Sentinel Holdings LTD

2021 Gross Profit Increased 45% to Record $4.9 Million

LOS ANGELES, CA / May 2, 2022 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (“Pacific Ventures” or the “Company”), a consumer-centric holding company specializing in the distribution of food, beverage and alcohol-related products, provided financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter and Full Year 2021 Financial Highlights

• Revenues in 2021 increased 39% to a record $42.0 million, compared to $30.2 million in 2020. Revenues in the fourth quarter of 2021 increased 58% to a record $11.5 million, compared to $7.3 million in the same year-ago quarter.
• Gross profit in 2021 increased 45% to a record $4.9 million, compared to $3.4 million in 2020. Gross profit in the fourth quarter of 2021 increased 55% to $1.3 million, compared to $0.9 million in the same year-ago quarter.
• Gross profit margin was 11.6% in 2021, representing an improvement of 45 bps from 2020.

Management Commentary

“Our record revenues of $42 million in 2021 were directly attributed to our ability to meet increased demand from our existing customers while growing our sales channels,” said Shannon Masjedi, President and CEO of Pacific Ventures Group. “The strategic steps that we have taken to create efficiencies in our operating segments have positioned our company for continued expansion into 2022, with the restaurant sector now having fully recovered from pre-pandemic sales volumes. As we look forward, we are focused on leveraging cutting-edge technology to optimize processing, production, and distribution while realizing cross-selling synergies across our businesses. We are also continuing to employ an opportunistic approach to our growth strategy and maintain a robust pipeline of attractive acquisition candidates. I would like to thank our loyal customers and employees for their dedication as we work diligently to become a leading food and beverage distributor and ultimately create sustainable, long-term value for our stakeholders.”

Fourth Quarter and Full Year 2021 Financial Results

Revenues in 2021 increased 39% to $42.0 million, compared to $30.2 million in 2020. Revenues in the fourth quarter of 2021 increased 58% to $11.5 million, compared to $7.3 million in the same year-ago quarter. The significant increase in revenue was primarily the result of marked increase in demand for our products.

Gross profit in 2021 increased 45% to a record $4.9 million, compared to $3.4 million in 2020. Gross profit in the fourth quarter of 2021 increased 55% to $1.3 million, as compared to $0.9 million in the same year-ago quarter. The increase in gross profit margins was primarily due to decreased cost of goods sold per dollar of revenue earned.

Operating expenses in 2021 were $8.3 million in 2021, as compared to $7.0 million in 2020. Operating expenses in the fourth quarter of 2021 were $2.1 million, as compared to $1.9 million in the same year-ago quarter. The increase in operating expense was primarily driven by increased SG&A, marketing fees and professional fees in 2021.

Net loss in 2021 improved to $5.6 million, or $(0.18) per share, as compared to net loss of $5.7 million, or $(0.35) per share in 2020. Net loss in the fourth quarter of 2021 improved to $1.0 million, as compared to a net loss of $2.0 million in the same year-ago quarter.

The full text of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 was filed with the SEC on April 11, 2022 and can be found here.

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC:PACV) is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of operating subsidiaries, Pacific Ventures delivers specialty groceries, top quality proteins and produce, and innovative products to consumers through wholesale, retail, and direct-to-consumer channels. For more information on Pacific Ventures Group, please visit www.pacvgroup.com.

Forward Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Relations Contact:
Brooks Hamilton
MZ Group – MZ North America
(949) 546-6326
PACV@mzgroup.us
www.mzgroup.us

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
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LOS ANGELES, CA / February 15, 2022 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (“Pacific Ventures” or the “Company”), a consumer-centric holding company specializing in the distribution of food, beverage and alcohol-related products, has engaged international investor relations specialists MZ Group (“MZ”) to lead a comprehensive strategic investor relations and financial communications program across all key markets.

MZ Group will work closely with Pacific Ventures management to develop and implement a comprehensive capital markets strategy designed to increase the Company’s visibility throughout the investment community. The campaign will highlight how Pacific Ventures is rapidly gaining market share among food and beverage distributors by leveraging its diverse portfolio of operating subsidiaries to service increasing demand and evolving preferences from consumers.

