Revenue Increases 59% During First Nine Months of 2020 and Third Quarter Revenue Increases 54% over Same Period for Previous Year

MIAMI BEACH, Fla., Nov. 17, 2020 (GLOBE NEWSWIRE) -- Home Bistro, Inc. (OTC: HBIS) (“Home Bistro” or the “Company”), a leading provider of chef-prepared, home-delivered healthy gourmet meals, today announced financial results for the nine-months ended September 30, 2020. The Company reported that total revenue for three month and nine month periods ended September 30, 2020 increased 54% and 59%, respectively, compared to the same periods in 2019.

Zalmi Duchman, Home Bistro CEO stated, “This solid year-over-year revenue growth was accomplished as we simultaneously established our own food preparation and fulfillment operation, transitioned to a publicly traded company and completed a name change. Now that we control production and fulfillment of our gourmet offerings, we believe profit margins as well as our competitive position will continue to improve.” Mr. Duchman continued, “With the imminent launch of our line of meals created by “Iron Chef” Cat Cora, we expect even further acceleration of our top-line growth beginning this fourth quarter.”

Commenting on the Company’s financial results, Mr. Duchman added, “Through the first nine months of this year, Home Bistro incurred non-recurring, non-cash charges of approximately $812,000, comprising of equity-based professional fees, product development costs and employee compensation. Operating costs were closely managed and advertising spend was minimal, which makes our top-line growth even more noteworthy. We believe our business is very scalable under its existing infrastructure and with our planned increased marketing spend, customer demographics and favorable long-term consumer trends toward home meal delivery, we are very excited about our current positioning and prospects moving into 2021.”

For more detailed information about the Company’s financial results for the quarter ended September 30, 2020, please refer to the Company’s Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission on November 16, 2020.

About Home Bistro, Inc.

Home Bistro, Inc. is a leading provider of chef-prepared, home-delivered healthy gourmet meals through a direct-to-consumer model at www.homebistro.com, and restaurant quality meats and seafood through Prime Chop at www.primechop.com and Colorado Prime brands.

Forward-Looking Information

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. Generally, forward-looking statements and information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company’s growth objectives and industry outlook (as described herein). Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. These forward-looking statements include, among others, statements about the Company’s future financial performance, the impact of management changes, any organizational restructuring and the sufficiency of capital resources to fund its ongoing operating requirements; statements about the Company’s expectations regarding the capitalization, resources and ownership structure; and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including (i) risks related to the combined entity’s access to existing capital and fundraising prospects to fund its ongoing operations, and (ii) other business effects, including the effects of industry, market, economic, political or regulatory conditions, future exchange and interest rates, and changes in tax and other laws, regulations, rates and policies, including the impact of COVID-19 on the broader market. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur.

The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Detailed information regarding factors that may cause actual results to differ materially from the results expressed or implied by statements in this press release relating to the Company may be found in the Company's periodic filings with the Securities and Exchange Commission, including the factors described in the sections entitled "Risk Factors", copies of which may be obtained from the SEC's website at www.sec.gov. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

Contact:

Zalmi Duchman, CEO
zalmi@homebistro.com
Ph: 631.694.1111