Innovative Food Holdings Provides Business Update

BONITA SPRINGS, Fla., March 24, 2020 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or “the Company”), an interconnected data-driven platform of specialty food companies that provides chefs and consumers direct access to the highest quality, unique specialty food products across the U.S., today announced a business update in response to the COVID-19 pandemic.    

Sam Klepfish, CEO of Innovative Food Holdings, stated: “We are currently experiencing surging ecommerce sales at and for a variety of specialty food categories including higher demand for themed food kits. Simultaneously, ecommerce sales have significantly accelerated for our specialty grocery products offered through our other online channels including and .”

Mr. Klepfish added: “Strong direct-to-consumer sales are partially offsetting reduced specialty foodservice distribution revenue experienced as a result of the affects the COVID-19 pandemic on the restaurant, travel and hospitality industries.  Based on current information, we expect our cash balances on hand, plus availability under our existing credit line, to provide sufficient liquidity to manage the business, while supporting the surge in ecommerce demand. As part of our multi-channel distribution strategy, we have continued to expand our platform to serve evolving specialty food buying trends. We anticipate a continued shift towards ecommerce channels and our unique food distribution model has allowed us to quickly expand our ecommerce offerings, while seamlessly adjusting resources and products from our foodservice business to keep up with recent specialty grocery demands.” 

Mr. Klepfish concluded: “We are proud of our dedicated team, all of whom are working tirelessly to safely fulfill the specialty grocery needs of thousands of Americans as we continue to expand our offerings on  and .”  

About Innovative Food Holdings, Inc.

Innovative Food Holdings, Inc. (“IVFH”) is an interconnected data driven platform of small, specialty food companies serving business and consumer customers.  IVFH’s direct-to-chef platform offers efficient, cost effective, and transparent sourcing and distribution of over 7,000 specialty food products.  The Company’s direct-to-chef operating subsidiaries, Artisan Specialty Foods, Food Innovations, and Gourmet Foodservice Group make daily deliveries of hard to source, specialty foods to thousands of chefs nationwide.  In addition, the Company owns and operates a number of leading specialty food direct-to-consumer and direct-to-chef eCommerce websites including , and . 

Forward-Looking Statements

This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the “Company”) that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially,” “expect,” or other words of a similar nature. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.