EAST RUTHERFORD, NJ, July 29, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB), which strives to become the largest marketer and distributor of fresh, clean and easy to prepare foods, today announced that it has secured new customer authorizations, representing over 4000 new spots on the shelves of tier-1 nationwide retailers. The new spots are expected to increase MamaMancini’s sales to its guidance of over $100 million in annualized sales by fiscal year end.
The new retailer commitments secured include a new product placement at BJ’s Club Stores (1 item in 230 East Coast locations), Hannaford Food Stores rotation (4 new items replacing existing items in 150 New England locations), The Fresh Market, (3 new items in 150 South, Northeast and Midwest locations), Albertsons Safeway (3 new items in 300 locations Northern California and Hawaii), Acme/Safeway Stores Division of Albertsons (3 new items in 330 East Coast locations), Shop Rite Stores (1 new item in 300 Mid Atlantic locations), Raley's (5 new items in 120 California hot bar locations in testing and not counted in new spots accounting above), Key Foods Cooperative (4 new items in 320 Mid Atlantic area and Florida locations), Lowes Stores (4 new items in 80 South East Locations), and Food Town Cooperative (6 new items in 65 New Jersey locations).
Products ordered range from six varieties of meals for one (or two) to go, beef meatballs in sauce for the deli, four pasta bowls, MamaMancini's branded club store Jumbo Beef Meatballs retail pack, MamaMancini's Branded Meatballs in a CupTM, grilled chicken breasts, breaded chicken breasts, balsamic chicken breasts, meat loaf and tangy sauce, and meat loaf and bacon jam sauce.
The new placements are largely expected to begin shipment from August through October 2022. When taken in tandem with several additional new placement wins expected in the coming months, these orders move the Company beyond with its expectation of a $100 million annualized sales run rate by year-end.
“During the first half of 2022 we continued to execute on our growth strategy targeting large, national retailers with our expanded portfolio of products,” said Carl Wolf, Chief Executive Officer of MamaMancini’s. “This set of new shipments represents the success of our newly acquired product portfolio and continued innovation within the core MamaMancini’s product portfolio, which has seen large-scale acceptance across our tier-1 national distribution network.
“As we move into the second half of 2022, we are working to further expand our national footprint, introduce innovative new products and enhance our margin profile – launching MamaMancini’s into the next phase of its growth trajectory,” concluded Wolf.
About MamaMancini’s Holdings, Inc.
MamaMancini's Holdings, Inc. (NASDAQ: MMMB) strives to become the largest marketer and distributor of fresh, clean, easy to prepare foods in North America. MamaMancini’s broad product portfolio consists of meatballs, meatloaf, sausages and pasta bowls with beef, turkey, chicken and pork varieties – as well as an assortment of chicken-based dishes, olives, savory products and salads through its T&L Creative Salads and Olive Branch subsidiaries. The Company owns a 24% interest in Chef Inspirational Foods, an innovative sales and marketing company that specializes in the prepared foods category. The Company’s products are sold in over 45,000 locations nationwide, including at regional delis and well-known retailers such as Sam’s Club, ALDI Markets, Schnuck Markets, Whole Foods, Publix, ShopRite, Stop & Shop, Costco and Albertsons – as well as through national distributors such as Sysco and United Natural Foods. The Company also maintains a direct-to-consumer presence on QVC. For more information, please visit www.mamamancinis.com.
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, 2022 and other filings made by the Company with the Securities and Exchange Commission.
Investor Relations Contact:
Lucas A. Zimmerman
Director
MZ Group - MZ North America
(949) 259-4987
MMMB@mzgroup.us
www.mzgroup.us
