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Third Quarter Net Income Grew 80% Year-Over-Year to $0.7 Million; Debt Reduced by 84% Year-to-Date

EAST RUTHERFORD, NJ, Dec. 14, 2020 (GLOBE NEWSWIRE) —

MamaMancini’s Holdings, Inc.
(OTCQB: MMMB), a marketer of specialty pre-prepared, frozen and refrigerated food products, has reported its financial results for the third quarter ended October 31, 2020.

Fiscal 2021 Financial Summary:

Third Quarter Fiscal 2021 & Subsequent Highlights:

• Engaged B. Riley Securities, a full-service investment bank, to assist in the exploration and evaluation of strategic alternatives for enhancing shareholder value. These alternatives could include, among others, a sale of the company, a strategic business acquisition, continued execution of the Company’s business plan or some combination of one or more of these possible alternatives.
• Announced new customer authorizations since August 2020, both in terms of new locations and expansion of existing placements, at several major nationwide retailers including 1,250 Publix Super Markets in the Southeast, 167 Tops Friendly Markets in the Northeast, 175 Gordon Food Service Marketplace locations across the Midwest, Lipari Foods, a major distributor in Michigan, a cycle rotation at 1,500 select Walmart locations nationwide, 159 The Fresh Market locations nationwide, 189 Hannaford Foods locations in the Northwest, 170 Weis Supermarkets in the Mid-Atlantic and 550 Winn Dixie/Bi-lo/Harvery’s locations in the Southeast.
• Engaged B&A Food Brokers (B&A), one of the largest independent food brokers, for food service sales solicitation in the Mid-Atlantic region of the United States, as well as with strategic national accounts throughout the country.
• QVC customers voted MamaMancini’s products as #1 in Best Meatball, Best Plant Based Food and Best Condiment, Spice or Sauce categories during the 2020 QVC Customer Choice^® Food Awards. MamaMancini’s co-founder Dan Mancini accepted the award on behalf of the Company and featured the award-winning products during the awards show which aired on September 16, 2020.
• Attended multiple virtual investor conferences including the Benzinga Global Small Cap Conference on December 9^th, the Virtual Fall Investor Summit on November 17^th, the Virtual MicroCap Leadership Summit on September 25^th and the LD 500 Virtual Conference on September 2^nd.

Management Commentary

“I am proud of the operational progress our team made in the third quarter, realizing strong year-over-year growth amidst the backdrop of COVID-19,” said Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s. “We continue to grow the breadth and depth of our product distribution footprint at retail storefronts nationwide, a testament to the quality of our products that keep customers coming back for more, time and again – the same qualities that drove our recognition at the 2020 QVC Customer Choice Food Awards.

“Our strong financial results year-to-date are due to the aforementioned sales growth, itself driven by our successful advertising efforts, as well as the operational efficiencies that we have been able to realize as we scale – improving processes on the factory floor to boost output and lower incremental costs wherever possible. We expect that these efficiencies will be seen in the gross margin profile of future quarters, particularly as beef prices return to normal.

“As we move towards the conclusion of 2020 and into 2021, various positive potential outcomes await MamaMancini’s – from the realization of strategic alternatives, to a potential uplisting and continued growth in new product placements with the abatement of headwinds related to the COVID-19 pandemic, we are primed for another record-breaking year. I look forward to continuing these efforts as we work to create sustainable, long-term value for our shareholders,” concluded Wolf.

Third Quarter Fiscal 2021 Financial Results


Revenue in the third quarter of 2021 increased to a third quarter record of $9.9 million, compared to $9.3 million in the same year-ago quarter. Revenue year-to-date increased 27% to a record $31.4 million, compared to $24.7 million in the same year-ago period. Revenue growth was primarily a result of increased sales to new and existing customers, partially offset by COVID-19 effects which slowed some new placements in the third quarter and are expected to resume in the fourth quarter.

Gross profit increased to $3.1 million in the third quarter of 2021, or 32% of total revenues, compared to $2.9 million, or 31% of total revenues, in the same year-ago quarter. Gross profit year-to-date increased to $10.1 million, or 32% of total revenues, compared to $8.0 million, or 32% of total revenues, in the same year-ago period. Gross margin increased primarily as a result of ongoing efforts to improve plant operating efficiencies, partially offset by the temporary negative impact of higher beef pricing due to the COVID-19 pandemic.

