Diverse Legal, Financial, and Business Background Adds Immediate Value to Board
BONITA SPRINGS, Fla., July 30, 2019 (GLOBE NEWSWIRE) -- Innovative Food Holdings, Inc. (IVFH), (“IVFH” or “the Company”) an interconnected platform of specialty food companies that provides chefs and consumers direct access to the highest quality specialty food products across the United States, today announced that it has appointed David A. Polinsky, Esq to its Board of Directors as an Independent Director. The addition of Mr. Polinsky to the Board brings the total number of directors to five, with the majority being Independent Directors.
“David’s diverse business background provides significant value to our Board, including his experience in corporate governance, law and finance,” stated Sam Klepfish, CEO of Innovative Food Holdings. “To further align his interest with all shareholders, David was provided with the opportunity to invest directly into IVFH and on July 23, 2019, an entity affiliated with David purchased $250,000 of the Company’s common stock at a 30% premium over the prior 30-day average closing price. On behalf of the Company’s Board of Directors, we are excited to welcome David as both a shareholder and Board member and we look forward to his advice and counsel as we work together to grow value for all shareholders.”
In addition, Innovative Food Holdings acquired certain assets from TheGiftBox, an e-commerce subscription holding company. Mr. Polinsky is the Chairman and Founder of TheGiftBox. The assets purchased includes certain e-commerce subscription box assets and patent pending intellectual property, which the Company believes are complimentary and synergistic to iGourmet and Mouth’s current e-commerce subscription businesses.
David Polinsky commented, “I am a strong believer in Innovative Food Holdings’ unique platform and in its expanding e-commerce capabilities. Innovative Food Holdings’ exciting market opportunity is supported by its committed team, scale, expertise, and physical and online infrastructure, which are necessary to grow an e-commerce business. The investment in Innovative Food Holdings further aligns my role as a director with shareholders and reflects the optimism I have in the Company’s direction and growth potential. I look forward to serving Innovative Food Holdings and all our shareholders, while helping management achieve its compelling growth opportunity.”
David A. Polinsky has served as Chief Financial Officer of Rafael Holdings, Inc. (NYSE American: RFL) since December 2017. Mr. Polinsky co-founded Rafael Pharmaceuticals and served as its Vice President, General Counsel and Corporate Secretary from 2002, and as President, General Counsel and Secretary from 2016, through March 2018. He also served on Rafael Pharmaceutical’s Board of Directors from 2002 until 2014. In addition, Mr. Polinsky serves as Chairman of the Board of TheGiftBox, a company he co-founded in the technology sector. Prior to joining Rafael Pharmaceuticals, he served as Vice President and General Counsel for a New York-based real estate focused investment and management company, Square Management Corp., leading the investment analysis in, and management of, residential, office, retail and development properties. Previously, and in partnership with the Honorable Edward I. Koch, former Mayor of New York City, Mr. Polinsky founded and served as CEO of a company that licensed and developed TheLaw.com. Mr. Polinsky earned his Juris Doctorate from Fordham University School of Law in 1996 and his Bachelor of Arts from Yeshiva University. Mr. Polinsky also earned the CFA Institute’s Investment Foundations certificate.
About Innovative Food Holdings, Inc.
Innovative Food Holdings, Inc. is an interconnected platform of small, specialty food companies serving business and consumer customers. The platform offers efficient, cost effective, and transparent sourcing of over 7,000 specialty food products including proprietary branded products. Sales channels on the platform include specialty foodservice channels and data driven DTC e-commerce channels including leading specialty food direct-to-consumer e-commerce websites www.igourmet.com and www.mouth.com as well as a specialty food omnichannel offering via www.amazon.com, www.jet.com and www.walmart.com
This release contains certain forward-looking statements and information relating to Innovative Food Holdings, Inc. (the “Company”) that are based on the current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, the Company. Such statements reflect the current views of the Company with respect to future events and are subject to certain assumptions, including those described in this release. Should one or more of these underlying assumptions prove incorrect, actual results may vary materially from those described herein as “should,” “could,” “anticipate,” “believe,” “intend,” “plan,” “might,” “potentially” or “expect” or other similar words. The Company does not intend to update these forward-looking statements. The content of the websites referenced above are not incorporated herein.