BEND, Ore., Feb. 12, 2024 (GLOBE NEWSWIRE) -- BranchOut Food Inc. (NASDAQ: BOF), a pioneering food technology company and producer of dehydrated fruit and vegetable-based products, today announced that it has expanded its relationship with the nation’s largest retailer. The new agreement is valued at an estimated $7.6 million annually.
BranchOut has renewed its contract with the retailer for two products and entered into a new contract for two additional products.
The company received a 12-month contract extension for two dried fruit private label items that were first supplied in 2023. The Company expects improved margins on these items from the renewed contract that is valued at an estimated $5.2 million on an annual basis.
The new contract is for two additional dried vegetable private label items. The order for approximately 3,300 stores is about 50% larger than initially expected and is valued at an estimated $2.6 million on an annual basis. Shipments are scheduled to begin in May 2024. This relationship expansion validates the uniqueness of the Company’s proprietary GentleDry technology that delivers products that excel in flavor, color and nutrition, while also providing an exceptional taste experience.
Eric Healy, CEO of BranchOut Foods, said, “We’re gratified that the first run of our products in the stores of the nation’s largest retailer has resulted in this contract extension. We’re especially excited to have received a new contract for two additional products, and for more stores than initially expected. Our private label business is an important growth engine for BranchOut, and these contracts with the nation’s largest retailer are just the tip of the potential that we see for this business segment.”
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 Twitter.
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.
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