Operating expenses decreased to $2.3 million in the third quarter of 2021, compared to $2.4 million in the same year-ago quarter. Operating expenses year-to-date increased by 15% to $7.5 million as compared to the same year-ago period. As a percentage of sales, operating expenses in the third quarter and year-to-date decreased from 26% to 24%. Operating expenses decreased primarily due to lower promotional expenses for product merchandising.

Net income for the third quarter of 2021 grew significantly to $0.7 million, or $0.02 per share, as compared to a net income of $0.4 million, or $0.01 per share, in the same year-ago quarter. Net income year-to-date totaled $2.4 million, as compared to $1.1 million in the same year-ago period. The increase in net income was primarily attributable to an increase in sales, reduction of operating expenses as a percentage of sales and a decrease in interest expense.

Cash and cash equivalents as of October 31, 2020 was $1.8 million, as compared to $0.4 million at January 31, 2020. The increased cash balance as of October 31, 2020 benefitted from $2.5 million in cash flow from operations fiscal year-to-date, partially offset by a paydown of debt, as the Company reduced its debt by 84% fiscal year-to-date, as well as redemption of warrants outstanding.

Conference Call

Management will host an investor conference call at 4:30 p.m. Eastern time today, Monday, December 14, 2020 to discuss the Company’s third quarter 2021 financial results, provide a corporate update, and conclude with a Q&A from participants. To participate, please use the following information:

Q3 2021 Earnings Conference Call

Date: Monday, December 14, 2020
Time: 4:30 p.m. Eastern time
U.S. Dial-in: 1-844-889-4326
International Dial-in: 1-412-317-9264
Conference ID: 10150310

Please dial in at least five minutes before the start of the call to ensure timely participation.

A playback of the call will be available through December 21, 2020. To listen, call 1-877-344-7529 within the United States or 1-412-317-0088 when calling internationally. Please use the replay pin number 10150310.

About MamaMancini’s Holdings, Inc.

MamaMancini’s Holdings, Inc. (OTCQB: MMMB) is a marketer and distributor of specialty prepared, refrigerated and frozen all-natural Italian foods. MamaMancini’s product portfolio consists of over 20 products including meatballs, meat loaf, chicken parmesan, sausages and pasta bowl kits, with beef, turkey, chicken and pork varieties. The Company’s products are sold in over 45,000 locations nationwide, including at well-known retailers such as Sams Club, Whole Foods, Publix, Costco and Albertsons, as well as through national distributors such as Sysco and United Natural Foods. The Company also regularly maintains a direct-to-consumer presence through presentations 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, 2019 and other filings made by the Company with the Securities and Exchange Commission.

Investor Relations Contact:

Lucas A. Zimmerman
Senior Vice President
MZ Group – MZ North America
(949) 259-4987
[email protected]
www.mzgroup.us

MamaMancini’s Holdings, Inc.

Condensed Consolidated Balance Sheets

MamaMancini’s Holdings, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

MamaMancini’s Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

MAYNARD, Mass., Dec. 14, 2020 (GLOBE NEWSWIRE) — AquaBounty Technologies, Inc. (Nasdaq: AQB) (“AquaBounty” or the “Company”), a land-based aquaculture company utilizing technology to enhance productivity and sustainability, today announced the closing of its previously announced underwritten public offering of 10,028,000 shares of common stock of the Company at a price to the public of $6.50 per share, which includes the underwriters’ full exercise of their option to purchase 1,308,000 shares at the public offering price less underwriting discounts and commissions. The gross proceeds to AquaBounty from the offering are approximately $65.2 million, before deducting underwriting discounts and commissions and offering expenses.

Oppenheimer & Co. Inc. and Lake Street Capital Markets, LLC acted as joint book-running managers for this offering. National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation (NASDAQ: NHLD), acted as co-manager for the offering.

The Company currently intends to use the net proceeds of this offering for general corporate purposes, including for the purchase of land and the payment of costs associated with the construction or site development for a new production farm, investing further in our sales and marketing and research and development efforts and payment of anticipated general and administrative expenses.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on April 27, 2018, and a related registration statement on Form S-3 was filed with the SEC on December 10, 2020 pursuant to Rule 462(b) under the Securities Act of 1933, as amended. A final prospectus supplement describing the terms of the offering was filed with the SEC on December 10, 2020, and is available on the SEC’s website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from Oppenheimer & Co. Inc. Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, NY 10004, or by calling (212) 667-8563, or by emailing [email protected]; or Lake Street Capital Markets, LLC, Attention: Syndicate Department, 920 Second Avenue South, Suite 700, Minneapolis, Minnesota 55402, or by calling (612) 326-1305, or by emailing [email protected]; or at the SEC’s website at http://www.sec.gov.

