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MicroCapClub Invitational: Where Food Comes From (WFCF)

Food safety, food transparency, and food verification are expected to be some of the top consumer trends of the next decade. A powerful dynamic occurs when there are several large emerging consumer trends and the best way to play it is a microcap stock. Plenty of investors are aware of Whole Foods (WFM), The Fresh Market (TFM), Annie’s (BNNY), Natural Grocers (NGVC), but few have heard of a 17 year old company called Where Food Comes From (WFCF). You ever wonder who actually verifies food labels? WFCF does, and they have a 50%+ market share in verifying beef and are now expanding into other food groups. They are now launching their own food label called Where Food Comes From. Listen to CEO John Saunders as he tells the story.

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Where	
  Food	
  Comes	
  From®,	
  Inc.	
  

MicroCapClub	
  Presenta2on	
  
January	
  3,	
  2013	
  




Where	
  Food	
  Comes	
  From,	
  Inc.	
  
D.B.A.	
  IMI	
  Global,	
  Inc.	
  
OTCQB:	
  WFCF	
  
 	
  	
  Forward-­‐Looking	
  Statements	
  

 	
  This	
  presentaNon	
  contains	
  "forward-­‐looking	
  statements"	
  within	
  the	
  meaning	
  of	
  the	
  U.S.	
  
     Private	
  SecuriNes	
  LiNgaNon	
  Reform	
  Act	
  of	
  1995,	
  based	
  on	
  current	
  expectaNons,	
  esNmates	
  
     and	
  projecNons	
  that	
  are	
  subject	
  to	
  risk.	
  	
  Forward-­‐looking	
  statements	
  are	
  inherently	
  
     uncertain,	
  and	
  actual	
  events	
  could	
  differ	
  materially	
  from	
  the	
  Company’s	
  predicNons.	
  	
  
     Important	
  factors	
  that	
  could	
  cause	
  actual	
  events	
  to	
  vary	
  from	
  predicNons	
  include	
  those	
  
     discussed	
  in	
  our	
  SEC	
  filings.	
  	
  Specifically,	
  statements	
  in	
  this	
  presentaNon	
  about	
  financial	
  
     performance,	
  new	
  business	
  development,	
  growth	
  potenNal,	
  market	
  leadership,	
  and	
  the	
  
     impact	
  and	
  potenNal	
  of	
  the	
  Company’s	
  products	
  and	
  services	
  on	
  the	
  marketplace	
  and	
  
     customers	
  are	
  forward-­‐looking	
  statements	
  that	
  are	
  subject	
  to	
  a	
  variety	
  of	
  factors,	
  including	
  
     availability	
  of	
  capital,	
  personnel	
  and	
  other	
  resources;	
  compeNNon,	
  governmental	
  regulaNon	
  
     of	
  the	
  beef	
  industry,	
  the	
  market	
  for	
  beef	
  and	
  other	
  factors.	
  	
  Readers	
  should	
  not	
  place	
  undue	
  
     reliance	
  on	
  these	
  forward-­‐looking	
  statements.	
  	
  The	
  Company	
  assumes	
  no	
  obligaNon	
  to	
  
     update	
  its	
  forward-­‐looking	
  statements	
  to	
  reflect	
  new	
  informaNon	
  or	
  developments.	
  	
  For	
  a	
  
     more	
  extensive	
  discussion	
  of	
  the	
  Company’s	
  business,	
  please	
  refer	
  to	
  the	
  Company’s	
  SEC	
  
     filings	
  at	
  www.sec.gov.	
  
People	
  are	
  asking…	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  ”Where	
  does	
  my	
  food	
  come	
  from?”	
  

         	
  “I’ve	
  never	
  seen	
  a	
  stronger	
  desire	
  for…..knowing	
  where	
  their	
  food	
  is	
  
             coming	
  from…”	
  
         	
   	
     	
   	
     	
         	
   	
    	
   	
      	
  -­‐-­‐	
  Whole	
  Foods	
  CEO	
  Walter	
  Robb	
  

         	
  “ This	
  trend	
  of	
  the	
  global	
  consumer	
  really	
  wanNng	
  to	
  know	
  where	
  their	
  
             food	
  comes	
  from…	
  
         	
   	
    	
     	
     	
         	
   	
     	
   	
    	
  -­‐-­‐	
  McDonald’s	
  VP	
  Bob	
  Langert	
  

         	
  “Oprah	
  explored	
  the	
  quesNon	
  on	
  today’s	
  show,	
  ‘Do	
  you	
  know	
  where	
  your	
  
             food	
  comes	
  from?’”	
  
