Business
Muscle Maker Inc. Appoints Two Additional Board Members as Newly-Formed Subsidiary, Sadot LLC, Surpasses the $6.6 Million Net Income Milestone
Continuing Transformation from a Consumer-Focused Restaurant Company into a Global, Food-Focused Organization Drives Income GrowthFORT WORTH, TX / ACCESSWIRE
About this update from Sadot Group Inc.
[{"type":"text","content":"Continuing Transformation from a Consumer-Focused Restaurant Company into a Global, Food-Focused Organization Drives Income GrowthFORT WORTH, TX / ACCESSWIRE / April 11, 2023 / Muscle Maker, Inc. (MMI), the \"Company\" (NASDAQ:GRIL), today announced the appointment of Mr. Paul Sansom and Mr. Marvin Yeo to its Board of Directors, effective April 10, 2023.As disclosed in an 8K filing on November 18, 2022, MMI and its wholly-owned subsidiary, Sadot LLC, entered into a service agreement whereby Sadot engaged Aggia LLC FZ to perform services related to the purchase of and sale of physical food commodities. Upon Sadot generating certain net income targets, Aggia has the right to nominate up to eight directors and would be issued shares of common stock. Based on successfully meeting previous income targets, Aggia has already appointed two Directors to the MMI board as well as an initial director upon execution of the agreement between MMI, Sadot and Aggia. With the addition of Mr. Sansom and Mr. Yeo, Aggia will have appointed five of the eight board members outlined in the Services Agreement. Upon generating an additional $3.3 Million dollars of net income, Aggia will nominate their remaining three board members. The complete Aggia agreements can be viewed in our 8K filing posted on November 18, 2022.Paul Sansom is an international C level executive with a proven track record of delivering increased shareholder value in blue chip businesses, including PepsiCo and BMW, and Operational Partner positions within Private Equity Funds. His experience spans different industries and markets within Europe, Middle East and US. He is a UK Chartered Management Accountant, holds a BA (Hons) in Economics from City of London and is a qualified UK Corporate Treasurer.Marvin Yeo has a diverse range of experience in corporate finance, M&A and private equity spanning over two decades, working in various senior positions in reputable organizations such as Golden Rock Capital, the Asian Development Bank, Barclays Capital, and Nomura International. He has also been an F&B entrepreneur and taught postgraduate finance, after starting his career as an Engineer. Mr. Yeo holds a Bachelor of Engineering (Hons) degree from Monash University, an MBA from INSEAD, and is a Chartered Financial Analyst (CFA).MMI CEO, Mike Roper, said, \"We are thrilled to have Paul and...