This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About AquaBounty

AquaBounty Technologies, Inc. is a leader in the field of land-based aquaculture and the use of technology for improving its productivity and sustainability. The Company’s objective is to ensure the availability of high-quality seafood to meet global consumer demand, while addressing critical production constraints in the most popular farmed species.

The Company’s AquAdvantage fish program is based upon a single, specific molecular modification in fish that results in more rapid growth in early development. With aquaculture facilities located in Prince Edward Island, Canada, and Indiana, USA, AquaBounty is raising its disease-free, antibiotic-free salmon in land-based recirculating aquaculture systems, offering a reduced carbon footprint and no risk of pollution of marine ecosystems as compared to traditional sea-cage farming.

Forward-Looking Statements

This press release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended, that involve significant risks and uncertainties about AquaBounty, including but not limited to statements with respect to the completion, timing, size, and use of proceeds of the underwritten offering of common stock. AquaBounty may use words such as “expect,” “anticipate,” “project,” “intend,” “plan,” “aim,” “believe,” “seek,” “estimate,” “can,” “focus,” “will,” and “may” and similar expressions to identify such forward-looking statements. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are risks relating to, among other things, whether or not AquaBounty will be able to raise additional capital, market and other conditions, AquaBounty’s business and financial condition, and the impact of general economic, public health, industry or political conditions in the United States or internationally. For additional disclosure regarding these and other risks faced by AquaBounty, see disclosures contained in AquaBounty’s public filings with the SEC, including the “Risk Factors” in the company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and prospectus supplement for this offering. You should consider these factors in evaluating the forward-looking statements included in this press release and not place undue reliance on such statements. The forward-looking statements are made as of the date hereof, and AquaBounty undertakes no obligation to update such statements as a result of new information, except as required by law.

Contact

AquaBounty Technologies, Inc.
Dave Conley, Director of Communications
+1 613 294 3078

BURLINGAME, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) — ALX Oncology Holdings Inc. (“ALX Oncology”) (Nasdaq: ALXO), a clinical-stage immuno-oncology company developing therapies to block the CD47 checkpoint pathway, today announced the closing of its previously announced underwritten public offering of 2,737,000 shares of its common stock, which includes the exercise in full of the underwriters’ option to purchase 357,000 additional shares of its common stock, at a price to the public of $76.00 per share. The aggregate gross proceeds to ALX Oncology from the offering were approximately $208.0 million, before deducting underwriting discounts and commissions and other offering expenses. All of the shares in the offering were offered by ALX Oncology. 

Jefferies, Credit Suisse, and Piper Sandler acted as joint book-running managers for the offering. Cantor and UBS Investment Bank also acted as book-running managers for the offering. LifeSci Capital acted as lead manager for the offering.

Registration statements relating to these securities became effective on December 9, 2020. The offering was made only by means of a prospectus, copies of which may be obtained from Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at (877) 821-7388, or by email at [email protected]; Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, NC 27560, by telephone at (800) 221-1037, or by email at [email protected]; Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by telephone at (800) 747-3924, or by email at [email protected]; Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor New York, NY 10022, or by email at [email protected]; or UBS Securities LLC, Attention: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, by telephone at (888) 827-7275, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About ALX Oncology

ALX Oncology is a publicly traded, clinical-stage immuno-oncology company focused on helping patients fight cancer by developing therapies that block the CD47 checkpoint pathway and bridge the innate and adaptive immune system. ALX Oncology’s lead product candidate, ALX148, is a next generation CD47 blocking therapeutic that combines a high-affinity CD47 binding domain with an inactivated, proprietary Fc domain. ALX148 has demonstrated promising clinical responses across a range of hematologic and solid malignancies in combination with a number of leading anti-cancer agents. ALX Oncology intends to continue clinical development of ALX148 for the treatment of a range of solid tumor indications as well as MDS and AML.

Investor Contact:

Peter Garcia
Chief Financial Officer, ALX Oncology
(650) 466-7125 Ext. 113
[email protected]

Argot Partners
(212)-600-1902
[email protected]

Media Contact:

Karen Sharma
MacDougall
(781) 235-3060
[email protected]

– Chair and board member Michael Wolf Jensen will not stand for re-election at 2021 Annual General Meeting –

– Board of Directors intends to appoint Dr. Albert Cha to serve as Chair after 2021 AGM –

COPENHAGEN, Denmark, Dec. 14, 2020 (GLOBE NEWSWIRE) — Ascendis Pharma A/S (Nasdaq: ASND), a biopharmaceutical company that utilizes its innovative TransCon™ technologies to create product candidates that address unmet medical needs, today announced a planned board transition at the 2021 Annual General Meeting (AGM).

