Company Expands with Lifestyle Brand and West Coast Operations
MIAMI BEACH, FL / ACCESSWIRE / July 7, 2021 / Home Bistro, Inc. (OTC:HBIS) ("Home Bistro" or the "Company"), a leading online platform that offers celebrity chef-inspired, gourmet ready-made meals shipped directly to consumers, announced today that it has acquired Model Meals, a California-based ready-to-eat, healthy meal service. The transaction was valued at approximately $2.1 million with the majority of the purchase price paid in shares of the Company's restricted common stock. The acquisition extends Home Bistro's food production and fulfillment capabilities to the western region of the U.S. Model Meals, Inc. is now a wholly-owned subsidiary of Home Bistro, Inc.
Model Meals was co-founded by college friends Camille May and Danika Brysha, a fashion model and wellness coach, who, through research and personal experience, focused on developing dietary solutions that enhance the health and vitality of individuals while helping to increase energy, mental function, and support a thriving lifestyle. Model Meals has grown its business to $2.2 million in gross revenue in 2020, by delivering to just three states - California, Nevada and Arizona. Ms. May and Ms. Brysha will be retained as CFO and CEO, respectively, of the Model Meals subsidiary.
Commenting on the acquisition, Zalmi Duchman, Home Bistro's CEO, said, "This acquisition provides Home Bistro with major benefits on multiple levels. First, given our now bi-coastal operations, we have the ability to ship overnight to most customers within the 48 contiguous states. Next, we acquired a lifestyle brand that has the potential for recurring revenue, subscription-based enrollment and potential for growth to the other 47 states from the current three. Lastly, we add tremendous talent to the Home Bistro management team with Camille, Danika and the senior staff at Model Meals." Mr. Duchman added, "We intend to issue additional announcements regarding our future plans with the Model Meals brand."
Ms. May stated, "We are excited to bring the Model Meals experience to the Home Bistro platform. We believe the synergies created from this partnership will significantly grow both businesses as a single unit, more so than would have occurred otherwise." Ms. Brysha added, "We are very much looking forward to also supporting the Home Bistro platform and its celebrity chefs as we continue to expand upon that strategy."
About Model Meals
Model Meals www.modelmeals.com is a Whole30 & Paleo approved, ready-to-eat, meal prep service, offering a weekly rotating menu that is prepared by professional chefs, using only the highest quality ingredients available, sourced responsibly and locally, and delivered in sustainable, eco-friendly packaging. Model Meals are delivered fresh twice a week directly to customers' doorsteps.
About Home Bistro, Inc.
Home Bistro is a leading online platform, www.homebistro.com, that provides for the creation, production, and distribution of direct-to-consumer, heat-to-eat, celebrity chef inspired gourmet meals, which currently include inspirations developed by "Iron Chef" Cat Cora and soon to launch celebrity chefs Daina Falk, Roblé Ali and Claudia Sandoval.
Forward-Looking Information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is expected", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company's growth objectives and industry outlook (as described herein). Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others, statements about the Company's future financial performance, the impact of management changes, any organizational restructuring and the sufficiency of capital resources to fund its ongoing operating requirements; statements about the Company's expectations regarding the capitalization, resources and ownership structure; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including (i) risks related to the combined entity's access to existing capital and fundraising prospects to fund its ongoing operations, and (ii) other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
CONTACT:
Zalmi Duchman, CEO
zalmi@homebistro.com
Ph: 631.694.1111
SOURCE: Home Bistro, Inc.
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