BEND, Ore., May 24, 2024 (GLOBE NEWSWIRE) -- BranchOut Food Inc. (NASDAQ: BOF), a leading food technology company specializing in dehydrated fruit and vegetable-based products, today announced the expansion of its agreement with EnWave Corporation (TSX-V: ENW | FSE: E4U). As part of this enhanced partnership, BranchOut has purchased its third large-scale EnWave dehydration machine. This addition is strategically aimed at expanding its new facility in Peru, with operations anticipated to commence in Q3, ultimately completing an estimated $40M in production capacity with 40-50% estimated gross margins.
The newly acquired 100kW NutraRev System, distinct from the two QuantaREV systems previously purchased, is designed to enhance throughput and improve margins, particularly in the B-to-B ingredient space. BranchOut currently operates a 60kW QuantaREV and has committed to a larger 120kW QuantaREV, both primarily aimed at branded and private label snackproducts. The addition of the NutraRev System is expected to bolster BranchOut's capabilities across different product lines.
These machines will be instrumental in servicing BranchOut's significant orders, including approximately $8M from the nation’s largest retailer, $1.1M from the nation’s largest warehouse club, and other potential customers in the pipeline. This expansion will position BranchOut as one of the largest Radiant Energy Vacuum (REV™) installations globally and the largest in Latin America. The strategic location in Peru, with its abundance of fresh produce and low-cost labor, further enhances BranchOut's competitive edge.
Eric Healy, CEO of BranchOut Food Inc., commented, "This expansion is a key element of our growth strategy, enabling us to scale our operations and capture additional market share. By integrating the NutraRev System into our lineup, we are not only poised to meet increasing demand but also to enhance our operational efficiency significantly. This positions us to lead in the production of high-quality ingredients and snacks, reflecting our unwavering commitment to innovation and excellence in the food industry."
About BranchOut Food Inc.
BranchOut Food is an international food-tech company delivering truly great natural snacks and real superfood ingredients enabled by its licensed dehydration technology. The company’s GentleDry Technology is the next generation in dehydration technology, preserving up to 95% of the original nutrition of fresh fruits and vegetables. BranchOut’s technology is protected by more than 17 patents. BranchOut Food is proud to be a leading provider of high-quality dehydrated fruit and vegetable-based products and its commitment to quality and innovation sets it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, please visit www.branchoutfood.com and follow us on LinkedIn and Instagram.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations or forecasts of future events. Forward-looking statements may be identified using words such as "forecast," "intend," "seek," "target," "anticipate," "believe," "expect," "estimate", "plan," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements with respect to the operations of BranchOut Food, Inc., (the Company) strategies, prospects and other aspects of the business of the Company are based on current expectations that are subject to known and unknown risks and uncertainties, which could cause actual results or outcomes to differ materially from expectations expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Although it may voluntarily do so from time to time, the Company undertakes no commitment to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
For more information
Jeff Ramson
PCG Advisory
646-863-6893
jramson@pcgadvisory.com
