SOURCE: MamaMancini's Holdings, Inc.

September 02, 2015 11:00 ET

MamaMancini's Recaps Annual Shareholders' Meeting; Schedules Second Quarter Conference Call

Second Quarter Results to Be Announced on September 16, 2015 with a Conference Call Scheduled for 8:30 a.m. ET

EAST RUTHERFORD, NJ--(Marketwired - Sep 2, 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, announced that its annual shareholders' meeting was held today, Wednesday, September 2, 2015. During the meeting, Carl Wolf, MamaMancini's Chairman and Chief Executive Office, summarized the Company's recent accomplishments. 

Business Highlights

  • Successfully transitioned the business from a high volume, less profitable operation to a portfolio of accounts with virtually all contributing to profitability;

  • With Dan Mancini as the spokesperson, the Company successfully presented MamaMancini products on QVC, the worlds' leading video and e-commerce retailer, seven times in the past three months with more presentations expected in the coming months;

  • Expanded our product offerings to QVC, which are expected to be authorized for sale later this calendar year;

  • Adjusted the Company's product mix and product pricing and increased production facility utilization in efforts to increase gross profit margin, expected to reach approximately 35% of revenue by this fall;

  • Increased the Company's social media presence with approximately 209,000 Facebook "likes" through the efforts of Dan Mancini and our social media team;

  • Hired Executive Chef Chris Styler as Head of New Product Development. Mr. Styler will develop new products and expand the Company's line of products. His experience includes working with top industry talent such as Lidia Bastianich, host of Lidia's Italian Table, Julia Child and Jamie London as well as serving as the personal chef to Bruce Springsteen and authoring or co-authoring more than 15 cookbooks;

  • Established and appointed a high level Marketing Advisory Board to advise on packaging and product positioning. The Boards' recommendations are currently being implemented; and

  • Engaged Hayden IR, a premier investor relations consulting firm specializing in emerging growth companies, to increase the company's visibility and communication with the investment community.

Financial Highlights

  • Made significant progress in the effort to reach positive cash operating profit by the end of our fiscal year January, 2016 including reducing our cash burn rate by more than half from for the six months ending July 31, 2015 from prior year. We expect cash operating profit to be close to break even by the fall of this year;

  • Reduced salary, general, administrative and marketing expenses by approximately $150,000 per month since the first quarter of 2015 in efforts to achieve profitability; and

  • Raised $1.1 million in gross proceeds through the private placement of convertible preferred stock; the financing was led by Spartan Capital Securities, LLC, Newbridge Securities Corporation and The Benchmark Company, LLC. The Company expects to receive additional capital from this offering in the third and fourth quarters of 2015.

"This was a year of operational progress, setting the stage for improved financial performance as we conclude 2015 and look into 2016," added Mr. Wolf. "We have increased the distribution of our popular products, with QVC and in test distributions with a new product SKU for Costco representing significant opportunities for further growth. I am excited about the opportunities before us."

Management also discussed upcoming investor relations activities, designed to drive market awareness of the company's progress. These efforts include:

  • A presentation at the Liolios 4th Annual Gateway Conference being held on September 9 and 10, 2015 at the Four Seasons Hotel in San Francisco, California. The Gateway Conference is one of the nation's most exclusive financial conferences that connects compelling companies with top institutional investors and analysts;

  • Management will also present at the LD Micro "Main Event" Investor Conference being held on December 2 and 3, 2015 at the Luxe Hotel in Los Angeles, California; and

  • Management will meet with potential investors and analysts in Minneapolis and Chicago during the Company's first investor road show scheduled for the week of September 14, 2015.

Second Quarter Financial Results Conference Call
The Company will conduct a quarterly financial results conference call on Wednesday, September 16, 2015 at 8:30AM ET. Interested parties may participate in the call by dialing 1-877-407-9124 (domestic) or 1-201-689-8584 (international) 5-10 minutes prior to the start time. The conference call will be available for replay starting at 12:00PM ET on September 16, 2015 and ending on October 16, 2015 at 11:59PM ET. For the replay, please dial 1-877-660-6853 (domestic) or 1-201-612-7415 (international) and use access code 13619155.

The call will be available in listen-only mode via webcast on the Company's website at www.MamaMancinis.com or www.InvestorCalendar.com.

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, Spartan Stores, and The Fresh Market.

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