Cheese and specialty products marketerArtisanal Brands, Inc., New York, N.Y., said it completed the final phase of a $6.0 million equity raise through the sale of the last $1.1 million of its Series A redeemable convertible preferred stock.
Officials say the move allows Artisanal Brands to advance a retail development program with its distribution partner,KeHE Distributors, while also continuing to expand its presence in various Costco locations across Costco's Northeast, Southeast, and select West Coast Divisions.
"The completion of the sale of the original issuance of Series A
preferred stock improves our balance sheet and allows us to progress
with our business plan," said Artisanal President and CEO Daniel Dowe. "We plan to accelerate the expansion of our retail program through our endeavors with KeHE and Costco.
"Additionally, we are working with major retailers like Kroger Supermarkets and well established independent retailers around the country," he added. "Our unique CheeseClock ™ program is capturing the attention of retailers who recognize the value that this consumer education program offers in pairing our cheeses with a selection of wines and beers."