MZ has developed a distinguished reputation as a premier resource for institutional investors, brokers, analysts and private investors and maintains offices worldwide.

Brooks Hamilton, Senior Vice President at MZ North America, will advise Pacific Ventures in all facets of investor relations including the coordination of roadshows and investment conferences across key markets and building brand awareness with financial and social media outlets.

Ted Haberfield, Chairman & President of MZ Group North America, commented: “Pacific Ventures’ year-over-year revenue growth of 33% to $30.5 million in the first nine months of 2021 indicates quick service restaurants, fine dining, entertainment venues are quickly rebuilding to pre-pandemic levels. Notably, this growth is exceeding the National Restaurant Association’s 2021 projection for the restaurant and foodservice industry to rise 19.7% from 2020. With rising food costs remaining one of the top challenges, over the past year and a half Pacific Ventures has centralized operations, expanded sourcing and increased production capacity to enhance its positioning. Operational improvements and modernization are improving efficiencies with redesigned production lines and new capital equipment, and the purchase of new trucks has doubled its sales territory. This creates untapped value which presents an exciting opportunity, and we are look forward to sharing this with our network of institutional, family offices and retail investors.”

Brooks Hamilton added: “Pacific Ventures’ growth has been driven by its continued outstanding customer service and timely expansion plans across its portfolio of select assets. Since its acquisition of San Diego Farmers Outlet, a company started over thirty-five years ago to provide primarily restaurant customers in Southern California with quality food and produce, new customer accounts and a broadened selection have continued to drive sales growth while simultaneously reducing operating expenses. Seaport Meat Company, the Company’s most recently acquired asset, has over thirty years in business servicing restaurant, retail, and institutional customers in the Southwest region with its USDA-licensed meat processing plant that supplies quality meats, seafood, dry goods, dairy and produce. The upcoming launch of SeaportSteak.com, a direct-to-consumer website for delivery of high-quality meat, will enable the company to be competitive in the online meat distribution space due to Seaport Meat being a direct source of meat, while driving margin and profit growth for the Company. Pacific Ventures’ SnöBar brand carries alcohol infused popsicles and ice cream that replicate the distinct flavor and experience of the traditional cocktails, and the Company is leveraging its first mover advantage in this unique new product category. We look forward to working with management to communicate the immense value proposition Pacific Ventures represents based on its increasing revenue and gross margin profiles.”

“Following our momentum in 2021 and increasing demand from our customers, we are highly focused on our executing across our operational expansion plans for 2022,” said Shannon Masjedi, President and CEO of Pacific Ventures Group. “Our growth is expected to be driven by cross selling revenue enhancement strategies in which broader offerings lead to more sales to current customers and greater profit per stop. We expect organic growth to continue through the measures we’ve taken to service additional business from existing and new customers, such as redesigning production lines and realizing various synergies across our operating subsidiaries. Looking ahead, we are aggressively qualifying our pipeline of targets and evaluating new potential acquisitions of successful lifestyle businesses. We look forward to working with Brooks and the entire team at MZ Group to communicate our unique positioning for capitalizing on evolving consumer trends within the food and beverage industry, and building long-term value for our shareholders.”

For more information on Pacific Ventures, please visit the Company’s website at www.pacvgroup.com. To schedule a conference call with management, please email your request to PACV@mzgroup.us or call Brooks Hamilton at 949-546-6326.

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC PINK:PACV) is a consumer-centric distribution company focused on food, beverage, and alcohol-related products. Through its portfolio of operating subsidiaries, Pacific Ventures delivers specialty groceries, top quality proteins and produce, and innovative products to consumers through wholesale, retail, and direct-to-consumer channels. For more information on Pacific Ventures Group, please visit www.pacvgroup.com.

