Muscle Maker Inc (GRIL) Crosses
$100 Million Revenue Milestone In First 45 Days Of Operation Of New
Subsidiary, Sadot LLC
Total Company Year-To-Date Revenue
Jumps 1,369% To $118.7 Million
Fort Worth, Texas, December 29,
2022 -- InvestorsHub NewsWire -- Muscle Maker, Inc.
(Nasdaq: GRIL), today
announced its new wholly owned subsidiary, Sadot LLC ("Sadot"), has
crossed the $100 million revenue milestone in its first 45 days of
operation. Sadot generated $54.19 million in revenue in
November and an additional $55.84 million in top line sales through
December 19th. Sadot, in
its first 45 days of operation, has now generated over $110 million
in revenue. Total company year-to-date revenue increased by
1,369% to $118.7 million since the end of Q3, 2022.
Sadot currently focuses on international shipping of physical food
commodity items such as wheat, soybean meal, corn, etc.
Shipments are via cargo ships that can range between 25,000 to
75,000 metric tons. December shipments, through December
19th,
included soybean meal and corn shipped between the USA, Australia,
South Korea and the Philippines.
Michael Roper, CEO of Muscle Maker, stated "it has been our belief
that the creation of the new Sadot subsidiary and the
diversification of Muscle Maker into the shipping, farming and
sourcing of food commodity products could be a game changer for
Muscle Maker overall. To put the revenue Sadot has generated
in its first 45 day of operation through December 19th into
perspective, the total company revenue through Q3, 2022 was $8.67
million. The $110 million Sadot has generated through December
19th
alone pushes the total company revenue for the entire year-to-date
upwards of 1,369% in just 45 days, raising our total company
year-to-date revenue to $118.7 million. We still have the
rest of December before closing out the year with a successful
initial launch of our new subsidiary, a more diversified company
and growth in our Pokemoto division."
On November 18th, Muscle Maker
filed a Form 8K with the Securities and Exchange Commission and
issued a corresponding press release announcing a new subsidiary,
Sadot, and a material agreement between Sadot and AGGIA.
AGGIA will manage the day-to-day operations of Sadot, focusing on
shipping, trading, sourcing, farming and production of physical
food commodities.
Roper continued, "We are confident AGGIA has the experience and
expertise to implement the Sadot strategy, and we believe we have
had a positive start in the relationship generating over $110
million so far. While AGGIA focuses on the food commodity shipping
and farming side of the business, the current Muscle Maker team
continues to focus on growing the company through our Pokemoto
franchising efforts. Our strategy remains the same. As a
matter of fact, we recently announced we have now sold 55 Pokemoto
franchise agreements to date, opening 8 so far and have an
additional 47 to still be opened. This structure allows the
Muscle Maker team to focus on franchise growth while the AGGIA team
focuses on the food commodity shipping side of the business. We
believe this leverages each team's strengths while also creating a
more diversified company overall."
The preliminary, unaudited financial results included in this press
release are based on information available as of December 29, 2022,
and management's initial review of operations and financial results
as of such date. They remain subject to change based on the
completion of the Company's customary quarterly financial closing
and review procedures and are forward-looking statements. The
Company assumes no obligation to update these statements, except as
may be required by law. The actual results may be materially
different and are affected by the risk factors and uncertainties
identified in this press release and in the Company's annual and
quarterly filings with the Securities and Exchange Commission.
Further, the Company's independent auditor has not reviewed or
performed any procedures on the preliminary, unaudited financial
results.
About Muscle Maker Grill
Restaurants
Muscle Maker, Inc. is
the parent company of "healthier for you" brands delivering
high-quality healthy food options to consumers through traditional
and non-traditional locations such as military bases, universities,
delivery and direct to consumer ready-made meal prep options.
Brands include Muscle Maker Grill restaurants, Pokemoto Hawaiian
Poke and SuperFit Foods meal prep. Our menus highlight healthier
versions of traditional and non-traditional dishes and feature
grass fed steak, lean turkey, chicken breast, Ahi tuna, salmon,
shrimp, tofu and plant-based options. For more information on
Muscle Maker, Inc., visit www.musclemakergrill.com,
for more information on Pokemoto visit www.pokemoto.com
or for more information on SuperFit
Foods visit www.superfitfoods.com.
Forward-Looking
Statements
This press release may include "forward-looking statements"
pursuant to the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. To the extent that the
information presented in this press release discusses financial
projections, information, or expectations about our business plans,
results of operations, products or markets, or otherwise makes
statements about future events, such statements are
forward-looking. Such forward-looking statements can be identified
by the use of words such as "should", "may," "intends,"
"anticipates," "believes," "estimates," "projects," "forecasts,"
"expects," "plans," and "proposes." Although we believe that the
expectations reflected in these forward-looking statements are
based on reasonable assumptions, there are a number of risks and
uncertainties that could cause actual results to differ materially
from such forward-looking statements. You are urged to carefully
review and consider any cautionary statements and other
disclosures, including the statements made under the heading "Risk
Factors" and elsewhere in documents that we file from time to time
with the SEC. Forward-looking statements speak only as of the date
of the document in which they are contained, and Muscle Maker,
Inc., does not undertake any duty to update any forward-looking
statements except as may be required by law.
Contact:
Muscle Maker Grill Marketing
marketing@musclemakergrill.com
Investor Relations:
IR@musclemakergrill.com
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