Innovative Food Holdings Announces Acquisition of Golden Organics Inc. in Recent Transaction

Innovative Food Holdings, Inc., a Florida corporation, has successfully completed the acquisition of Golden Organics, Inc., a Colorado corporation, as outlined in an asset purchase agreement dated October 14, 2024. The acquisition involved the purchase of a significant portion of the properties, business, and assets of Golden Organics, primarily engaged in wholesaling bulk organic ingredients and other related food products. Innovative Food Holdings has also taken on certain liabilities and obligations of Golden Organics as part of this transaction.

The transaction, which concluded on November 18, 2024, saw Innovative Food Holdings pay an aggregate purchase price of $1,580,000. This sum includes a cash payment of $1,230,000 made at the closing of the transaction, alongside a promissory note of $350,000 to be paid to Golden Organics. The promissory note, carrying an interest rate of six percent per annum, is to be repaid over a term of sixty months in equal monthly installments, with the initial payment scheduled for one month post-closing.

Following the successful completion of the transaction, Innovative Food Holdings issued a press release on November 21, 2024, announcing the closing of the Golden Organics acquisition. The press release detailing this strategic move is accessible as Exhibit 99.1 in the Current Report on Form 8-K filed by the company and is available for reference.

With this recent acquisition, Innovative Food Holdings continues to expand its presence and offerings in the organic ingredients and food products market. The company’s proactive approach towards growth and diversification is evident through this latest strategic initiative.

This press release contains forward-looking statements that are based on management’s current expectations, estimates, forecasts, and projections about Innovative Food Holdings’ industry, management beliefs, and certain assumptions made by the company. These statements are subject to risks and uncertainties, and readers are advised not to place undue reliance on these forward-looking statements.

For further details and specifics regarding the acquisition of Golden Organics Inc., interested parties may refer to the full report on Form 8-K filed by Innovative Food Holdings with the Securities and Exchange Commission (SEC).

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Innovative Food’s 8K filing here.

Innovative Food Company Profile

Innovative Food Holdings, Inc, through its subsidiaries, distributes specialty food and food related products to restaurants, hotels, country clubs, national chain accounts, casinos, hospitals, and catering houses in the United States. The company distributes perishable and specialty food and food related products, including origin-specific seafood, domestic and imported meats, exotic game and poultry, artisanal cheeses, freshly prepared meals, caviar, wild and cultivated mushrooms, micro-greens, organic farmed and manufactured food products, estate-bottled olive oils and aged vinegars, and curated food gift baskets and gift boxes, as well as a full range of food subscription based offerings.