated fruit and vegetable-based products, today
announced that the Company has closed on a $400,000 Senior Secured
Loan from an investor group that includes Eagle Vision Fund LP.
Eagle Vision Fund LP is a current stockholder in Branchout Food and
its Managing Member is a member of the Branchout Foods Board of
Directors.
Eric Healy, CEO of BranchOut Food, commented,
“These funds refinance an existing $200,000 loan and will help
fulfill the growing number of purchase orders we’ve received. We’re
also in discussions for a revolving line of credit, which together
with our cash balances and other current assets, would diminish the
need for additional funding to finance customer orders at this
time. As we begin the new year, we will continue to focus on
ramping production, growing sales and distribution, and building on
our 2023 record sales.”
In connection with closing the Senior Secured
Loan, the lenders were issued warrants to purchase an aggregate of
100,000 shares of common stock at an exercise price of $2.00 per
share.
About BranchOut Food Inc.
BranchOut is an international food-tech company
delivering truly great natural snacks and real superfood
ingredients enabled by their licensed dehydration technology.
BranchOut Food is a leading provider of high-quality dehydrated
fruit and vegetable-based products and its commitment to quality
and innovation sets it apart as a trusted brand and private label
supplier. For more information about BranchOut Food Inc. and its
products, please visit www.branchoutfood.com.
Safe Harbor Statement
Certain information set forth in this press
release contains “forward-looking information”, including
“future-oriented financial information” and “financial outlook”,
under applicable securities laws (collectively referred to herein
as forward-looking statements). Except for statements of historical
fact, the information contained herein constitutes forward-looking
statements and includes, but is not limited to, the (i) projected
financial performance of the Company; (ii) the expected development
of the Company’s business, projects, and joint ventures; (iii)
execution of the Company’s vision and growth strategy, including
with respect to future M&A activity and global growth; (iv)
sources and availability of third-party financing for the Company’s
projects; (v) completion of the Company’s projects that are
currently underway, in development or otherwise under
consideration; (vi) renewal of the Company’s current customer,
supplier and other material agreements; and (vii) future liquidity,
working capital, and capital requirements. Forward-looking
statements are provided to allow potential investors the
opportunity to understand management’s beliefs and opinions in
respect of the future so that they may use such beliefs and
opinions as one factor in evaluating an investment. These
statements are not guarantees of future performance and undue
reliance should not be placed on them. Such forward-looking
statements necessarily involve known and unknown risks and
uncertainties, which may cause actual performance and financial
results in future periods to differ materially from any projections
of future performance or result expressed or implied by such
forward-looking statements.
Although forward-looking statements contained in
this press release are based upon what management of the Company
believes are reasonable assumptions, there can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. The Company undertakes no
obligation to update forward-looking statements if circumstances or
management’s estimates or opinions should change except as required
by applicable securities laws. The reader is cautioned not to place
undue reliance on forward-looking statements.
Contacts:
Investor Relations:
Stephanie PrincePCG Advisorysprince@pcgadvisory.com(646)
863-6341
Media:
BranchOut Food Inc. info@branchoutfood.com
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