Tarrytown, NY, Nov. 20, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nightfood Holdings, Inc. (OTC: NGTF), a pioneering consumer goods brand development company that owns both Nightfood, Inc. and MJ Munchies Inc., announced today that 500,000 shares of Company common stock have been retired.
The shares, originally issued in November 2017 in conjunction with an advertising and consulting agreement, were returned to the Company on November 19, 2018, and immediately retired.
“Through no fault of their own, the Consultant was unable to complete the agreed-upon deliverables within the mutually-established timeline,” explained CEO Sean Folkson. “While the return did take a bit longer than we’d hoped due to some logistical issues which delayed our 10Q filing, we wish to thank the Consultant and their partners for handling this issue in a most cooperative and professional manner.”
Management remains focused on protecting and enhancing shareholder value, and expects an exciting end to 2018 and an explosive start to 2019.
Nightfood is launching its much-anticipated nighttime ice cream as an answer to America’s $50 billion nighttime snack spend. The Company has held meetings with five of the largest retail chains in the country over the last several weeks, and has announced a significant retail footprint for Nightfood ice cream can be expected in Q1. For reasons of confidentiality, the Company has not yet named any retailers that have committed to carrying Nightfood ice cream, although such commitments have now been secured and more are expected.
With two ice cream startups having achieved valuations of over $1 billion in this decade, Management believes Nightfood has the unique opportunity to become a major consumer hit in short order.
In addition, the January Half-Baked edibles launch in California is expected to lay the foundation and the blueprint to establish Half-Baked as a leading national recreational marijuana edible and beverage brand.
With these recent developments, and the opportunity to play a leading role in two burgeoning billion-dollar consumer goods categories, Management believes these shares are more valuable than ever.
“To provide some context, the 500,000 shares just retired is a greater than the total shares we’ve issued to all the celebrity brand ambassadors Nightfood has added in the past six months,” added Folkson. “With Nightfood ice cream only weeks away from hitting shelves in local stores for millions of nighttime snackers, and Half-Baked edibles also launching this coming quarter, we believe our stock is significantly undervalued. As such, we view the return and retirement of these shares as an extremely valuable transaction for our shareholders.”
About Nightfood Holdings:
Nightfood Holdings, Inc. (OTC: NGTF), owns Nightfood, Inc. and MJ Munchies, Inc.
Nightfood, Inc, “The Nighttime Snack Company”, is a snack food company dedicated to providing consumers delicious, better-for-you, sleep-friendly choices for evening snacking. According to IRI Worldwide, 44% of snack consumption occurs at night, representing a consumer spend of over $1B weekly on nighttime snacks. The Company has developed a dynamic infographic at http://NightSnacking.com as a definitive consumer and media resource clearly illustrating the size and scope of the largely untapped nighttime snack category.
Market research giant Mintel recently released a report identifying nighttime specific food and beverages as one of their most “compelling and category changing” trends for 2017 and beyond.
Consumer’s most popular choices are cookies, chips, and ice cream. Nightfood creates, manufactures, and distributes snacks formulated to help consumers satisfy nighttime cravings in a better, healthier, more sleep friendly way.
MJ Munchies, Inc. was recently formed as a new, wholly owned subsidiary of Nightfood Holdings, Inc. to capitalize on legally compliant opportunities in the CBD and marijuana edibles and related spaces. The Company intends to market some of these new products under the brand name “Half-Baked”. Munchies is currently preparing a patent application with the USPTO for a proprietary ingredient to be used in Half-Baked snacks that Management believes will give it a unique and defensible competitive advantage against other recreational edible brands. The Company believes tremendous opportunities currently exist to launch successful and legally compliant products in this space, and that such opportunities will continue to grow over time.
For more information, visit http://ir.Nightfood.com and http://Nightfood.com
Questions can be directed to investors@Nightfood.com
Forward Looking Statements:
This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.