NEW YORK, Nov. 21, 2017 /PRNewswire/ -- First Foods Group, Inc. (OTCQB: FIFG) has released the following update from its CEO and Chairman, Harold Kestenbaum:
"For the past eight months, First Foods Group has worked tirelessly on putting forth a strong business model, executive team and capitalization structure to enhance our shareholders' long-term interests. Today I can report enormous strides toward achieving these goals."
"First, I'm pleased to report First Foods Group has recently developed a rapidly growing revenue stream that already has produced impressive returns for our shareholders. On October 19, 2017, the 1st Foods Funding Division was launched with our Board directing $98,795 into a variety of merchant advances. A merchant advance is a short-term cash advance made to a business in exchange for an agreed-upon amount of future sales, paid by the business in small, regular daily payments."
"As of today, just one month from the initial funding date, our Company has received a total of $24,245 from the merchants we assisted, which is more than 24.54% of the original amount dedicated to the Division. Currently, $135,789 is due from 16 different merchants over the next 6 months. Our CFO, Mark Keeley, is the head of 1st Foods Funding and obtained all the start-up capital for this Division. Mark will continue to direct purchases of additional advances, and oversee acquiring significant new funds for the Company using this model."
"I'm also happy to report our recently incorporated Holy Cacao subsidiary has been funded and has commenced operations. Holy Cacao is marketing premium chocolate products created and packaged by Holy Cacao consultant, Oded Brenner, founder of "Max Brenner, Chocolate by the Bald Man (*)," for the legal cannabis sector. Brenner's design, marketing and culinary artistry were behind the worldwide success of the Max Brenner brand."
"Rob Hunt is leading Holy Cacao's efforts to gain traction in legalized states. Rob is one of the most knowledgeable, connected, and sought-after experts in the entire cannabis industry. He has already introduced our unique product line to some of the largest players in the edibles sector, all of whom showing interest in our brand. Rob is now negotiating manufacturing and distribution deals, anticipating product launch in first quarter, 2018."
"As of today, First Foods Group has been primarily self-funded, a rarity for a young public entity. Members of our Board of Directors have contributed their own capital to launch our current operations. That is the majority of capital that has been deployed by our Company to date."
"This is why there are still less than 16 million shares outstanding and very little debt on our books. This is also the reason I believe our shareholders should have great confidence in the foundation we have built and the sustainability of earnings power and rapid growth we've only just begun to create."
(*) "MAX BRENNER Chocolate by the Bald Man" is a registered trademark owned by the owners of Max Brenner Chocolates.
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SOURCE First Foods Group, Inc.