Welcome!

News Feed Item

Smoky Market Foods Executing on Refined Plan

WEBSTER CITY, IA -- (Marketwired) -- 04/28/14 -- Smoky Market Foods, Inc. (OTC PINK: SMKY) (PINKSHEETS: SMKY) announced today its guidance for implementation of a significantly refined financing and operating plan. This development has been accomplished through continued private financial support from Company officers and investors. "SMKY's story the past few years has admittedly been difficult for shareholders and investors to understand," said Eddie Feintech, Chairman, President and CEO. "It's been an enduring process to both get it right, and get it done fairly and equitably for existing shareholders," he continued.

The Company engaged a team of consulting affiliates to provide marketing and investment banking expertise and assistance to refine its financial marketing plan, and execute a focused strategy that leverages both its status as a reporting public company, and its capabilities to produce artisan quality, value-added smoked food for international distribution. Said Mr. Feintech, "We refined and focused our plan to achieve two objectives, and they brought forth the financing to execute." The Company will begin to produce product and fill specific pipelines of distribution to gain revenue traction, and simultaneously seek selected food companies that meet criteria as a strategic business to acquire.

To finance such acquisitions, the Company has signed two investment banking agreements with a leading New York-based investment bank to assist in placing its acquisition financing and to raise equity by public offering. The investment banking firm, founded in 1925 and one of the oldest in the United States, is a member of the New York Stock Exchange and a full-service broker-dealer employing over 500 people. The firm manages two Morningstar-rated mutual funds and has five offices throughout the country, with over 70 retail brokers, over 10 research analysts and a pair of institutional desks trading for 800 institutional clients throughout the world.

Under the first agreement, the Company has retained the investment banking firm as its exclusive placement agent and financial advisor in connection with acquisition financing of up to $30,000,000 in senior secured debt. The Company must meet various terms and conditions, which it believes are reasonable and attainable in due course of business of this type. "In tapping fully this facility of acquisition financing during 2014, with its unique program structure, our intent is to acquire up to $75M in strategic food sector revenue that also creates expanded channels of distribution -- and on an international scale -- for our smoked foods," Mr. Feintech said.

The second agreement is a $30,000,000 firm commitment to underwrite a public equity offering on a major exchange (AMEX or NASDAQ) represented by the investment banking firm. The planned public offering is subject to the Company's successful auditing and acquisition of its current target companies, and would pay off the Company's acquisition debt. Said Mr. Feintech, "We are very pleased to establish this relationship with such a prestigious New York Stock Exchange member firm, which confirms and validates our business plan. We expect the assistance of this well-established investment bank to accelerate our growth strategy through acquisitions and with their assistance, move us up to trade on the NASDAQ or AMEX. We are launching an aggressive search for strategic acquisitions, with our internal due diligence already focused on acquiring our Iowa processor and beginning on several other identified acquisition targets. We believe we can meet and satisfy the terms and conditions in both investment banking agreements, and execute upon our business model successfully."

Using proceeds received from bridge money investors, the Company's immediate and near-term actions are focused upon specific objectives that will manicure its corporate profile and include i) bringing its SEC filings current; ii) building sales revenue; iii) paying off outstanding convertible notes, and iv) negotiating to buy strategic food companies. "In our situation, tactical financial maneuvering that is prudent and preserves the integrity of common shareholders just takes time. We're clearing over 90% of our debt from the balance sheet and we've positioned ourselves with an element of control over certain of the events that we've committed to make happen," said Mr. Feintech. "I've got the right players fully engaged and aggressively motivated. Money and effective players make things happen," he said.



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 retail and foodservice channels of distribution for its smoked foods, and to accelerate its overall corporate revenue growth through making strategic food company acquisitions.

FORWARD-LOOKING STATEMENTS
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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
The Jevons Paradox suggests that when technological advances increase efficiency of a resource, it results in an overall increase in consumption. Writing on the increased use of coal as a result of technological improvements, 19th-century economist William Stanley Jevons found that these improvements led to the development of new ways to utilize coal. In his session at 19th Cloud Expo, Mark Thiele, Chief Strategy Officer for Apcera, will compare the Jevons Paradox to modern-day enterprise IT, e...
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
Whether they’re located in a public, private, or hybrid cloud environment, cloud technologies are constantly evolving. While the innovation is exciting, the end mission of delivering business value and rapidly producing incremental product features is paramount. In his session at @DevOpsSummit at 19th Cloud Expo, Kiran Chitturi, CTO Architect at Sungard AS, will discuss DevOps culture, its evolution of frameworks and technologies, and how it is achieving maturity. He will also cover various st...
Identity is in everything and customers are looking to their providers to ensure the security of their identities, transactions and data. With the increased reliance on cloud-based services, service providers must build security and trust into their offerings, adding value to customers and improving the user experience. Making identity, security and privacy easy for customers provides a unique advantage over the competition.
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
SYS-CON Events announced today that Niagara Networks will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, provided tips on how to be successful in large scale machine learning...