SOURCE: MamaMancini's Holdings, Inc.

November 24, 2015 09:00 ET

MamaMancini's Receives $1.0 Million Financing and Closes Its Convertible Preferred Equity Financing on November 20, 2015; The Company Does Not Foresee Need for Additional Equity Financing

The Company Generated $25,000 of Positive EBITDA in October

EAST RUTHERFORD, NJ--(Marketwired - Nov 24, 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 effective November 20, 2015, the Company has completed its convertible preferred equity financing (the "Offering") which began on June 8, 2015. The Offering resulted in gross proceeds of $2,230,000 resulting in $1,831,000 net proceeds to the Company through this effort. The Company's management was responsible for investing $1,000,000 in the Offering.

With the proceeds from the Offering, and the refinancing of the Company's note with Manatuck Hill Partners, LLC, the Company does not foresee raising additional equity capital in the near future. The Company may pursue additional working capital through other means, including but not limited to asset based lending.

As previously announced, the Company believes it is on track to achieve positive operating cash earnings this fall. The Company generated $25,000 of positive EBITDA (excluding stock based compensation) in October. This is a result of increased prices, elimination of unprofitable accounts, cuts in administrative and marketing and sales overhead, and change of product mix to the more profitable and higher volume fresh sections of retailers and marketers. Please note, the October financial results are subject to further review and adjustment. The Company's financial results for the quarter will be available in its next Quarterly Report on Form 10-Q which is expected to be published by December 15, 2015.

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, 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.

Forward Looking Statements

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected."

You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2015 and other filings made by the Company with the Securities and Exchange Commission.

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