SOURCE: MamaMancini's Holdings, Inc.

November 04, 2015 09:00 ET

MamaMancini's Announces Maturity Date Extension of $2,000,000 Promissory Note

EAST RUTHERFORD, NJ--(Marketwired - Nov 4, 2015) - MamaMancini's Holdings, Inc. (the "Company" or "MamaMancini's") (OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated all natural food products (as defined by the United States Department of Agriculture), today announced that it has entered into a letter agreement (the "Letter Agreement") with Manatuck Hill Partners, LLC and Manatuck Hill Scout Fund LP (together, "Manatuck") whereby the Company and Manatuck agreed to further extend the maturity date of the convertible redeemable debenture originally issued in favor of Manatuck on December 19, 2014 (as previously amended on April 9, 2015, the "Manatuck Debenture") to December 19, 2016 (the "Maturity Date Extension").

In connection with the Maturity Date Extension, Manatuck agreed to forego an interest payment of $220,000, originally due on December 19, 2015, and such amount shall be added to the principal balance of the Manatuck Debenture. Among other consideration for the Maturity Date Extension, the Company agreed to (i) purchase 230,000 shares of the Company's common stock currently owned by Manatuck for a purchase price of $0.65 per share, which shall be added to the principal balance of the Manatuck Debenture; and (ii) pay Manatuck an amendment fee of $170,500, which shall be added to the principal balance of the Manatuck Debenture.

Carl Wolf, CEO of MamaMancini's commented, "The Maturity Date Extension with Manatuck has saved the Company a significant amount of fees in the short term which we believe are better allocated to furthering business operations. This is just one example of the Company continuing to place an emphasis on focusing on operations in order to make strides toward profitability as soon possible. 

For further details please refer to the Company's 8k filed on November 3, 2016.

About MamaMancini's
MamaMancini's is a marketer and distributor of a line of beef meatballs with sauce, turkey meatballs with sauce, chicken meatballs with sauce, pork meatballs with sauce, and other similar Italian products. The Company's sales have been growing on a consistent basis as the Company expands its distribution channel, which includes major retailers such as Costco, Publix, Shop Rite, Price Chopper, A&P, Waldbaums, Food Emporium, Harris Teeter, SaveMarts, Luckys, Lunds/Byerly's, SuperValu, Raley's, BJ's, Whole Foods, Shaw's Supermarkets, Kings, Key Foods, Stop-n-Shop, Giant Stores, Giant Eagle, Food Town, Kroger, Winn Dixie Shoppers, Marsh's Supermarkets, Bi-Lo, Central Markets, Weis Markets, Ingles, and The Fresh Market.

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