|By PR Newswire||
|January 10, 2014 07:30 AM EST||
EAST RUTHERFORD, N.J., Jan. 10, 2014 /PRNewswire/ -- MamaMancini's Holdings, Inc. (OTCQB: MMMB), an emerging manufacturer and marketer of specialty pre-prepared, frozen and refrigerated "all natural" food products (as defined by the United States Department of Agriculture), today announced that it has secured a three-year, $1.5 million financing with FGI Finance. The Company has begun to draw down on this facility, which is backed by the company's assets including accounts receivable and inventory. Interest will be at a rate equal to the greater of 6.75% or 2.5% above Prime Rate on the daily net balance of funds advanced or otherwise charged to the Company's account.
Carl Wolf, chairman and chief executive officer, commented, "We are pleased to work with FGI Finance, and to close on this new line of credit. While we currently do not have a specific need, we are in discussions with several potential new, and large, accounts that would necessitate the ability to rapidly build up inventories. Having access to this additional capital affords MamaMancini's the ability to efficiently respond to new customer orders in a timely and cost effective manner. We look forward to the continued growth of our business in 2014 and beyond."
The Company has filed a Current Report on Form 8-K related to the FGI facility with the Securities and Exchange Commission. The Form 8-K will be available on the company's website in the investor section under SEC filings or by going to:
MamaMancini's is a manufacturer and distributor of a line of all natural, beef meatballs with sauce, turkey meatballs with sauce, chicken meatballs with sauce, pork meatballs with sauce, and other similar Italian products. The Company's sales have been growing on a consistent basis as the Company expands its distribution channel, which includes major retailers such as Costco, Publix, Shop Rite, Price Chopper, Redners, Pathmark, A&P, Waldbaums, Food Emporium, Whole Foods, Shaw's Supermarkets, Kings, Key Foods, Giant Eagle, Stop-n-Shop, Giant Stores, Food Town, Kroger, Winn Dixie, Market Basket, Albertsons, Shoppers, Wal-Mart, Marsh's Supermarkets, Bashas, Bi-Lo, Central Markets, Weis Markets, Ingles, and The Fresh Market. For more information visit the company's website at 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 December 31, 2012 and other filings made by the Company with the Securities and Exchange Commission.
Robert Blum, Joe Dorame, Joe Diaz
MamaMancini's Holdings, Inc.
Lytham Partners, LLC
Chairman and CEO
SOURCE MamaMancini’s Holdings, Inc.
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