About MZ Group

MZ North America is the US division of MZ Group, a global investor relations and corporate communications leader. MZ North America was founded in 1996 and provides full scale Investor Relations to both private and public companies across all industries. Supported by an exclusive one-stop-shop approach, MZ works with top management to support its clients’ business strategies via integrated product and service categories: 1) IR Consulting & Outreach – full service investor relations and roadshow services; 2) IPO Advisory & SPAC IR – preparation for the Pre-IPO journey and leading sponsor/target companies through the SPAC business combination; 3) Public Relations – targeted campaigns and broad media outreach; 4) ESG iQ & Advisory – reporting technology platform and ESG guidance; 5) Market Intelligence – real time ownership monitoring; 6) Technology Solutions – websites, webcasting, conference calls, distribution services and board portals. MZ has a global footprint with offices located in New York, Chicago, San Diego, Aliso Viejo, Austin, Minneapolis, Taipei and São Paulo. For more information, please visit www.mzgroup.us.

Forward Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Relations Contact:
Brooks Hamilton
Senior Vice President
MZ Group – MZ North America
(949) 546-6326
PACV@mzgroup.us
www.mzgroup.us

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/688745/Pacific-Ventures-Group-Engages-MZ-Group-to-Lead-Strategic-Investor-Relations-and-Shareholder-Communication-Program

Significant year-over-year revenue growth of 33% to $30.5 million

Los Angeles CA, Nov. 16, 2021 — Pacific Ventures Group, Inc. (“Pacific Ventures“) (OTC PINK: PACV), today reported financial results for the third quarter, ended September 30, 2021.

Third Quarter 2021 Financial Highlights:

• Gross revenues for the first nine months of 2021 increased 33% to $30.5 million, compared to $22.9 million in the first nine months of 2020. The significant increase in revenue was primarily the result of marked increase in demand for our products.
• Gross profit increased 40% to $3.5 million, compared to $2.5 million in the first three quarters of 2020. Gross profit margins for the nine months were 11.6%, in 2021 compared to 10.9% one year ago. The increase in margins was primarily due to decreased cost of goods sold per dollar of revenue earned.
• Operating expenses were $6.1 million for the nine months ended September 30, 2021, compared to $5.1 million in the first nine months of 2020. The increase in operating expense was primarily driven by increased SG&A, marketing fees and professional fees in 2021.
• Net loss was $4.5 million, or $0.15 per share for the first nine months of 2021, as compared to a net loss of $3.9 million, or $0.56 per share in the first nine months of 2020.
• Cash and cash equivalents were $0.5 million as of September 30, 2021.

CEO, Shannon Masjedi, stated “Our year over year revenue increased significantly for the first nine months of 2021 as compared to 2020. While we attribute part of this growth to a temporary slowdown in 2020 in sales as a result of COVID-19, we also look to increased sales as a result of our continued hard work and increase in opportunities in 2021.

ABOUT PACIFIC VENTURES, INC.

Pacific Ventures Group, Inc. (OTC PINK:PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements.” Such statements may be preceded by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control, and cannot be predicted or quantified and consequently, actual results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) market acceptance of our existing and new products, (ii) delays in bringing products to key markets, (iii) an inability to secure regulatory approvals for the ability to sell our products in certain markets, (iv) intense competition in the industry from much larger, multinational companies, (v) product liability claims, (vi) product malfunctions, (vii) our limited manufacturing capabilities and reliance on subcontractors for assistance, (viii) our efforts to successfully obtain and maintain intellectual property protection covering our products, which may not be successful, (ix) our reliance on single suppliers for certain product components, (x) the fact that we will need to raise additional capital to meet our business requirements in the future and that such capital raising may be costly, dilutive or difficult to obtain and (xi) the fact that we conduct business in multiple foreign jurisdictions, exposing us to foreign currency exchange rate fluctuations, logistical and communications challenges, burdens and costs of compliance with foreign laws and political and economic instability in each jurisdiction. More detailed information about the Company and the risk factors that may affect the realization of forward looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise.