Michael Wolf Jensen informed the Board of Directors (the Board) that he will not stand for re-election to the Board at the next Annual General Meeting. Mr. Jensen will continue in his role as Senior Vice President (SVP) and Chief Legal Officer of Ascendis. The Board intends to appoint current board member, Dr. Albert Cha, to serve as Chair upon expiration of Mr. Jensen’s term. Mr. Jensen has served as Director and Chair of Ascendis Pharma since January 2008 and as SVP and Chief Legal Officer since 2013.

“On behalf of the Board, we thank Michael for his service as Chair for almost 13 years,” said Dr. Cha. “Under his guidance, Ascendis transformed from an early-stage biopharmaceutical company to a global biopharmaceutical company. I am honored the Board intends to nominate me as the next Chair for Ascendis and the opportunity to provide counsel and guidance to executive management during the company’s next stage of growth.”

“It has been my privilege to serve as Chair of Ascendis Pharma for more than a decade,” said Mr. Jensen. “With the company transitioning from a developmental stage company to a global commercial organization, I want to focus my efforts on serving my role as the Company’s Chief Legal Officer given the increasing legal complexities of a multi-national biopharmaceutical corporation.”

Albert Cha, M.D., Ph.D has served as a member of the Ascendis Board since November 2014. Dr. Cha previously was a managing partner at Vivo Capital, a healthcare investment firm. He currently serves as a member of the board of directors of KalVista Pharmaceuticals, Inc. (Nasdaq: KALV). Dr. Cha holds a B.S. and an M.S. from Stanford University and an M.D. and a Ph.D. from the University of California at Los Angeles.

About Ascendis Pharma A/S 

Ascendis Pharma is applying its innovative TransCon technologies to build a leading, fully integrated biopharmaceutical company focused on making a meaningful difference in patients’ lives. Guided by its core values of patients, science and passion, the company utilizes its TransCon technologies to create new and potentially best-in-class therapies.

Ascendis Pharma currently has a pipeline of three independent endocrinology rare disease product candidates in clinical development and is advancing oncology as its second therapeutic area of focus. The company continues to expand into additional therapeutic areas to address unmet patient needs.

Ascendis is headquartered in Copenhagen, Denmark, with additional offices in Heidelberg and Berlin, Germany, and in Palo Alto and Redwood City, California.

For more information, please visit www.ascendispharma.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding Ascendis’ future operations, plans and objectives of management are forward-looking statements. Examples of such statements include, but are not limited to, statements relating to (i) the appointment of Dr. Cha as the chair of the Board and Mr. Jensen’s continued service as the Company’s Chief Legal Officer, (ii) Ascendis’ ability to apply its platform technology to build a leading, fully integrated biopharmaceutical company, (iii) Ascendis’ product pipeline and expansion into additional therapeutic areas and (iv) Ascendis’ expectations regarding its ability to utilize its TransCon technologies to create new and potentially best-in-class therapies. Ascendis may not actually achieve the plans, carry out the intentions or meet the expectations or projections disclosed in the forward-looking statements and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions, expectations and projections disclosed in the forward-looking statements. Various important factors could cause actual results or events to differ materially from the forward-looking statements that Ascendis makes, including the following: unforeseen safety or efficacy results in its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs; unforeseen expenses related to the development and potential commercialization of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs, selling, general and administrative expenses, other research and development expenses and Ascendis’ business generally; delays in the development of its oncology programs, TransCon hGH, TransCon PTH and TransCon CNP or other development programs related to manufacturing, regulatory requirements, speed of patient recruitment or other unforeseen delays; dependence on third party manufacturers to supply study drug for planned clinical studies; Ascendis’ ability to obtain additional funding, if needed, to support its business activities and the effects on its business of the worldwide COVID-19 pandemic. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Ascendis’ business in general, see Ascendis’ prospectus supplement filed on July 9, 2020 and Ascendis’ current and future reports filed with, or submitted to, the U.S. Securities and Exchange Commission (SEC), including its Annual Report on Form 20-F filed with the SEC on April 3, 2020. Forward-looking statements do not reflect the potential impact of any future in-licensing, collaborations, acquisitions, mergers, dispositions, joint ventures, or investments that Ascendis may enter into or make. Ascendis does not assume any obligation to update any forward-looking statements, except as required by law.

