TARRYTOWN, NY – Nov 22, 2021 – Nightfood Holdings, Inc. (OTCQB: NGTF), the better-for-you snack company addressing the $50 billion Americans spend annually on night snacks, has won the 2021 Real Caliifornia Milk Excelerator program. As the champion, Nightfood (NGTF) has secured the first place prize of $150,000 to invest in marketing support for the hotel launch of a new line of ice cream sandwiches.
- Nightfood Ice Cream is Available in over 1,500 Supermarkets, Including Walmart Regions, Divisions of Albertson’s and HEB, and Hundreds of Independent Grocery Stores.
- Net Revenue Growth Over 190% Year-Over-Year
- National Hotel Rollout Expected
- Company is one of Four Finalists in Real California Milk Excelerator Competition, Competing for $250,000 in Prizes
- Category Interest from Pepsi, Unilever, and Nestle
In pioneering the night snack category, NGTF has recently completed a successful pilot program with a leading global hotel chain which is expected to soon introduce Nightfood ice cream pints into hotel lobby shops across the country. Management expects other hotel chains to follow that lead, and has established a target of 7,500 hotel locations by summer. Widespread hotel distribution is expected to exponentially grow revenues, support and accelerate supermarket distribution, and advance consumer adoption of the night snack category.
In a 2019 Industry Study global consumer insights leader J.D. Power identified a major opportunity for hotels to win over their guests by delivering innovative solutions to support better sleep. They state, “Quality of sleep is one of the most important components of a hotel guest experience with the potential to drive overall satisfaction and brand loyalty, but the majority of hotels are not delivering better-than-expected sleeping conditions.”
The opportunity and responsibility to optimize guest sleep goes beyond comfort and quiet, in which the industry has invested billions; it now also includes nutrition. NGTF believes that, after its first major partnership is launched, the hotel industry will rapidly move towards making sleep-friendly night snack options readily available for their guests.
“Targeting hotels as a channel is a brilliant strategy,” said Bob Carroll, Vice President of Business Development for the California Milk Advisory Board (CMAB), creator of the
competition. “Hotel distribution would deliver paid consumer trial for and awareness of the Nightfood brand, supporting the company in multiple ways beyond revenue growth.”
Industry sources indicate the number of American hotel locations selling ice cream in their freezers total approximately 20,000 and growing. The Nightfood ice cream sandwich is being created for distribution in the hotel space, with possible supermarket introduction thereafter.
“We’re thrilled and thank the CMAB for recognizing Nightfood today,” commented Nightfood CEO Sean Folkson. “We’re excited for the opportunity to partner with the CMAB and use these funds to establish both single serve novelties and 16-ounce pints in hotel freezers. Our goal is to help ensure that the many hotel guests who choose to snack at night are still able to achieve their best night’s sleep.”
Data from hotel grab-and-go industry leader IMPULSIFY reveal that all ten of the top-ten best-selling hotel ice cream items are either single serve novelties or single-serve cups. Such items reportedly make up over 70% of hotel ice cream unit sales. Pints, because of their higher retail price point, are reported to account for almost 50% of all category dollar sales.
The Impulsify 2021 hotel retail guide, Grab & Go For It!, reported, “Ice cream ranked in the top 3 highest performing categories with novelties outselling cups and pints” and indicates that hotel guests are consuming ice cream “in record numbers”.
Nightfood won over an all-star judging panel of experts from across CPG, retail, venture capital and food science industries, featuring: Russell Barnett, Managing Director/CMO of My/Mochi Ice Cream, Donna Berry, Editor of the Daily Dose of Dairy, Heather Boyd, Managing Director, RTD of Beam Suntory, Chad Coester, SVP Own Brands at Albertsons Companies, Julia Bello, Principal, Local Producer Loan Program at Whole Foods, John Talbot, CEO of the California Milk Advisory Board, and Adriano Torres, Senior Director Global Marketing, Dairy & Plant-Based Beverages at Coca-Cola, and Josh Zonneveld, Chairman of the California Milk Advisory Board.
With help from the CMAB, the Company is working to secure California-based copacker production capacity for the ice cream sandwiches. Production would begin when the Company has secured a hotel distribution commitment for the ice cream sandwiches.
- New Survey Reveals 79% of Americans Experience Increased Nighttime Cravings with the End of Daylight Saving Time
On November 1st NGTF announceda new national survey reveals widespread anxieties about the impact of Daylight Saving Time and fewer daylight hours on our diets and well-being.
A whopping 83% of Americans say that they sometimes or always feel out of control about their nighttime snacking. What’s more, 79% of people report that their nighttime cravings for snacks increase when it gets dark earlier in the evening.