Investor Relations Contact:

ir@pacvgroup.com

Source: Pacific Ventures Group, Inc.

Outstanding Customer Service Continues to Accelerate Revenue

LOS ANGELES, CA / October 12, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce that the Company generated $3.8 million revenue in the month of August 2021. This 54% growth over August 2020 is due to both new and existing customers increasing their orders.

Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “This 54% growth to $3.8 million revenue for August was drive by our continued outstanding customer service and timely expansion plans, as were well-positioned to take advantage of increased demand from our customers. For example, Petco Park returned to sizable crowds to watch the San Diego Padres finish out their baseball season. We are very pleased with our performance as we continue to outpace our internal forecasts.”

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC:PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Investors Contact:

ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/667603/Pacific-Ventures-Group-Announces-54-Revenue-Growth-to-38-Million-for-August-2021

Direct-to-Consumer Website Delivery of High-Quality Meat

LOS ANGELES, CA / September 21, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce its plans to launch SeaportSteak.com, a direct-to-consumer website for delivery of high-quality meat.

The Company expects to launch SeaportSteak.com in early 2022, utilizing its existing supply chain and direct access to meat.

Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “We look forward to this expansion of our business to offer the Best Meats at the Best Prices, as we are able to utilize our existing infrastructure, supply chain and direct access to the best meats. It’s a natural extension for us to utilize technology as an online platform to sell our high-quality restaurant-quality meats directly to consumers. This addition to our strategy will increase our margins and net profit since we are the direct source for the meat.

SeaportSteak is getting in on the ground floor for food companies entering into the online technology world providing meats direct to consumers. What sets SeaportSteak apart from others will be that Seaport Meat is a direct producer so it can provide the Best Meats at the Best Prices, as opposed to competitors such as ButcherBox, Crowd Cow and Omaha Steaks.

Stay tuned for the upcoming launch and specials.

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC PINK:PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the website dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Investors Contact:
ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/664919/Pacific-Ventures-Group-Announces-SeaportSteakcom

New and Existing Customers Continue to Increase Business

LOS ANGELES, CA / September 14, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, is pleased to announce that the Company generated $4.3 million revenue in the month of July 2021, a new monthly record for the Company. As California continued to lift restrictions and new and existing customers ramped up their business, the Company witnessed an increase in sales, as demonstrated by this 68% growth over July 2020.

Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “Once again our sales beat our internal projections and set a new monthly record for our Company. The expansion plans we have put in place, such as additional equipment lines and trucks, have enabled us to service the additional business by new and existing customers. This 68% growth to $4.3 million revenue for July represents a single month high record for our Company.”

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Investors Contact:
ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/663941/Pacific-Ventures-Group-Announces-Monthly-Record-Revenue-of-43-Million-for-July-2021-a-68-Increase-over-July-2020

Austin Willson | Yahoo Finance
Tue, September 7, 2021

From spiked ice cream to nonstandard cuts of beef and seafood, Pacific VenturesGroup (OTCMKTS: PACV) is looking to become a rising player in the food and beverage industry. With a leadership team that has a background in the industry, it has been repositioning itself through strategic acquisitions to compete with the likes of US Food Holdings Corp (NYSE: USFD) and Sysco (NYSE: SYY).

Making Their Moves

Starting in 2018, Pacific Ventures began to look for acquisition opportunities after completing a reverse merger with SnoBar, an adult desert line of alcohol-infused ice creams and ice pops, which remains one of its premier brands to this day. Eventually, Pacific Ventures found an opportunity in San Diego Farmers Outlet, a commercial restaurant supplier from Southern California.

This acquisition was followed by another in 2019 when Pacific Ventures bought a USDA meat processing and distribution plant, Seaport Meat Company, which supplies high-quality meats, seafood, dry goods and dairy products to a variety of customers spanning from retail to restaurants and even larger institutions.

Seaport Meat Company gave Pacific Ventures further diversification across not only new product lines but also market segments as well, presenting the opportunity to cross-sell customers. For example, adding produce sales to Seaport accounts alone added an extra $500 to $1,000 per day in new sales in early tests.

