Innovative Food Holdings Purchases Property And Facility In Bonita Springs And Announces New Commercial Banking Relationship.
NAPLES, Fla., March 14, 2013 /PRNewswire/ -- Innovative Food Holdings, Inc. (OTCQB: IVFH) is pleased to announce that it has purchased an office and warehouse building in Bonita Springs, Florida which will serve as the headquarters for Innovative Food Holdings and its subsidiaries. The building was built in 2007 utilizing high quality construction and offers a variety of high efficiency operational features including state of the art technology and security throughout the building. The property includes 1.1 acres of land and close to 10,000 square feet of combined office and warehouse space and was purchased as part of a bank short sale.
As part of the transaction, Innovative Food Holdings has entered into a banking relationship with Fifth Third Bank through which Fifth Third Bank will be providing financing for approximately 70% of the purchase price of the building. In addition, discussions are ongoing with Fifth Third Bank to further expand Innovative Food Holdings' banking relationship with the bank.
Justin Wiernasz, President of Innovative Food Holdings, commented, "We had been seeking a suitable location to expand our business and we are excited to have found a location which is both in an attractive real estate area and meets our growing needs. The additional warehouse space and office space provides Innovative Food Holdings with additional flexibility and space at a lower ongoing monthly cash outlay than our current rented location. We plan on relocating the company to the new headquarters towards the middle of 2013."
Sam Klepfish, CEO of Innovative Food Holdings, further noted, "I wish to congratulate our team on a job well done in all areas of this transaction. Furthermore, we are delighted to enter into a banking relationship with one of the premier baking institutions in the United States and we look forward to working on expanding that relationship."Tim Reiter, Vice President of Fifth Third Bank, commented on the transaction, "We are excited to enter into a business relationship with a fast growing company like Innovative Food Holdings. We were truly impressed by Innovative Food Holdings' vision and strategy for their business and look forward to working with Innovative Food Holdings as they continue to grow their business." About Innovative Food Holdings
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