         	
   	
    	
   	
     	
   	
    	
   	
    	
     	
  -­‐-­‐	
  Examiner.com	
  
 	
  	
  What’s	
  driving	
  this	
  trend?	
  

•  Food	
  Animal	
  Disease	
  and	
  Food	
  Safety	
  
     –  BSE	
  (Mad	
  Cow),	
  E-­‐coli,	
  Salmonella,	
  Foot	
  and	
  Mouth	
  Disease	
  (FMD)	
  
•  Truth	
  in	
  Labeling	
  
     –  Taco	
  Bell	
  Beef?,	
  “Pink	
  Slime”,	
  AnNbioNc	
  and	
  Hormone	
  Free	
  
•  RegulaNon	
  
     –  Food	
  Safety	
  ModernizaNon	
  Act,	
  GMO	
  Labeling	
  (CA	
  Prop	
  37),	
  
        InternaNonal	
  Trade	
  (Free	
  Trade	
  Agreements),	
  Childhood	
  Obesity	
  	
  
•  “Local”,	
  “Ethical”	
  and	
  “Sustainable”	
  Food	
  ProducNon	
  
     –  Family	
  Vs	
  Factory	
  Farms,	
  Omnivores	
  Dilemma,	
  Jamie	
  Oliver’s	
  Food	
  
        RevoluNon,	
  Animal	
  Rights	
  Movements	
  (PETA),	
  Fair	
  Trade	
  CerNfied	
  
 	
  	
  The	
  SoluNon	
  
That’s	
  a	
  great	
  idea	
  for	
  a	
  startup	
  business…not	
  quite.	
  
…this	
  is	
  17	
  years	
  in	
  the	
  making.	
  
  •  #1	
  provider	
  of	
  third-­‐party	
  cerNficaNon	
  services	
  to	
  the	
  food	
  and	
  
     agricultural	
  industries	
  
  •  6,000+	
  customers:	
  ranchers,	
  feed	
  yards,	
  packers,	
  retailers,	
  restaurants
  •  USVerified™	
  brand	
  industry	
  standard	
  for	
  USDA	
  PVP	
  programs	
  
  •  Verify	
  markeNng	
  claims	
  for	
  half	
  of	
  all	
  U.S.	
  beef	
  exports	
  
  •  Recurring	
  revenue	
  model	
  generaNng	
  strong	
  cash	
  flows	
  to	
  support	
  growth	
  


  Infrastructure,	
  know-­‐how,	
  solu3ons	
  por5olio,	
  USDA	
  rela3onship,	
  
  track	
  record	
  and	
  large	
  customer	
  base	
  create	
  significant	
  barriers	
  to	
  
  entry	
  and	
  support	
  long-­‐term	
  leadership	
  status	
  
Ad

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MicroCapClub Invitational: Where Food Comes From (WFCF)

