PLAINVIEW, NY, Feb. 16, 2021 (GLOBE NEWSWIRE) — via NewMediaWire — Italian Food & Beverage Corp. (OTC- IFBC): IFBC is nearing completion of the first round of its stock retirement and cancellation program, which has been in progress for the last 8 quarters.
A total of 2,491,000 B Preferred shares convertible into 249 million of Common have been retired and cancelled. This total amount of stock has been retired and cancelled from the books of the company; an additional 16 million shares of the outstanding Common shares have also followed suit this week.
Mr. Dino Luzzi, Chairman of IFBC, reiterating his intention to increase the company’s shareholder value, stated, “It is our singular goal to continue with this program through, at the very least, the first quarter of 2021 and beyond.”
The company’s revenues have been impacted by the Covid-19 pandemic, yet during this challenging period, IFBC’s Management has vigorously, persistently, and successfully pursued the acquisition of new customer bases for purposes of increasing its already growing market share. According to Mr. Dino Luzzi, IFBC Chairman, rather than passively waiting for Covid-19 to subside, the company will continue with these proactive efforts to allow IFBC “to hit the ground running when the world finally returns to normal.”
The company’s Energy Drink marketing campaign, which was launched in May of 2020, during the apex of the pandemic, has successfully yielded many new customers and retail outlets in Upstate New York, and throughout New Jersey, Connecticut and Virginia. The promising results of this campaign strongly indicate that the quality and taste of the Energy Drink have sufficiently impressed a significant number of prospective customers and vendors, who, by reason of their new-found familiarity with the product, will be ready, able, and willing to buy, thus enabling IFBC to continue to penetrate new markets. Moreover, IFBC continues to make progress in the e-commerce sector. The Energy Drink is available online with Free Shipping at
During the commercial doldrums of this pandemic, Mr. Luzzi has managed to reinforce those strong endorsement relationships which the company has enjoyed over the years, as well as forge new ones. For example, IFBC has received the fervent endorsements of Piercarlo Riscasoli, the Italian Kite Wave Champion, and Bobby and Dom Lagana, NHRA racing champions, who were the very first major stars to lend their loyal support to the company. Several new endorsers have been on-boarded as well, namely, Michael D’Orlando, the 18-year-old race car driving prodigy, Fulvio Foschi, the young, up and coming motocross racing star, and Renaldo Snipes, the renowned, retired professional boxer.
Dino Luzzi, Chairman, waxes positively of the current challenges attendant to Covid-19. He stated, “Why should IFBC curse the darkness of Covid-19 when it could like a candle?” This uplifting sentiment is reflected most vividly through IFBC’s determined and on-going efforts to grow the business during this dark age via the cultivation of new relationships, preservation of the existing goodwill, the exploration of new and untapped markets, and the strengthening of those bonds with loyal and devoted supporters, such as those with Dom Lagana, who, like the rest of us, will overcome whatever of life’s reversals we must endure, Covid-19 or otherwise, now, and in the future.
Forward Looking Statements This release contains “forward-looking statements” and information provided by Italian Food & Beverage Corp. such as online, printed documents, publications or information available via its website. It may contain certain forward-looking statements that involve risks, uncertainties, assumptions and other factors, which, if they do not materialize or prove correct, could cause the Company’s results to differ materially from historical results, or those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. These statements may also include plans, strategies and objectives of management for future operations; any statements regarding proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statements of assumptions underlying any of the foregoing. There can be no assurance that the negotiations being considered by the letter of intent will be completed.