Business
Muscle Maker Inc. (Nasdaq: GRIL) Crosses $200 Million Revenue Milestone in First 3 months of Operation of New Subsidiary, Sadot LLC
Sadot Exceeded Initial $3.3 Million Net Income Performance Milestone (Unaudited) as of December 31, 2022 Milestone Triggered Appointment of Two New Board
About this update from Sadot Group Inc.
[{"type":"text","content":"Sadot Exceeded Initial $3.3 Million Net Income Performance Milestone (Unaudited) as of December 31, 2022 Milestone Triggered Appointment of Two New Board Members Effective March 1, 2023 – Hannah Oh, Ray Shankar Forth Worth, Texas, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Muscle Maker, Inc. (Nasdaq: GRIL), (“the Company”), today announced its new wholly owned subsidiary, Sadot LLC (“Sadot”), has crossed the $200 million revenue milestone in its first 3 months of operation. Sadot generated $58,517,750 in revenue in January 2023. Sadot, in its first three months of operation, has now generated $209,103,394 in total revenue for Muscle Maker, Inc. With over $200 million in revenue in only 90 days, the Sadot diversification strategy and its management and guidance by AGGIA is proving to have a positive impact on Muscle Maker overall. AGGIA has performed and earned the right to nominate two additional board members to Muscle Maker upon exceeding $3.3 million in net income as per the performance metrics posted in the November 18, 2022 8K filing of the AGGIA service and operating agreements. As part of its new diversification strategy, Muscle Maker formed Sadot LLC with a goal of launching Muscle Maker into a new era of growth by creating a comprehensive, global food company that stretches from sustainable farming, agricultural commodity shipping and trading, distribution, production and ultimately reaches consumers through our restaurant, franchise and meal prep companies. Muscle Maker hired AGGIA, an international agriculture consulting firm, to perform the day-to-day operations of Sadot. “Our first undertaking for Sadot is focused on agricultural commodity shipping and trading,” said Mike Roper, CEO of Muscle Maker, Inc. “We hired AGGIA to run the day-to-day operations of Sadot. AGGIA’s experience and relationships in the agricultural industry have proven critical in the performance of Sadot to date. As part of our agreement with AGGIA and its key performance metrics, AGGIA earned the right to nominate 2 additional members to the Muscle Maker board of directors. Just last week, the company announced the addition of Hannah Oh and Ray Shankar to the Muscle Maker board of directors effective March 1, 2023. We are very excited to bring on key members with knowledge and experience in international and agricultural businesses.” Sadot signed a serv...