Estimated Monthly interest and fees initially lowered
by approximately $33,000;

Estimated Monthly cash flow to initially increase
by approximately $121,000 commencing January 4, 2019.

EAST RUTHERFORD, NJ, Jan. 04, 2019 (GLOBE NEWSWIRE) -- MamaMancini's Holdings, Inc. (OTCQB: MMMB), a manufacturer and marketer of specialty pre-prepared, frozen and refrigerated all-natural food products (as defined by the United States Department of Agriculture), today announced that it has transitioned its short-term debt to long-term debt via two credit facilities with M&T Bank at significantly improved terms and lower interest rates.

Effective January 4, 2019, the Company has arranged a new $3.5 million working capital line of credit with M&T Bank at LIBOR plus four points with a two-year expiration. The Company has also arranged a $2.5 million five-year note with M&T Bank at LIBOR plus four points with repayments in equal payments over 60 months with no prepayment penalty. The estimated effect of the financing, as well as an amendment to certain related party financing to notes maturing February 28, 2021, is to reclassify approximately $3.4 million from short-term liabilities to long-term loans, improving the Company's working capital to a significant positive position.

The Company estimates it initially will be paying a 6.5% per annum interest rate on the new financing, versus an average of over 12.5% per annum on the prior financing it replaces.

Carl Wolf, Chairman and Chief Executive Officer of MamaMancini’s, said, “We are pleased to significantly improve the condition of our balance sheet working with M&T Bank. Interest expense will be significantly reduced, yielding improved operating cash flow and net income. Arranging these credit facilities with a leading bank the caliber of M&T Bank is an important milestone for MamaMancini’s. We appreciate the confidence that M&T Bank has invested in MamaMancini’s and we look forward to working with M&T Bank to continue to grow our business in the coming years.”

The Company estimates that it will initially reduce its monthly interest and related fees by approximately $33,000; as well as initially improving its monthly cash flow by $101,000 in interest and related expenses and monthly debt payments. The new financing replaces the existing Senior Note from Manatuck Hill Partners (which was due on May 1, 2019) in the amount of $1.2 million; working capital and term loans in the amount of $2.8 million to EGC and a $250,000 term loan with Valley National Bank.

In addition, the Company expects sales and administrative expense reductions of about $20,000 per month beginning in January 2019. The Company projects on a preliminary basis that it will initially increase its cash flow by approximately $121,000 per month starting in January including interest payments reduction; debt repayments and lower expenses.

The Company will record a one-time charge of $121,500 for termination of its existing loans in the month of January and will also amortize origination fees of $60,000 on the new facility over a 24-month period.

The Company filed Form 8-K with the SEC today regarding this financing.

About M&T Bank

M&T Bank Corporation is a financial holding company headquartered in Buffalo, New York. M&T's principal banking subsidiary, M&T Bank, operates banking offices in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and the District of Columbia. Trust-related services are provided by M&T's Wilmington Trust-affiliated companies and by M&T Bank.

About MamaMancini's

MamaMancini's is a marketer and distributor of a line of beef meatballs, turkey meatballs, and chicken meatballs all with sauce, five cheese and mozzarella stuffed beef, turkey and chicken meatballs all with sauce, original beef and turkey meatloaves, stuffed pepper mix; sausage and peppers; chicken parmesan; pasta entrees; and other similar Italian cuisine products. The Company's sales have been growing on a consistent basis as the Company expands its distribution channel, which includes major retailers such as Publix, Costco, Shop Rite, Jewel, Lunds and Byerlys, SuperValu, Safeway, Albertsons, Whole Foods Market, Shaw's, Kings, Roche Bros., Key Foods, Stop & Shop, Giant, Giant Eagle, Hannaford, Martins, Foodtown, Sam's Club, Topps, Kroger, Shoppers, King Kullen, Schnucks Markets, Central Markets, HEB, Stew Leonard’s, Weis Markets, Ingles, and The Fresh Market. The Company sells to distributors such as Sysco, AWI, UNFI, SUPERVALU, Monterrey Provision Co., Kehe, Burris Logistics and C&S Wholesale Grocers. In addition, the Company sells a wide variety of its products through QVC, the world's largest direct to consumer marketer, via on air presentations, auto ship programs, and direct purchases through the internet or phone.

Forward Looking Statements

This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," "expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in the Company's 10-K for the fiscal year ended January 31, 2017 and other filings made by the Company with the Securities and Exchange Commission.

Contact:

Carl Wolf
Chairman and CEO
MamaMancini’s Holdings, Inc.
Stock Symbol: MMMB
973-985-0280