Ascendis, Ascendis Pharma, the Ascendis Pharma logo, the company logo and TransCon are trademarks owned by the Ascendis Pharma Group. © December 2020 Ascendis Pharma A/S.

HARTSVILLE, S.C., Dec. 14, 2020 (GLOBE NEWSWIRE) — Sonoco, one of the most sustainable, diversified global packaging companies, is pleased to announce it has again been named one of America’s Most Responsible Companies by Newsweek. The Company also received an MSCI ESG “A” rating.

America’s Most Responsible Companies are selected based on publicly available key performance indicators derived from CSR Reports, Sustainability Reports and Corporate Citizenship Reports as well as an independent survey of U.S. residents. The final list recognizes the top 400 most responsible companies in the United States across 14 different industry subcategories.

The MSCI ESG rating measures a company’s resilience to long-term, industry material environmental, social and governance (ESG) risks. The rating examines 37 ESG key issues divided into three pillars and ten themes: climate change, natural resources, pollution, environmental opportunities, human capital, product liability, stakeholder opposition, social opportunities, corporate governance, and corporate behavior.

“We are pleased to again receive a Most Responsible Companies honor and an ‘A’ MSCI ESG rating,” said Elizabeth Rhue, staff vice president of Global Sustainability at Sonoco. “Sonoco believes people build businesses by doing the right thing, and our culture strikes a strong a balance between what’s good for the business, what’s good for our associates and what’s good for the environment.”

About Sonoco

Founded in 1899, Sonoco (NYSE: SON) is a global provider of a variety of consumer packaging, industrial products, protective packaging, and displays and packaging supply chain services. With annualized net sales of approximately $5.4 billion, the Company has 23,000 employees working in approximately 300 operations in 36 countries, serving some of the world’s best-known brands in some 85 nations. Sonoco is committed to creating sustainable products, services and programs for our customers, employees and communities that support our corporate purpose of Better Packaging. Better Life. The Company ranked first in the Packaging sector on Fortune’s World’s Most Admired Companies for 2020 as well as Barron’s 100 Most Sustainable Companies. For more information, visit www.sonoco.com.

TUSTIN, Calif., Dec. 14, 2020 (GLOBE NEWSWIRE) — Avid Bioservices, Inc. (NASDAQ:CDMO) (NASDAQ:CDMOP), a dedicated biologics contract development and manufacturing organization (CDMO) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced the closing of its previously announced underwritten public offering of 3,833,335 shares of its common stock, including 500,000 shares sold pursuant to the underwriters’ exercise of their option to purchase additional shares. The offering price was $9.00 per share, and the gross proceeds from the offering were approximately $34.5 million, before deducting underwriting discounts and commissions and estimated offering expenses. Avid Bioservices, Inc. intends to use the net proceeds from the offering primarily for the expansion of its manufacturing capabilities and any remainder for general corporate purposes.

RBC Capital Markets acted as sole book-running manager for the offering. Craig-Hallum Capital Group and Stephens Inc. acted as co-managers for the offering.

The shares described above were offered by Avid Bioservices, Inc. pursuant to a shelf registration statement on Form S-3 previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”). A final prospectus supplement relating to the offering has also been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from RBC Capital Markets, LLC, Attn: Equity Capital Markets, 200 Vesey Street, New York, NY 10281, by telephone at 877-822-4089 or by email at [email protected], Craig-Hallum Capital Group LLC, Attn: Equity Capital Markets, 222 South Ninth Street, Suite 350, Minneapolis, MN 55402, by telephone at (612) 334-6300 or by e-mail at [email protected] or from Stephens Inc., Attn: Equity Syndicate, 111 Center Street, Little Rock, AR 72201, by telephone at (501) 377-2000 or by email at [email protected].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any offer, sale or solicitation of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful.

About
 
Avid Bioservices, Inc.

Avid Bioservices, Inc. is a dedicated contract development and manufacturing organization (CDMO) focused on development and CGMP manufacturing of biopharmaceutical drug substances derived from mammalian cell culture. The company provides a comprehensive range of process development, CGMP clinical and commercial manufacturing services for the biotechnology and biopharmaceutical industries. With 27 years of experience producing monoclonal antibodies and recombinant proteins, Avid Bioservices, Inc.’s services include CGMP clinical and commercial drug substance manufacturing, bulk packaging, release and stability testing and regulatory submissions support. For early-stage programs the company provides a variety of process development activities, including upstream and downstream development and optimization, analytical methods development, testing and characterization. The scope of our services ranges from standalone process development projects to full development and manufacturing programs through commercialization. www.avidbio.com.