  • 1. Where  Food  Comes  From®,  Inc.   MicroCapClub  Presenta2on   January  3,  2013   Where  Food  Comes  From,  Inc.   D.B.A.  IMI  Global,  Inc.   OTCQB:  WFCF  
  • 2.      Forward-­‐Looking  Statements    This  presentaNon  contains  "forward-­‐looking  statements"  within  the  meaning  of  the  U.S.   Private  SecuriNes  LiNgaNon  Reform  Act  of  1995,  based  on  current  expectaNons,  esNmates   and  projecNons  that  are  subject  to  risk.    Forward-­‐looking  statements  are  inherently   uncertain,  and  actual  events  could  differ  materially  from  the  Company’s  predicNons.     Important  factors  that  could  cause  actual  events  to  vary  from  predicNons  include  those   discussed  in  our  SEC  filings.    Specifically,  statements  in  this  presentaNon  about  financial   performance,  new  business  development,  growth  potenNal,  market  leadership,  and  the   impact  and  potenNal  of  the  Company’s  products  and  services  on  the  marketplace  and   customers  are  forward-­‐looking  statements  that  are  subject  to  a  variety  of  factors,  including   availability  of  capital,  personnel  and  other  resources;  compeNNon,  governmental  regulaNon   of  the  beef  industry,  the  market  for  beef  and  other  factors.    Readers  should  not  place  undue   reliance  on  these  forward-­‐looking  statements.    The  Company  assumes  no  obligaNon  to   update  its  forward-­‐looking  statements  to  reflect  new  informaNon  or  developments.    For  a   more  extensive  discussion  of  the  Company’s  business,  please  refer  to  the  Company’s  SEC   filings  at  www.sec.gov.  
  • 3. People  are  asking…                                    ”Where  does  my  food  come  from?”    “I’ve  never  seen  a  stronger  desire  for…..knowing  where  their  food  is   coming  from…”                      -­‐-­‐  Whole  Foods  CEO  Walter  Robb    “ This  trend  of  the  global  consumer  really  wanNng  to  know  where  their   food  comes  from…                      -­‐-­‐  McDonald’s  VP  Bob  Langert    “Oprah  explored  the  quesNon  on  today’s  show,  ‘Do  you  know  where  your   food  comes  from?’”                      -­‐-­‐  Examiner.com  
  • 4.      What’s  driving  this  trend?   •  Food  Animal  Disease  and  Food  Safety   –  BSE  (Mad  Cow),  E-­‐coli,  Salmonella,  Foot  and  Mouth  Disease  (FMD)   •  Truth  in  Labeling   –  Taco  Bell  Beef?,  “Pink  Slime”,  AnNbioNc  and  Hormone  Free   •  RegulaNon   –  Food  Safety  ModernizaNon  Act,  GMO  Labeling  (CA  Prop  37),   InternaNonal  Trade  (Free  Trade  Agreements),  Childhood  Obesity     •  “Local”,  “Ethical”  and  “Sustainable”  Food  ProducNon   –  Family  Vs  Factory  Farms,  Omnivores  Dilemma,  Jamie  Oliver’s  Food   RevoluNon,  Animal  Rights  Movements  (PETA),  Fair  Trade  CerNfied  
  • 5.      The  SoluNon  
  • 6. That’s  a  great  idea  for  a  startup  business…not  quite.   …this  is  17  years  in  the  making.   •  #1  provider  of  third-­‐party  cerNficaNon  services  to  the  food  and   agricultural  industries   •  6,000+  customers:  ranchers,  feed  yards,  packers,  retailers,  restaurants •  USVerified™  brand  industry  standard  for  USDA  PVP  programs   •  Verify  markeNng  claims  for  half  of  all  U.S.  beef  exports   •  Recurring  revenue  model  generaNng  strong  cash  flows  to  support  growth   Infrastructure,  know-­‐how,  solu3ons  por5olio,  USDA  rela3onship,   track  record  and  large  customer  base  create  significant  barriers  to   entry  and  support  long-­‐term  leadership  status  
  • 7.      Core  VerificaNon  Services   •  USVerified™  source  and  age  verifica2on  –  USDA  approved  program  addresses   country  of  origin  labeling  and  overseas  export  requirements   •  Non-­‐Hormone  Treated  CaLle  (NHTC)  verifica2on  –  USDA  approved  program   verifies  hormone  free  claims  and  qualify  caple  for  export  to  European  Union   •  Pork  for  European  Union  (PFEU)  –  USDA  approved  program  verifies  hormone   free  claims  and  qualify  pork  for  export  to  European  Union   •  Verified  Natural  Beef™  –  USDA  approved  program  confirms  all-­‐natural  claims   and  USDA’s  NeverEver3  compliance   •  Verified  Green™  –  Verifies  and  promotes  producers  pracNcing  sustainable   agriculture   •  Verified  Humane™  –  Verifies  humane  handling  claims   •  Verified  Grassfed™  –  Verifies  caple  raised  strictly  on  grass  diet   •  Farm  Verified  Organic,  NOP  Organic   •  Verified  Gluten  Free   •  Where  Food  Comes  From®  –  New  retail  product  labeling  program    
