Refinances existing $200,000 loan due in January 2024 and provides working capital for customer orders
BEND, Ore., January 11, 2024 – BranchOut Food Inc. (NASDAQ: BOF), a food technology company and maker of dehydrated fruit and vegetable-based products, today announced that the Company has closed on a $400,000 Senior Secured Loan from an investor group that includes Eagle Vision Fund LP. Eagle Vision Fund LP is a current stockholder in Branchout Food and its Managing Member is a member of the Branchout Foods Board of Directors.
Eric Healy, CEO of BranchOut Food, commented, “These funds refinance an existing $200,000 loan and will help fulfill the growing number of purchase orders we’ve received. We’re also in discussions for a revolving line of credit, which together with our cash balances and other current assets, would diminish the need for additional funding to finance customer orders at this time. As we begin the new year, we will continue to focus on ramping production, growing sales and distribution, and building on our 2023 record sales.”
In connection with closing the Senior Secured Loan, the lenders were issued warrants to purchase an aggregate of 100,000 shares of common stock at an exercise price of $2.00 per share.
About BranchOut Food Inc.
BranchOut is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by their licensed dehydration technology. BranchOut Food is a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com.
Safe Harbor Statement
Certain information set forth in this press release contains “forward-looking information”, including “future-oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, the information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) the expected development of the Company’s business, projects, and joint ventures; (iii) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (iv) sources and availability of third-party financing for the Company’s projects; (v) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements.
Although forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Contacts:
Investor Relations:
Stephanie Prince
PCG Advisory
(646) 863-6341
sprince@pcgadvisory.com
Media:
BranchOut Food Inc.
SOURCE: BranchOut Food Inc.