Post-Pandemic Growth

Cross-pollination across product lines and markets has given Pacific Ventures a strong position during the post-pandemic reopening. This translated into a 33% increase in revenue to $11.6 million, a 35% increase in gross profit and an increase in its gross margin to 11.7%. Clearly, Pacific Ventures is on the right track as its customers continue to reopen and increase their orders back to pre-pandemic levels.

Pacific Venture Group’s CEO Shannon Masjedi commented in a recent press release, “We witnessed an uptick in business during the quarter as more and more clients are coming back and increasing orders from previous levels, as Seaport takes market share from other suppliers.”

LOS ANGELES, CA / August 25, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products,today announced the Company’s financial results for the second quarter ended June 30, 2021 (“Q2 2021”).

Key Financial and Business Highlights During Q2 2021

• Revenue increased 33% to $11.6 million for Q2 2021
• Gross profit increased 35% to 1.4 million for Q2 2021
• Gross margin increased to 11.7% for Q2 2021
• Operating expenses as a percentage of revenue decreased to 18.1% for Q2 2021, reflecting increased efficiency in the business

Management Commentary

Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “We witnessed an uptick in business during the quarter as more and more clients are coming back and increasing orders from previous levels, as Seaport takes market share from other suppliers. We are thrilled with our second quarter 2021 results, as we reached our highest monthly revenues to-date. Restaurants are back on their way toward 100% capacity. Petco Park and County Fairs are back and ramping their business and capacities. Over the past year and a half, we have expanded our sourcing, increased our production capacity, improved our efficiencies and vastly enhanced our positioning in order to better serve existing and new customers as we return to normalcy.”

Financial Results for the Three Months Ended June 30, 2021:

• Revenue: For the three months ended June 30, 2021, revenue was $11.6 million, an increase of $2.9 million, or 33%, compared with $8.7 million for the three months ended June 30, 2020.
• Gross Profit: For the three months ended June 30, 2021, gross profit was $1.4 million, an increase of $0.4 million, or 35%, compared with $1.0 million for the three months ended June 30, 2020. The resulting gross margin was 11.7%, compared with 11.6% for the same quarter last year.
• Total Operating Expenses: For the three months ended June 30, 2021, total operating expenses were $2.1 million, an increase of $0.8 million, or 26%, compared with $1.3 million for the same quarter last year. Operating expenses as a percentage of revenue decreased to 18.1% from 19.2% for the quarter just ended, reflecting the Company’s focus on increasing revenue, reducing expenses, and performing more efficiently. Management believes this ratio will decrease going forward as revenues continue to grow at a higher rate than operating expenses.

Of note, $0.6 million of the Company’s operating expenses for the six months ended June 30, 2021, were non-cash expenses, including depreciation, amortization, and capitalized interest or penalty fees.

• Operating Loss: For the three months ended June 30, 2021, operating loss was $0.7 million, an increase of $0.1 million, compared with an operating loss of $0.7 million for the same quarter last year.
• Net Loss: For the three months ended June 30, 2021, net loss was $1.2 million, or ($0.06) per share, compared with a net loss of $1.1 million, or a net loss of ($0.94) per share, for the three months ended June 30, 2020.
• Cash: Cash and cash equivalents totaled $0.4 million as of June 30, 2021.

Financial Results for the Six Months Ended June 30, 2021:

• Revenue: For the six months ended June 30, 2021, revenue was $18.9 million, an increase of $3.5 million, or 22%, compared with $15.4 million for the same period last year.
• Gross Profit: For the six months ended June 30, 2021, gross profit was $2.2 million, an increase of $0.2 million, or 11%, compared with $2.0 million for the same period last year. The resulting gross margin was 11.9%, compared with 13.1% for the same period last year.
• Total Operating Expenses: For the six months ended June 30, 2021, total operating expenses were $3.7 million, an increase of $0.6 million, compared with $3.1 million for the same period last year. Operating expenses as a percentage of revenue decreased to 19.4% from 20.0% for the periods compared.