Forward-Looking Statements

Statements in this press release which are not purely historical, including statements regarding Avid Bioservices, Inc.’s intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the offering and the intended use of the net proceeds from the offering, and involve risks and uncertainties. Our business could be affected by a number of other factors, including the risk factors listed from time to time in our reports filed with the Securities and Exchange Commission including, but not limited to, our annual report on Form 10-K for the fiscal year ended April 30, 2020 and subsequent quarterly reports on Form 10-Q, as well as any updates to these risk factors filed from time to time in our other filings with the Securities and Exchange Commission. We caution investors not to place undue reliance on the forward-looking statements contained in this press release, and we disclaim any obligation, and do not undertake, to update or revise any forward-looking statements in this press release except as may be required by law.

SECAUCUS, N.J., Dec. 14, 2020 (GLOBE NEWSWIRE) — Freshpet, Inc. (“Freshpet” or the “Company”) (NASDAQ: FRPT) announced the appointment of Ricardo Moreno as Vice President of Manufacturing, effective December 14, 2020. Mr. Moreno will oversee all manufacturing operations, including Bethlehem and Ennis, and report to Steve Weise, EVP of Manufacturing and Supply Chain.

“We are excited to welcome Ricardo to the Freshpet team in a newly created role to further support our planned growth,” commented Billy Cyr, Freshpet’s Chief Executive Officer. “Ricardo has a demonstrated track record of leading successful manufacturing operations within the fresh and perishable products space. As our operations have grown and increased in complexity, we needed this incremental leadership to bring focus to our day-to-day production across a much larger footprint. We look forward to his contributions in fulfilling our mission of providing more pets with fresh all-natural foods that enrich their lives and the relationships with their pet parents, and doing so in ways that are good for our pets, for people and for our planet.”

Mr. Moreno has an impressive track record of more than 10 years of hands-on experience in progressive roles surrounding manufacturing operations within the fresh and perishable product space. Prior to joining Freshpet, he was Regional Director of Operations at Bonduelle Fresh Americas, home of the Ready Pac Foods brand. Mr. Moreno oversaw a multi-site network of facilities in the New Jersey region and was responsible for a full suite of operational departments with demonstrated cost savings through efficiency enhancement. Prior to this position, Mr. Moreno served a variety of different roles at Bonduelle, including Plant Director and Senior Operations Manager. Prior to joining Bonduelle in 2016, Mr. Moreno was Plant Superintendent at TIC Gums, Inc. where he supervised, directed, and led the Manufacturing and Maintenance Departments of the global leader in food texturizer and stabilizer solutions. Earlier in his career, Mr. Moreno also held an operations development role at Stanley Black & Decker. He has a master’s degree in Mechanical Engineering from Lehigh University in Bethlehem, PA.

About Freshpet

Freshpet’s mission is to improve the lives of dogs and cats through the power of fresh, real food. Freshpet foods are blends of fresh meats, vegetables and fruits farmed locally and made at our Kitchens in Bethlehem PA.  We thoughtfully prepare our foods using natural ingredients, cooking them in small batches at lower temperatures to preserve the natural goodness of the ingredients. Freshpet foods and treats are kept refrigerated from the moment they are made until they arrive at Freshpet Fridges in your local market.

Our foods are available in select mass, grocery (including online), natural food, club, and pet specialty retailers across the United States, Canada and Europe. From the care we take to source our ingredients and make our food, to the moment it reaches your home, our integrity, transparency and social responsibility are the way we like to run our business. To learn more, visit www.freshpet.com.

Connect with Freshpet:

https://www.facebook.com/Freshpet

https://twitter.com/Freshpet

http://instagram.com/Freshpet

http://pinterest.com/Freshpet

https://en.wikipedia.org/wiki/Freshpet

https://www.youtube.com/user/freshpet400

CONTACT
ICR
Jeff Sonnek
646-277-1263
[email protected]

Forward Looking Statements

Certain statements in this release constitute “forward-looking” statements. These statements are based on management’s current opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results. These forward-looking statements are only predictions, not historical fact, and involve certain risks and uncertainties, as well as assumptions. Actual results or events could differ materially from those stated, anticipated or implied by such forward-looking statements. Such forward-looking statements are made only as of the date of this release. Freshpet undertakes no obligation to publicly update or revise any forward-looking statement because of new information, future events or otherwise, except as otherwise required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.