Complements Existing Distribution Network
LOS ANGELES, CA – Accesswire – April 28, 2020 – Pacific Ventures Group, Inc. (OTC: PACVD) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, today announced that its Seaport Meat Company (“SMC”) division is expanding into the pet food industry.
The pet food market in the United States was worth approximately $24.6 billion in 2016. This figure was estimated to increase by over $5 billion to approximately $30.01 billion by 2022.
Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “Our network and clients have been seeking pet food products and we believe it’s a good time to expand into the solid-growth category. Seaport Meat Company is adding the machinery needed to produce and package pet food products. Additionally, we are currently negotiating a contract with a leading pet food brand that would become an anchor to our new platform and potentially add up to $5 million in additional annual revenue.”
About Pacific Ventures Group, Inc.
Pacific Ventures Group, Inc. (OTC: PACVD) 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.