Focused on Three-Prong Strategic Growth Plan for 2020
LOS ANGELES, CA – Accesswire – June 16, 2020 – Pacific Ventures Group, Inc. (OTC: PACV) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce
Key Financial Highlights for Q1 2020:
- Revenues increased 520% to $6.7 million
- Revenue growth driven by 80% increase from San Diego Farmers Outlet and the acquisition of Seaport Meat Company, which closed in December 2019
- Gross profit increased 363% to $1.0 million
Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “I am extremely pleased with our start to 2020, as we continue to execute on our plans of integrating Seaport Meat Company and identifying efficiencies and growth opportunities. Our success is exemplified by our record quarterly revenue results of $6.7 million for the first quarter and the more recently announced record monthly revenue of $3.0 million for May.”
Masjedi, continued, “Despite the much-publicized nationwide meat shortages due to meat processing facilities being shuttered because of the COVID-19 pandemic, Seaport Meat Company was successful in securing meat purchases to be able to supply existing and new customers. Our team has worked well in this unprecedented environment by identifying and pivoting to additional growth opportunities with new types of customers and increasing distribution points for each business, produce, dairy, meat and seafood.”
Masjedi, concluded, “Our growth strategy for 2020 focuses on a three-prong approach that we believe will add value for our shareholders; (1) incrementally increase sales and profitability of San Diego Farmers Outlet and Seaport Meat Company, (2) expand Snöbar production and distribution and (3) acquire additional food production or distribution companies that are synergistic with San Diego Farmers Outlet and Seaport Meat Company. Additionally, our management team and Board have created a robust potential acquisition pipeline to complement our organic growth. We look forward to reporting our progress as it unfolds throughout 2020.”
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)
Safe Harbor Statement
Forward-Looking Statement: This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.