Smoky Market Foods, Inc. (OTC Pink: SMKY) (PINKSHEETS: SMKY) announced today that continued investor support being received principally from existing shareholders is fueling operations and keeping the Company on track with the process of manicuring its corporate profile. "It's been the incredible support from shareholders that has been funding our operations via favorable financing structures, especially during a time when SMKY's collapsed market would have otherwise resulted in huge shareholder dilution from traditional investment banking investment," said Eddie Feintech, Chairman, Pres. & CEO of Smoky Market Foods, Inc. "We're in firm control of our destiny," he said.
The Company has been using its financing to further the achievement of all activities set forth in its news releases of early May that included audits & filing work, payoff of convertible debt, positioning to begin production and distribution, and creation of strategic marketing and operating affiliations with food companies for partnering and/or acquisition. Said Feintech, "We have sufficient capital in the bank to complete the follow-through of all activities that will manicure our corporate profile and launch SMKY into revenue-generating operations." The Company has achieved or is continuing to achieve the following activities:
Audits/Filings: Though losing a month with replacing its auditor, the Company is near completion of its 2012 audit and will begin making its 2012 10K and 2013 10Q filings later in July, and will have its 2013 audit completed in August, with remaining filings for its 2013 10K and 2014 10Qs beginning in late August and into early September.
Convertible Debt: The Company used financing to pay off all outstanding investment bank convertible notes and there is no remaining debt that is convertible into free-trading market shares, nor is there any amount of market shares outstanding that are still held in connection with the previous conversions of convertible notes. Said Feintech, "In connection with the Company's interim financing structures that have and are currently funding our present operations, I confirm that there is no financing transaction which is not representative of a completely favorable value to existing shareholders."
Production/Distribution: The Company is on schedule to commence production and distribution of selected products beginning in August and will have a featured selection of new and delectable Smoke-Baked fish species for wholesale to commercial end-users; retail sales to consumers including Internet begins in October. The Company's unique quality of Smoke-Baked Salmon has shown consistent demand by restaurants in Iowa and distribution channels for this product have come into place that are national and international in scope. "We see the marketplace for value-added prepared fish is especially large and presently growing internationally at the fastest rate of any prepared food category, and our proprietary Smoke-Baking process yields the purest, most nutritious and flavorful wood-smoked fish of any commercially produced fish," Feintech continued. "We'll lead and entice the world market with new Smoke-Baked fish species including Barramundi, Tuna, Tilapia and Mahi Mahi," said Feintech. The Company's exciting line of Smoke-Baked fish and other menu items will be available through wholesale and retail channels of distribution for this year's holiday season.
Marketing/Operating Affiliations: The Company is forging marketing and operating (reseller) affiliations with raw product suppliers of its fish and chicken, and signing marketing agreements with specialty food distributors for institutional & foodservice distribution. Additionally, as a result of a major operating affiliation soon to be announced this month, the Company has secured substantial financing that will enable co-brand marketing affiliations to be forged with large regional and national restaurant chains that are seeking incremental income by menu enhancement, and especially those chains that seek to build or expand their breakfast and lunch business using the Company's artisan quality of Smoke-Baked fish and chicken. Said Feintech, "Major restaurant chains are announcing their intent to convert to purchasing only 'nutritious' value-added proteins by 2016, but we can deliver this quality to them now and at prices that give us the edge."
Strategic Acquisitions: The Company's master marketing plan for mass distribution of its products is centered around the establishment of regional distribution/fulfillment centers that are strategically aligned so as to enable the Company to ship product to commercial and consumer end-users by cheap, next-day ground delivery. To this end, the Company is quickly moving to exploit the investment banking commitment it has for placement of acquisition debt financing and is presenting letters of intent to certain boutique food processors, specialty gourmet distributors and Internet food sellers that meet its requirements to provide such strategic operating benefit. Said Feintech, "We're now poised, with the prospects of acquiring these food sector companies, to establish our mass distribution system as envisioned, and do so in such manner so as to have the entire network be self-financing from day-one." The Company intends to bundle enough target acquisitions in the next few months to not only acquire several million dollars in revenue and cash flow, but also set its distribution system into place to qualify with next-day delivery for marketing affiliations with Amazon and other on-line grocery sellers.
ABOUT SMOKY MARKET FOODS
Smoky Market Foods, Inc. is a producer and distributor of artisan-quality, Smoke-Baked™ foods that are prepared authentically using a unique wood-burning oven system, and sold under the brand names of Smoky Market® and Smoky Kosher. Because of its proprietary wood-burning oven technology, which burns freshly-cut hickory and apple timber to impart a genuine smoky flavor, the Company's Smoke-Baked meat and fish are truly prepared the old-fashioned way, without the use of any additives or chemical preservatives. This aspect of quality wholesomeness in prepared food processing is a market niche feature. Smoky Market Foods, Inc. intends to build international commercial and retail channels of distribution for its smoked foods, and to accelerate its overall corporate revenue growth through making strategic food company acquisitions.
Statements in this news release regarding future financial and operating results, future growth in research and development programs, potential applications of our technology, opportunities for the company and any other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements that are not statements of historical fact (including statements containing the words "will," "believes," "plans," "anticipates," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including: our limited operating history, need for future capital and need to enter into relationships with retailers for retail merchandising business, supply and distribution risks, risks inherent in the development and commercialization of potential products, protection of our intellectual property, and economic conditions generally. Additional information on potential factors that could affect our results and other risks and uncertainties are detailed from time to time in the company's periodic reports, including the company's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Forward-looking statements are based on the beliefs, opinions, and expectations of the company's management at the time they are made, and the company does not assume any obligation to update its forward-looking statements if those beliefs, opinions, expectations, or other circumstances should change.
SMOKY MARKET FOODS, INC.
P.O. Box 2864
Aptos, CA 95001
SOURCE: Smoky Market Foods, Inc.