Branch Out Food Co., Ltd.
BEND, Ore., May 24, 2024 (GLOBE NEWSWIRE) — BranchOut Food Inc. (NASDAQ: BOF), a leading food technology company specializing in dried fruit and vegetable-based products, today announced an expansion of its agreement with EnWave Corporation (TSX-V: ENW | FSE: E4U). As part of this strengthened partnership, BranchOut has purchased a third large-scale EnWave dryer. The addition strategically serves as an expansion of its new facility in Peru, which is scheduled to begin operations in the third quarter and will ultimately deliver an estimated $40 million in production capacity and an estimated gross margin of 40-50%.
The newly acquired 100kW NutraRev system differs from the two previously purchased QuantaREV systems and is designed to increase throughput and improve profit margins, particularly in the B2B ingredients area. BranchOut currently operates a 60kW QuantaREV and is in the process of introducing a larger 120kW QuantaREV, both of which target primarily branded and private label snack products. The addition of the NutraRev system is expected to enhance BranchOut's capabilities across a variety of product lines.
These machines will play a key role in filling BranchOut's significant orders, including approximately $8 million from the country's largest retailer, $1.1 million from the country's largest warehouse-style store, and other potential customers in the pipeline. With this expansion, BranchOut has one of the largest Radiant Energy Vacuum (REV™) installations in the world and in Latin America. Peru's strategic location, with an abundance of fresh produce and low labor costs, further enhances BranchOut's competitive position.
Eric Healy, CEO of BranchOut Food Inc., commented, “This expansion is a key component of our growth strategy, allowing us to scale our operations and capture additional market share. Integrating the NutraRev system into our product lineup not only helps us meet growing demand, but also significantly improves our operational efficiencies. It positions us to be a leader in the production of high-quality ingredients and snacks and reflects our unwavering commitment to innovation and excellence in the food industry.”
About BranchOut Food Inc.
BranchOut Food is an international food technology company providing truly great natural snacks and real superfood ingredients made possible by licensed dehydration technology. The company's GentleDry technology is the next generation of dehydration technology, preserving up to 95% of the original nutrition of fresh fruits and vegetables. BranchOut's technology is protected by over 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 has set it apart as a trusted brand and private label supplier. For more information about BranchOut Food Inc. and its products, visit www.branchoutfood.com or follow us on LinkedIn and Instagram.
The story continues
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 predictions of future events. Forward-looking statements may be identified by the use of words such as “anticipate,” “intend,” “seek,” “target,” “project,” “believe,” “expect,” “estimate,” “plan,” “outlook,” “project” or other similar expressions that predict or indicate future events or trends or are not statements of historical fact. Forward-looking statements regarding BranchOut Food, Inc.'s (the “Company”) operations, strategies, prospects and other aspects of the Company's business are based on current expectations that are subject to known and unknown risks and uncertainties. These risks and uncertainties could cause actual results or outcomes to differ materially from the expectations expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. Although the Company may independently update or revise them from time to time, it undertakes no obligation to update or revise any 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 Lamson
PCG Advisory
646-863-6893
inquiry
