Smart Beverage Will Distribute Only Barfresh Products to Its Customers Including Over 800 Schools
Relationship Expected to Initially Generate Revenue of $1 Million to $2 Million Annually In Current COVID-19 Environment
Excluding the COVID-19 Environment, Relationship Expected to Generate Revenue of $2 Million to $3 Million Annually
LOS ANGELES, Aug. 06, 2020 (GLOBE NEWSWIRE) -- Barfresh Food Group, Inc. (the “Company” or “Barfresh”) (OTCQB: BRFH), a manufacturer of frozen, ready-to-blend and ready-to-drink beverages, announced it has entered into a strategic distribution relationship with Smart Beverage Inc., (dba Thirsty Coconut)., Inc. Smart Beverage will sell Barfresh’s full line of products, to include Twist & Go, and Bulk-Easy Pour, as well as sell and distribute Barfresh’s new range of WHIRLZ 100% juice Concentrates that are stored and delivered ambient to its existing and new customers. Barfresh’s products will be sold directly to Smart Beverage, then delivered by Smart Beverage together with any beverage equipment.
Smart Beverage currently has 1,000 frozen beverage machines in operation in over 800 schools throughout the mid-West including, Texas, Minnesota and Illinois and approximately another 600 customers it expects to install equipment and begin receiving Barfresh product once schools reopen and normal school operations resume. Barfresh products will be sold to approximately 1,400 schools as Smart Beverage replaces its previous frozen beverage offerings and adds new locations with Barfresh’s leading suite of healthy beverages creating an immediate replacement opportunity utilizing Barfresh’s superior products. The relationship is expected to deliver incremental growth to both Barfresh and Smart Beverage. It is initially expected to generate approximately $1.0 to $2 million on an annual basis in the current COVID-19 environment and $2 million to $3 million annually in a normal operating environment, excluding COVID-19.
Smart Beverage also owns, operates and provides repair support for an extensive network of Bunn smoothie machines for their customers. Smart Beverage has 1,000 existing smoothie beverage dispensing machines in operation and 3,000 machines ready for deployment. Barfresh will now be able to focus on its strength of developing innovative beverages for all channels as Smart Beverage will manage, maintain, store, and deliver the equipment needed for Barfresh’s products to their new and replacement accounts.
Riccardo Delle Coste, Barfresh's CEO stated, "This distribution relationship is very exciting for us as we launch our products with such a strategically important relationship in the school channel and expand our reach into new territories. Smart Beverage’s large customer base and vast network of owned equipment will dramatically increase the volume and scale of our business and also allow our Company to shift resources from equipment management and service to product development and innovation. We believe we are poised for significant growth in the school channel once schools re-open this upcoming school year with the addition of our new line of ready-to-drink smoothies and the additional customers brought to us by our strategic relationship with Smart Beverage.”
Luke Einsel, Smart Beverage’s Founder & CEO commented, “We are very excited to work with Barfresh as their full suite of existing and new products are a tremendous improvement in the overall taste, quality and breadth of options we are now able to provide to our customers. Barfresh’s commitment to developing industry leading clean label products is an exciting opportunity for us to bring a new standard to our customers including the school nutrition industry by offering great tasting nutritional products. Our strategic relationship will pair Barfresh’s best in class products with Smart Beverage’s established sales, distribution and equipment infrastructure in order to push forward both companies’ National coverage.”
About Barfresh Food Group
Barfresh Food Group, Inc. (OTCQB: BRFH) is a developer, manufacturer and distributor of ready-to-blend and ready-to-drink beverages, including smoothies, shakes and frappes, primarily for restaurant chains and the foodservice industry. The company's proprietary, patented system uses portion-controlled pre-packaged beverage ingredients that deliver freshly made frozen beverages that are quick, cost efficient, better for you and without waste. Barfresh has an exclusive distribution relationship with the leading food distributor in North America. For more information, please visit www.barfresh.com.
About Smart Beverage
Smart Beverage, Inc. is a family owned beverage distribution company based in Kansas City, Missouri, excelling at sales, distribution and service. The company services Schools, Hospitals, Nursing Homes, Bars and Restaurants. For more information, please visit www.smartbeverage.com.
Forward Looking Statements
Except for historical information herein, matters set forth in this press release are forward-looking within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including statements about the Company's commercial progress and future financial performance. These forward-looking statements are identified by the use of words such as "grow", "expand", "anticipate", "intend", "estimate", "believe", "expect", "plan", "should", "hypothetical", "potential", "forecast" and "project", among others. All statements, other than statements of historical fact, included in the press release that address activities, events or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made based on experience, expected future developments and other factors the Company believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company and may not materialize. Investors are cautioned that any such statements are not guarantees of future performance. The contents of this release should be considered in conjunction with the Company's recent filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, including any warnings, risk factors and cautionary statements contained therein. Furthermore, the Company does not intend, and is not obligated, to update publicly any forward-looking statements, except as required by law.
MEDIA
Erin Fasano
VP of Marketing, Barfresh Food Group, Inc.
Phone 310-873-3172
Email erinf@barfresh.com
INVESTOR RELATIONS
John Mills
ICR
646-277-1254
John.Mills@icrinc.com
Deirdre Thomson
ICR
646-277-1283
Deirdre.Thomson@icrinc.com
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