NEW YORK, NY, April 18, 2018 (GLOBE NEWSWIRE) -- First Foods Group, Inc. (OTCQB: FIFG) (the “Company”), a fully reporting Company with growing interests in the food and food service industry, is pleased to provide an update regarding the achievement of its 7-figure capital milestone.
As of today, the Company has put to work $400,000 of related party debt financing, $365,000 of unrelated party equity financing, and over $235,000 of income and deferred revenue derived from its burgeoning merchant cash advance business. Up until very recently in its relatively short history, the Company was exclusively self-funded, but has now secured a number of six-figure investors. Currently, First Foods Group has just over 17 million shares outstanding, 790,000 preferred warrants outstanding, and no convertible debt.
In just six months, the Company’s Funding Division has participated in 55 merchant advance deals for over $460,000. The Company has used its merchant advance proceeds to more than double its original cash outlay for new deals. “Our capital raising strategy, combined with short-term merchant advance payback, provides financial flexibility that keeps the Company nimble and able to quickly respond to promising business opportunities, such as our Holy Cacao subsidiary that is currently in negotiation with manufacturers to produce high-end chocolate edibles,” stated Mark Keeley, CFO.
“We believe this is a significant achievement for First Foods Group,” stated Harold Kestenbaum, CEO. “To have achieved this level of proof-of-concept with a significant and growing revenue component is affirming and we intend to more vigorously pursue investment and operational opportunities.”
Members of the Company’s Board of Directors have contributed their own personal capital to launch its current operations.
“We are committed to growing this Company the right way, as demonstrated by the significant time we have dedicated and the personal money we have deployed,” said Kestenbaum. “By doing so, we have created opportunity without entertaining some of the usual pitfalls that can be detrimental to the long-term success of a developing public company.”
About First Foods Group, Inc.:
First Foods Group, Inc. was created to provide management services and funding options for new foodservice brands and menu concepts. First Foods Group, Inc. also expects to grow its own new concepts, both through proprietary development and mergers, acquisitions, and licensing arrangements. First Foods Group has assembled a team of distinguished food service professionals with experience and success at the industry's highest levels.
Cautionary Language Concerning Forward-Looking Statements
This press release includes "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, as amended, 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. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes", "belief", "expects", "intends", "anticipates", "will", “should”, “could”, “might”, “potentially” or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.