NAPLES, Fla., Jan. 7, 2009 (GLOBE NEWSWIRE) -- Today, Innovative Food Holdings, Inc. (OTCBB:IVFH) announced that it has extended the due dates of its senior secured notes and the restructuring of obligations to its largest institutional investors. As part of the restructuring, the due dates of all of the company's senior secured notes were extended for varying periods up to a year. In addition, the company has agreed to settle additional obligations to its largest investors through the issuance of new notes. As of the close of the company's last fiscal quarter, September 30, 2008, the additional obligations totaled $771,956 and the company and the investors agreed to issue new notes in the aggregate amount of $328,744 to fully satisfy that obligation. This represents approximately a 57% discount to the dollar value of the obligation.
Mr. Sam Klepfish, CEO of Innovative Food Holdings, noted, "We are pleased to have further improved our balance sheet by these actions. We are especially pleased by our ability to negotiate a retirement of debt at a significant discount. We are committed to building value for all our shareholders and we believe that an improved balance sheet further positions the company for growth as we continue to pursue additional opportunities."
Innovative Food Holdings, Inc. provides the highest quality gourmet food products to professional chefs throughout the United States. To learn more, visit Food Innovations Inc. website at www.foodinno.com.
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the "Company") that are based on the beliefs of the company's management, as well as assumptions made by and information currently available to the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, or expected. The Company does not intend to update these forward-looking statements.