Successful Market Test with H.T. Hackney, Which Services Over 20,000 East Coast Retail Locations, Presents Significant Food Service Opportunity in Market Spanning 300,000 Locations Nationwide
EAST RUTHERFORD, NJ, Aug. 04, 2022 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (NASDAQ: MMMB), which strives to become the largest marketer and distributor of fresh, clean and easy to prepare foods, today announced that it has secured a market test with H.T. Hackney Company (“Hackney”), one of the largest wholesale distributors in the United States, for branded MamaMancini’s The Original Meatballs in a Cup™ (“Meatballs in a Cup”) and four branded Meals for One products in 47 select locations.
H.T. Hackney services over 20,000 retail locations and stocks over 30,000 products with strategically located distribution centers, creating a 22-state distribution network in the Eastern United States. Retailers serviced by Hackney include convenience stores, drug stores, travel centers and small grocery stores. For over 100 years, Hackney has made it their business to provide customers with everything they need from one reliable source.
The market test will include Meatballs in a Cup as well as four ready to heat Meals for One at 47 “Twice Daily” convenience stores in Tennessee, which focuses on fresh quality food and beverage products. The new test placements are expected to begin shipping in September 2022.
“Distribution with Hackney’s family of retail food service partners is a highly promising milestone in MamaMancini’s growing food service vertical,” said Carl Wolf, Chief Executive Officer of MamaMancini’s. “With over 20,000 locations, a successful test could position us for placement in thousands of Hackney’s customer locations throughout the Eastern United States.
“We hope this order represents our initial foothold into the estimated 300,000 convenience store, small grocer retailer, delicatessen, sandwich shop and comparable retail outlet market. The market size in food service is significant, with the aforementioned figure not including opportunities in other aspects of food service such as colleges and universities, corporate dining, travel hubs, stadiums, large group meetings and fast food. We believe we can expand our food service products, such as our branded Meatballs in a Cup and Meals for One into traditional supermarket chains and club stores as well, with grab-n-go food offerings increasing in popularity.
“We are highly focused on expanding our product line in the food service vertical to complement our significant nationwide presence in tier-1 nationwide retailers, which could potentially represent a doubling of our total addressable market. Combined with our growth strategy targeting large, national retailers with our expanded portfolio of products, we believe food service represents the next large growth opportunity to scale our nationwide footprint as we continue to build sustainable, long-term value for our shareholders,” concluded Wolf.
About MamaMancini’s Holdings, Inc.
MamaMancini's Holdings, Inc. (NASDAQ: MMMB) strives to become the largest marketer and distributor of fresh, clean, easy to prepare foods in North America. MamaMancini’s broad product portfolio consists of meatballs, meatloaf, sausages and pasta bowls with beef, turkey, chicken and pork varieties – as well as an assortment of chicken-based dishes, olives, savory products and salads through its T&L Creative Salads and Olive Branch subsidiaries. The Company owns a 24% interest in Chef Inspirational Foods, an innovative sales and marketing company that specializes in the prepared foods category. The Company’s products are sold in over 45,000 locations nationwide, including at regional delis and well-known retailers such as Sam’s Club, ALDI Markets, Schnuck Markets, Whole Foods, Publix, ShopRite, Stop & Shop, Costco and Albertsons – as well as through national distributors such as Sysco and United Natural Foods. The Company also maintains a direct-to-consumer presence on QVC. For more information, please visit www.mamamancinis.com.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2022 and other filings made by the Company with the Securities and Exchange Commission.