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SANTA ANA, Calif.,
May 1, 2013 /PRNewswire/ -- Latteno Food Corp. (OTCPink: LATF) issues an operational update on the implementation of its recently announced enhanced business plan and new strategic direction that included a corporate-wide re-branding and the commencement of its pioneering expansion into the exploding new marketplace of medical marijuana and cannabis edibles; as well as the lucrative fresh seafood importation business.
The Company has moved quickly with the implementation of its new initiatives through strategic acquisitions, innovative development projects and tactical licensing arrangements and has substantially grown and strengthened its revenue projections and asset valuation.
Highlights:Jan. 10, 2013 - New Board and Officers announced a New Business Plan that called for acquisitions and growth in the Medical Marijuana Industry which is currently estimated to be a
$1.7 - $2.0 Billion and according to some estimates could be as large
$46.2 billion if cannabis were legalized nationally. In addition to current operations, the Company anticipated acquisition of new operations adding over
$2,100,000 to the company's growth plan.
Feb. 14, 2013 - Announced that, based on the submission to OTC Markets of the required Initial Company Information and Disclosure Statement and its Initial Financial Disclosure dated
December 31, 2012, together with the stipulated Legal Opinion Letter, it has been upgraded by OTC Markets to the highest trading status of "Current Information". By meeting the OTC Markets Group Guidelines for Providing Current Information guidelines, the Company will now be designated by OTC Pink Current Information. And as further evidence of its commitment to eventually becoming a fully reporting entity, the Company has brought its status with the
State of Delaware to the Active current level through the completion of the required State filings and fees; and has filed the required Form 15 with the Securities Exchange Commission.
Feb. 27, 2013- Based on new Business Plan that calls for acquisitions and growth in the Medical Marijuana Industry. In addition to its current operations and prior acquisitions, the Company has formed new partnerships with various medical marijuana dispensaries and edibles that may transform into strategic and acquisition candidates. Management scheduled several site visits and meetings with potential joint venture and acquisition candidates moving forward plans and strategies on how they could fit into the new strategic model.
March 20, 2013 - Announced the signing of LOIs to acquire
California-based licensing dispensaries and other food-related businesses. In addition to the medical marijuana edibles business, the company is also branching into the high demand/fast growth market of importing fresh seafood from exclusive distributors in
Southeast Asia. Plans for the current year call for a forecasted revenue of at least
$10,000,000 by year end 2015 which we'll be able to achieve by executing a two-prong strategy of both US and international expansion. The three primary drivers of shareholders value in the growth strategy:
1. Revenue Growth: With 1-2 planned acquisitions in the next 30-60 days, we'll be on our way to achieve our targeted revenue of
$2,500,000 by the end of this year.
2. Cash Flow Growth: Maintain profit margins to ensure cash balance is strong in preparation for future partnership and acquisition deals.