|Company Contact:||Investor and Media Contact:|
|Ronit Wallerstein||Andrew M. Berger|
|Investor Relations||Managing Director|
|Innovative Foods Holdings, Inc.||SM Berger & Company, Inc.|
|(718) 645-1755||(216) 464-6400|
BONITA SPRINGS, FL. (January 30, 2020) – Innovative Food Holdings, Inc. (OTCQB: IVFH) (“IVFH” or “the Company”), an interconnected data driven platform of specialty food companies that provides chefs and consumers direct access to the highest quality unique specialty food products across the U.S., today announced that James C. Pappas and Mark J. Schmulen have joined the Company’s Board of Directors. The addition of Mr. Pappas and Mr. Schmulen to the Company’s Board brings the total number of directors to seven.
“On behalf of the Company’s Board of Directors, we welcome James and Mark to the Board, and we look forward to their advice and counsel as we work together to grow value for all shareholders,” stated Sam Klepfish, CEO of Innovative Food Holdings.
James C. Pappas, the founder and Managing Member of JCP Investment Management, stated, “As the largest shareholder of IVFH, we are most excited by the Company’s significant growth opportunities. Sam and his team have assembled a strong platform of specialty food e-commerce and foodservice businesses that combined with a compelling omnichannel strategy are capitalizing on current and future trends within the rapidly growing specialty food industry. I look forward to working with management and the Board to drive significant value for the Company and all of its shareholders.”
Mr. Pappas founded JCP Investment Management in Houston in June 2009 and is the Managing Member and owner of the firm. Throughout Mr. Pappas’ career he has concentrated much of his efforts in the restaurant, food and retail business sectors and possesses a thorough understanding of restaurant and food businesses in addition to his expertise in corporate finance. Since 2016, Mr. Pappas has served as a director of Tandy Leather Factory, Inc., a specialty retailer and wholesale distributor of leather and leather related products. Mr. Pappas previously served on the boards of several public companies, including food-related businesses such as Jamba, Inc., The Pantry, Inc. and Morgan’s Foods, Inc. He currently also serves as Secretary for the Endowment Advisory Board of the Annunciation Greek Orthodox Church in Houston and on the Methodist Hospital Gastro Division’s Advisory Board in Houston. Mr. Pappas received a BBA in Information Technology, and a Master of Finance from Texas A&M University.
Mr. Schmulen is the CEO of Chirp Systems, a smart access control platform for multifamily property owners. He is also the Manager of Jelly Capital, an investment fund supporting software and e-commerce businesses. Mr. Schmulen is an experienced entrepreneur and investor and has successfully built, managed and advised multiple software-focused businesses. Previously, he was the CEO and Co-Founder of Nutshell Mail, Inc., which was acquired by Constant Contact, Inc. He continued as Constant Contact’s General Manager of Social Media, where he led the company’s social product strategy. Mr. Schmulen began his career as an investment banking analyst for JPMorgan Chase Bank. He holds a BA with Honors in International Relations from The University of Pennsylvania and a MS in Management from the Stanford Graduate School of Business. Mr. Schmulen serves on the Board of Directors for the Shlenker School and is a director of the HHF Foundation, benefiting early childhood education.
The Company intends to hold the 2019 Annual Meeting of Shareholders in the first half of 2020. The date of the 2019 Annual Meeting of Shareholders and additional details regarding the meeting, including information about the Company’s director nominees, will be disclosed in the Company’s definitive proxy materials, to be filed with the U.S. Securities and Exchange Commission (SEC).
About Innovative Food Holdings, Inc.
Innovative Food Holdings, Inc. is an interconnected data driven platform of small, specialty food companies serving business and consumer customers. IVFH’s direct-to-chef platform offers efficient, cost effective, and transparent sourcing and distribution of over 7,000 specialty food products. The Company’s direct-to-chef operating subsidiaries, Artisan Specialty Foods, Food Innovations, and Gourmet Foodservice Group make daily deliveries of hard to source, specialty foods to thousands of chefs nationwide. In addition, through its subsidiaries, the Company owns and operates a number of leading specialty food direct-to-consumer eCommerce websites including www.igourmet.com and www.mouth.com.
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the “Company”) that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” or “expect.” The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.