  Of note, $1.3 million of the Company’s operating expenses for the six months ended June 30, 2021, were non-cash expenses, including depreciation, amortization, and capitalized interest or penalty fees.

• Operating Loss: For the six months ended June 30, 2021, operating loss was $1.4 million, an increase of $0.3 million, compared with an operating loss of $1.1 million for the same period last year.
• Net Loss: For the six months ended June 30, 2021, net loss was $2.3 million, or ($0.13) per share, compared with $1.9 million, or ($1.63) per share, for the same period last year.

The Company filed its Form 10-Q on August 23, 2021, which can be viewed at:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0000882800/000149315221020941/form10-q.htm

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC PINK:PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Investors Contact:
ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/661257/Pacific-Ventures-Group-Announces-Record-Quarterly-Results-with-Revenue-Growth-of-33-to-116-Million-for-the-Second-Quarter-2021

Sales Continue to Ramp as Restrictions Lift in California

LOS ANGELES, CA / June 30, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage and alcohol-related products, announced today that the Company generated $3.6 million revenue in the month of April 2021. As California continued to lift restrictions, the Company witnessed an increase in sales, as demonstrated by this 91% growth over April 2020.

Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “We are thrilled with our April results, as we continue to see an increase in business as restrictions lift in California. Past customers returning and new customers accelerating their business are both contributing to the success. This 91% growth to $3.6 million revenue for April alone compares very favorably to the $2.7 million revenue in March 2021 and $7.3 million for the entire first quarter of 2021.”

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Investors Contact:

ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/653681/Pacific-Ventures-Groups-April-2021-Revenue-Expected-at-36-Million-a-91-Increase-over-April-2020

Sales Continue to Ramp as Restrictions Lift in California

LOS ANGELES, CA / May 20, 2021 / Pacific Ventures Group, Inc. (OTC PINK:PACV) (the “Company”), a food and beverage holding company specializing in the distribution of consumer food, beverage, meats, and alcohol-related products, announced today that its Seaport Meat Company (“Seaport”) division increased revenue by $0.76 million or 13% to $6.65 million for the three months ended March 31, 2021.

As California continues to lift restrictions, Seaport Meat Company is seeing an increase in sales. More and more clients are coming back and increasing orders from previous levels, as Seaport takes on new customers amid the pandemic.

Ms. Shannon Masjedi, Pacific Venture Group’s Chief Executive Officer, commented, “We are thrilled with our first quarter 2021 results, as we approach our highest monthly revenues to-date. Recently eased restrictions across California and specifically in San Diego County have spurred business activity. Restaurants are back to 50% indoor capacity, on their way toward 100%. Petco Park and County Fairs are back and ramping their business and capacities. We expect even greater growth of revenue as more and more restrictions are lifted. Over the past year and a half, we have expanded our sourcing, increased our production capacity, improved our efficiencies and vastly enhanced our positioning in order to better serve existing and new customers as we return to normalcy.”

Pacific Group Ventures, including San Diego Farmers Outlet, increased revenue by 8.35% for the three months ended March 31, 2021.

About Pacific Ventures Group, Inc.

Pacific Ventures Group, Inc. (OTC: PACV) is focused on expansion within the consumer products, food, beverage and alcohol-related industries. For more information on PACV, please visit www.pacvgroup.com. (You need to be at least 21 years of age (legal age to consume alcohol) to visit the section of the web site dedicated to SnöBar.)

Safe Harbor Statement

Forward-Looking Statement: This press release may contain certain 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, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include but are not limited to, the inability of the company to obtain financing sufficient to maintain its operations and execute its acquisition strategy; the inherent uncertainties associated with smaller reporting companies; and other risks detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission.

Investors Contact:

ir@pacvgroup.com

SOURCE: Pacific Ventures Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/648327/Pacific-Ventures-Groups-Seaport-Meat-Company-Reports-Revenue-Growth-of-13-for-the-First-Quarter-2021