BROADVIEW, In poor health., Might 13, 2025 (GLOBE NEWSWIRE) — Modern Meals Holdings, Inc. (OTCQB: IVFH) (“IVFH” or the “Firm”), a nationwide vendor of connoisseur specialty meals to skilled cooks, at present introduced the timing for the Firm’s 2025 annual assembly of shareholders and shared a letter from the Chief Govt Officer to the Firm’s shareholders.
Annual Assembly of Shareholders
The Firm will probably be internet hosting its annual assembly of shareholders in individual on Might 28, 2025 at 10:00 a.m. Jap Time on the Courtyard by Marriott, 114 West fortieth St, New York, New York. Please reference the Firm’s Definitive Proxy Assertion as filed with the U.S. Securities and Alternate Fee on Might 5, 2025 for full particulars on the agenda for the assembly.  This will probably be an amazing alternative for buyers to satisfy the Firm’s board of administrators and administration group.
CEO Letter to Shareholders
Included within the Firm’s Proxy Assertion for its upcoming Annual Assembly of Shareholders is the next letter from the Firm’s Chief Govt Officer, Invoice Bennett:
Might 5, 2025
Pricey fellow stockholders,
As we flip the web page on 2024 and stay up for the longer term, I need to start by thanking you to your continued assist and belief. Annually, I’m reminded of simply how essential our shareholder group is to the success and evolution of Modern Meals Holdings, Inc. (“IVFH”). Thanks to your continued assist and confidence throughout this yr of great transformation and development.
2024 was a pivotal yr. We moved past stabilization and into strategic execution, accelerating our progress throughout a number of fronts. After I joined IVFH, we laid out a transparent roadmap to long-term worth creation. That roadmap stays our north star:
- Part 1: Stabilization – Restructure the enterprise, strengthen the stability sheet, and enhance gross margins.
- Part 2: Lay the Basis for Progress – Optimize operations, focus the enterprise, and execute strategic acquisitions.
- Part 3: Construct and Scale – Develop markets, scale income, and activate a worthwhile flywheel.
I’m proud to share that Part 1 is now full, and Part 2 is nicely underway. The enterprise is more healthy, extra targeted, and extra dynamic than it has been in years.
Executing on Technique
Our 2024 achievements communicate for themselves:
- We divested all non-core operations, together with igourmet.com and Mouth.com, eliminating distractions and monetary drag.
- We improved our monetary flexibility by promoting our Florida headquarters and rightsizing our value construction.
- We targeted fully on our core foodservice distribution enterprise, which delivered natural income development (excluding the influence of divestitures and acquisitions) of 44.3% in This autumn 2024, most of which was pushed by the brand new retail enterprise we launched this yr.
- We accomplished our first two acquisitions, the primary in 5 years—Golden Organics and LoCo Meals—which might be each worthwhile and synergistic.
- We launched a nationwide retail distribution partnership, creating a brand new income stream with speedy and materials scale.
Regardless of a yr of structural change, we grew income to $72.1 million—up 2.5% year-over-year. GAAP web revenue improved by $6.2 million to $2.5 million. These positive aspects are particularly significant given our continued funding in growth-related bills in our new retail platform and integration prices from our latest acquisitions.
Disciplined, Synergistic M&A
We proceed to guage acquisitions by means of 4 key lenses:
- Instantly accretive profitability
- Engaging valuation, earlier than contemplating synergies
- Strategic match
- Proper-sized for integration
Golden Organics and LoCo Meals have been clear suits. Already, their integration has unlocked actual worth—decrease logistics prices (down 60%), diminished driver hours (down 50%), and elimination of a $158,000 annual facility expense. There may be vital work forward as we concentrate on totally integrating the businesses to our platform, and start to show their long-term flywheel impact, however the early progress demonstrates the velocity at which we’re transferring.
In 2025, our focus will stay squarely on integrating these acquisitions, constructing scalable methods, and strengthening the muse. Whereas we don’t anticipate to pursue extra M&A this yr, we’re laying the groundwork for the following chapter in Part 3.
Founder Mode: A Renewed Give attention to Digital Channels
Our legacy drop ship enterprise is a crucial a part of our platform; nonetheless gross sales continued to say no year-over-year in 2024. To speed up its rebound, I’ve taken direct possession of the group and infused a renewed sense of urgency, with a concentrate on 1) accelerating catalog growth by means of cutting-edge AI instruments, 2) including headcount in gross sales to deepen relationships at each the distributor and native market ranges, and three) integrating the catalogs from our new acquisitions to start driving a flywheel impact. We’re making use of the identical founder-like vitality that helped this enterprise achieve its early days, and I’m assured within the outcomes to come back.