The survey, conducted on behalf of sleep-friendly ice cream maker NGTF, adds to a growing list of evidence that the end of Daylight Saving Time has profound implications for our eating habits.
“Being aware that these cravings occur below the conscious level can help consumers better manage their impact,” said Sean Folkson, NGTF CEO and Founder. “We’ve long known that less sunlight exposure leads to a drop in serotonin levels and can negatively impact mood and sleep. It’s not surprising that fewer daylight hours could wreak havoc on people’s snacking behavior before bed.”
Unlike the unhealthy and sleep disruptive snacks so many people are defaulting to when eating at night, Nightfood ice cream is formulated by sleep and nutrition experts to provide the nutritional foundation for better quality sleep. Nightfood ice cream contains more sleep-supporting tryptophan, vitamin B6, calcium, magnesium, zinc, prebiotic fiber, and casein protein, with less sugar and fat, and a lower glycemic profile. Nightfood does not contain any sleep drugs or medications.
- Fiscal Year 2021 Results – NGTF Well-Positioned to Lead High-Opportunity Consumer Category
On October 14th NGTF announced its financial results for the Fiscal Year ended June 30, 2021.
NGTF reported recent business highlights, including:
- Increased net revenue over 190% from previous year. NGTF net revenue for the fiscal year ended June 30, 2021 was $701,246, exceeding previous estimates, compared to $241,673 for the fiscal year ended June 30, 2020.
- National hotel rollout. NGTF recently announced the completion of a successful retail pilot test of Nightfood ice cream in lobby shop freezers with a leading global hotel chain. The chain reported robust sales during the test period. Rollout logistics and timeline are now being finalized by the hotel chain, and chainwide distribution of Nightfood is expected to begin in the current quarter or in the first quarter of calendar year 2022. NGTF has engaged iDEAL Hospitality Partners Group to accelerate and support the introduction of NGTF sleep-friendly snacks into additional hotel chains.
- Doubled retail points of distribution. In April, NGTF announced the brand had added distribution in over one dozen Walmart regions, more than doubling the brand’s retail footprint to over 1,500 supermarkets. In addition to those Walmart stores, Nightfood is available in Jewel-Osco, Shaw’s and Star Market (both divisions of Albertson’s), Central Market (a division of H-E-B), Rouses Markets, Lowes Foods, Market of Choice, Metropolitan Market and other independent chains and retailers.
- Expanded Board of Directors. NGTF appointed venture capitalist Nisa Amoils, Dr. Thanuja Hamilton, a nationally recognized physician and authority in sleep medicine, and consumer goods visionary Tom Morse, co-founder of 5-Hour Energy to the Board of Directors. In addition, NGTF also retained ice cream industry veteran and CPA Jerry Isaacson significantly strengthening the Company’s expertise in ice cream logistics, manufacturing, and procurement.
- Strengthened balance sheet. NGTF successfully completed a financing/refinancing round totaling $5,000,000. Funds were used to eliminate all company debt, greatly reduce payables, and support 2021 growth initiatives.
- Gross sales increased 27% from $878,849 in the year ended June 30, 2020 to $1,117,847 in the year ended June 30, 2021. This was the first year the NGTF surpassed $1 million in gross sales.
- Net revenue increased 190% from $241,673 in the year ended June 30, 2020 to $701,246 in the year ended June 30, 2021.
- Nightfood Announces Successful Hotel Test, Engages iDEAL Hospitality to Scale High-Margin Hotel Vertical
On September 8th NGTF announced the completion of a retail pilot test in the lobby shops of a leading international hotel chain. The test, first announced in March 2021, has been confirmed a success.
As a result, the testing chain has confirmed the decision to fully launch the NGTF Nightfood brand into their lobby shop freezers chain-wide with an expected start date in the fourth quarter of 2021 or the first quarter of 2022.
To fully capitalize on the high-margin hotel opportunity, NGTF has engaged iDEAL Hospitality Partners Group. Led by hospitality industry veteran Jill Dean Rigsbee, iDEAL focuses on introducing and scaling innovative hospitality-related products within the hotel/hospitality market. Rigsbee is the former long-time Director of Business Development for Avendra, North America’s leading hospitality procurement service provider.
Widespread hotel distribution can transform NGTF from a middle-of-the-road supermarket player to a powerful and prominent supermarket brand. RxBar built their early mainstream success with distribution in gyms. Oatly uses distribution in coffee shops like Starbucks to rapidly and efficiently scale their supermarket sales in new markets. NGTF plans to do the same with hotels.
For more information on Nightfood, Inc. (OTCQB: NGTF) visit: https://www.nightfood.com
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