Soupman, Inc. Releases Fiscal Year End Results

December 4, 2011

Soupman, Inc. (OTCQB: SOUP.OB) reported sales of $970 thousand for the company’s fiscal year ended August 31, 2011. The company became a reporting company on December 5, 2010 so the annual results only include sales from December 15, 2010 through August 31, 2011. Sales for The Original Soupman (Non-reporting company) for the comparable period of December 15, 2009 through August 31, 2010 were approximately $1.03 million. The company stated the decline in sales was in part related to a reduction in production in anticipation of new packaging. The net loss for the year was $6.2 million or $(0.33) per share. This loss included $3.83 million in expenses related to the issuance of shares and stock options.

The balance sheet is in dire straits and the financials include a negative going concern statement. The company has a working capital deficit of $5.5 million and a stockholders’ deficit of $4.7 million. Management is actively seeking additional third party debt and/or equity financing.

On a positive note, the company announced that Shaquille O’Neal has granted them a license through Mine O’ Mine, Inc. to use certain trademarks related to Shaquille O’Neal in association with prepared or packaged soups. As part of the agreement, Shaquille O’Neal has endorsed Soupman products and is assisting in the creation and fostering of business opportunities. In addition, baseball great Reggie Jackson is the company’s Special Advisor of Strategic Relationships.

Soupman manufactures and sells soup to grocery chains, the New York City Public School System and other outlets and to their franchised restaurants under the brand name “The Original Soupman”. The company claims their brand is well known throughout the industry and that their Chicken Vegetable soup has been rated as the best chicken soup in America by Consumer Reports.

Source: Soupman, Inc.

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