Momentum Throughout the Portfolio
Past our core companies, we’re seeing power in a number of extra channels:
- Artisan Specialty Meals: sustained double-digit development
- Airline catering: sustained double-digit development
- Amazon: triple-digit income development
Every of those verticals performs a job in our diversified development technique, and every contributes to a much less concentrated, extra balanced and resilient enterprise.
The Highway Forward
We ended 2024 with clear momentum. We strengthened our focus, delivered worthwhile development, and constructed the early items of a scalable platform. And we did it whereas remaining disciplined and aligned to our long-term imaginative and prescient.
Trying ahead, our priorities are clear:
- Drive worthwhile development throughout foodservice and retail
- Efficiently combine Golden Organics and LoCo Meals
- Proceed scaling operational excellence and expertise enablement
- Place the corporate for Part 3 acceleration
We’re constructing a stronger, extra sturdy IVFH. Our long-term ambition—a $1 billion income firm—is daring, however our roadmap is grounded in actual progress.
As a part of this highway forward, three of our long-time board members are stepping down: Sam Klepfish, Hank Cohn, and Jefferson Gramm. We’re extremely grateful for his or her super contributions to the corporate. Accordingly, we’re shrinking the dimensions of the board from eight members to 5, with every of our remaining administrators standing for re-election. I’ve full confidence in our remaining board members, who’re all stockholders themselves, and who deliver numerous experience and a shared dedication to driving our firm ahead over the long run.
Lastly, I need to thank our staff, clients, board members, and also you—our stockholders. We’re grateful to your belief and enthusiastic about what we will obtain collectively.
With deep appreciation and confidence sooner or later,Â
Robert W. (Invoice) Bennett
Chief Govt Officer
Modern Meals Holdings
About Modern Meals Holdings, Inc.
At IVFH, we assist make meals particular. We offer entry to meals which might be exhausting to search out, have a compelling story, or are on the forefront of meals tendencies. Our connoisseur meals market connects the world’s finest artisan meals makers with high skilled cooks nationwide. We curate the assortment, expertise, and tech enabled instruments that assist our skilled cooks create unforgettable experiences for his or her visitors. Extra info is out there at www.ivfh.com.
Ahead-Trying Statements
This launch comprises sure forward-looking statements and knowledge referring to the Firm which might be primarily based on the present beliefs of the Firm’s administration, in addition to assumptions made by, and knowledge at present out there to, the Firm. Such statements, together with these associated to the Firm’s development plans, replicate the present views of the Firm with respect to future occasions and are topic to sure assumptions, together with these described on this launch. Ought to a number of of those underlying assumptions show incorrect, precise outcomes might range materially from these described herein, which embody phrases equivalent to “ought to,” “may,” “will,” “anticipate,” “imagine,” “intend,” “plan,” “may,” “doubtlessly,” “focusing on,” “anticipate,” or comparable expressions. Extra components that would additionally trigger precise outcomes to vary materially relate to present situations and anticipated future developments, worldwide crises, environmental and financial points and different threat components described within the Firm’s public filings. In consequence, readers are cautioned to not place undue reliance on these forward-looking statements and will perceive that these statements should not ensures of efficiency or outcomes and that there are a variety of dangers, uncertainties and different essential components, a lot of that are past the Firm’s management, that would trigger the Firm’s precise outcomes to vary materially from these expressed in these statements, together with, amongst others: financial components affecting shopper confidence and discretionary spending; value inflation/deflation and commodity volatility; competitors; reliance on third celebration suppliers and interruption of product provide or will increase in product prices; modifications within the Firm’s relationships with distributors and clients. The Firm doesn’t intend to replace these forward-looking statements.
For an in depth dialogue of those dangers, uncertainties and different components that would trigger the Firm’s precise outcomes to vary materially from these anticipated or expressed in any forward-looking statements, see the part entitled “Danger Elements” within the Firm’s Annual Report on Type 10-Ok for the fiscal yr ended December 31, 2024 filed with the Securities and Alternate Fee (“SEC”). Extra dangers and uncertainties are mentioned infrequently in present, quarterly and annual reviews filed by the Firm with the SEC, which can be found on the SEC’s web site at https://www.sec.gov/.
Investor and Media contact:
Gary Schubert
Chief Monetary Officer
Modern Meals Holdings, inc.
investorrelations@ivfh.comÂ
