Muscle Maker, Inc. (Nasdaq: GRIL), (“the Company”), today announced
its new wholly owned subsidiary, Sadot LLC (“Sadot”), has crossed
the $200 million revenue milestone in its first 3 months of
operation. Sadot generated $58,517,750 in revenue in January 2023.
Sadot, in its first three months of operation, has now generated
$209,103,394 in total revenue for Muscle Maker, Inc.
With over $200 million in revenue in only 90
days, the Sadot diversification strategy and its management and
guidance by AGGIA is proving to have a positive impact on Muscle
Maker overall. AGGIA has performed and earned the right to nominate
two additional board members to Muscle Maker upon exceeding $3.3
million in net income as per the performance metrics posted in the
November 18, 2022 8K filing of the AGGIA service and operating
agreements.
As part of its new diversification strategy,
Muscle Maker formed Sadot LLC with a goal of launching Muscle Maker
into a new era of growth by creating a comprehensive, global food
company that stretches from sustainable farming, agricultural
commodity shipping and trading, distribution, production and
ultimately reaches consumers through our restaurant, franchise and
meal prep companies. Muscle Maker hired AGGIA, an international
agriculture consulting firm, to perform the day-to-day operations
of Sadot.
“Our first undertaking for Sadot is focused on
agricultural commodity shipping and trading,” said Mike Roper, CEO
of Muscle Maker, Inc. “We hired AGGIA to run the day-to-day
operations of Sadot. AGGIA’s experience and relationships in the
agricultural industry have proven critical in the performance of
Sadot to date. As part of our agreement with AGGIA and its key
performance metrics, AGGIA earned the right to nominate 2
additional members to the Muscle Maker board of directors. Just
last week, the company announced the addition of Hannah Oh and Ray
Shankar to the Muscle Maker board of directors effective March 1,
2023. We are very excited to bring on key members with knowledge
and experience in international and agricultural businesses.”
Sadot signed a service and operating agreement
with AGGIA (“AGGIA agreements”) on November 18, 2022. As part of
the AGGIA agreements, based on key performance metrics and subject
to shareholder approval, AGGIA can earn the right to nominate up to
8 additional members to the Muscle Maker board of directors. As per
the AGGIA agreements, AGGIA can nominate 2 new members upon Sadot
achieving $3.3 million in net income, 2 more members upon Sadot
achieving $6.6 million in net income and a final 3 new members upon
Sadot achieving $9.9 million in net income. AGGIA also will earn
shares of Muscle Maker common stock, based on net income generated,
at $1.5625 per share.
The complete AGGIA agreements can be viewed in
our 8K filing posted on November 18, 2022.
The preliminary, unaudited financial results
included in this press release are based on information available
as of January 31, 2023, 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 Inc.
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 by
direct-to-consumer ready-made meal prep options. Brands include
Muscle Maker Grill Restaurants, Pokemoto Hawaiian Poke and SuperFit
Foods meal prep. The 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.
About Sadot,
LLC
Sadot is a wholly owned subsidiary of Muscle
Maker, Inc. Sadot’s goal is to create a comprehensive , global food
company that stretches from sustainable farming, agricultural
commodity shipping and trading, distribution, production and
ultimately reaches consumers through our restaurant, franchise and
meal prep companies. Sadot currently focuses on international
agricultural commodity shipping and trading for items such as
soybean meal, wheat and corn. Shipments are via commercial cargo
ships that can range between 25,000 to 75,000 metric tons.
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 Marketingmarketing@musclemakergrill.com
Investor Relations:IR@musclemakergrill.com
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