  • 8.      WFCF  Customers   • Customers include retailers, restaurants, food distributors, meatpackers, feed yards and auction barns • The company also provides products and services to more than 6,000 farms and ranches
  • 9. High  Customer  RetenNon   Total Customers 90% plus 7000   retention rate for USDA Process 6000   Verified Programs 5000   4000   New  Customers   3000   Repeat  Customers   2000   1000   0   2005   2006   2007   2008   2009   2010   2011  
  • 10.      WFCF  Product  Launch   Iden2fied  THREE  primary  target  customer  types   –  High  End  Retailer   –  Regional  Family  Style  Chain   –  White  Table  Cloth  Restaurant   Main Course Grilled Meat Delmonicos Steak Vintage All Natural Boneless Rib Eye 46 Prime New York Strip Vintage All Natural Dry Aged Sirloin Strip 45 Double Porterhouse Vintage All Natural Dry Aged Short Loin Steak 95 Delmonico Double Rib Chop “John Krupa” Vintage All Natural Dry Aged, Three Pound Bone In Rib Eye 95 Filet Mignon Vintage All Natural Tenderloin Steak 45 Steak Style Oscar Au Poivre Surf For Turf 21 8 19 Sides Garlic–Herb Whipped Potatoes 9 F r e n c h F r i e s, S p i c y M a y o 8 Hash Browns 9 D e l m o n i c o P o t a t o e s “S U M M E R “ 12 M a r k e t C a r r o t s, P e a s, C i p o l l i n i 10 C r e a m e d S p in a c h 10 Foraged Mushrooms 14 Grilled Asparagus 14 King Crab Macaroni & Cheese 18 Spaetzle 8 L o c a l G r e e n s, S w e e t C o r n, P o r k B e l l y 12
  • 11. Heinen’s  Supermarket   Heinen’s Fine Foods is a leading specialty grocer – family owned, 83 years old 18 high-end stores in Ohio and Illinois www.wherefoodcomesfrom.com/heinens
  • 12. Anderson’s  Frozen  Custard   Anderson’s Frozen Custard becomes first regional restaurant chain to adopt Where Food Comes From •  May 2012 rollout in 7 restaurants •  Patrons can access information on select farms and families that raised Anderson’s all natural beef
  • 13. Delmonico’s  Steak  House  -­‐  NY   NY’s oldest steakhouse and one of America’s most renowned restaurants
  • 14. What  do  shoppers  think  about  WFCF?   February  2012  market  research  highlights:   94.5%  of  respondents  reacted  posiNvely  to  WFCF  labeling   51%  of  respondents  “definitely  more  likely”  to  purchase  product   with  WFCF  brand  
  • 15.      WFCF  Revenue  Model   Recurring  Revenue  Model   Retailers, distributors and restaurants who carry products displaying the WFCF brand pay us in the following ways: •  License fees •  Per pound royalties Customer for life mentality
  • 16.      Market  Opportunity   Very  Hard  to  Define   Consider  these  facts…each  year  in  the  US  there     are:   1.  Over  30  Billion  lbs  of  Beef  produced   2.  Over  25  Billion  lbs  of  Pork  produced   3.  Over  30  Billion  lbs  of  Chicken  produced   Based  on  our  per  pound  model  alone,  the   addressable  market  for  the  Where  Food  Comes   From  labeling  program  for  these  three  meat   products  is  es3mated  at  $2.7  billion  
  • 17.      Business  Strategy   Our  goal  is  to  be  the  leading  provider  of  third-­‐party  verifica2on,  iden2fica2on   and  traceability  solu2ons  to  the  food  and  agriculture  industries   Our  strategy  for  accomplishing  this  includes:   •   SoluNons  for  enNre  food  supply  chain  conNnuum,  including  feed  and  input  providers,   ranchers,  producers,  packers,  aucNon  barns,  processors,  distributors,  retailers  and   consumers   •   SoluNons  for  all  food  groups:  beef,  pork,  poultry,  produce,  dairy,  seafood,  beverages   •   Grow  our  large  and  diversified  customer  base  with  high  retenNon  rates  and  recurring   revenue   •   Preserve  and  expand  our  compeNNve  advantages  in  products,  soluNons  and  customer   service   •   Establish  Where  Food  Comes  From  as  industry  standard  soluNon  for  retail/consumer   market   •   Augment  organic  growth  with  select  acquisiNons  
  • 18.      M&A  OpportuniNes  –  ICS,  Inc.   In  Q1  2012  we  purchased  60%  of  the  outstanding  shares  of  Interna2onal   Cer2fica2on  Services  (ICS)  –  a  leader  in  organic  and  gluten  free  cer2fica2on   Terms:   $350,000  cash,  172,840  shares  of  common  stock;  non-­‐diluNon  provisions;  right  of  first   refusal  on  remaining  40%.   ICS  solu2ons:   Farm  Verified  Organic;  CerNfied  Gluten  Free   Synergies:   Leaders  in  respecNve  fields;  broadens  soluNons  poryolio;  cross  markeNng  to  disNnct   customer  bases.   Economic  impact:   ICS  unaudited  2011  revenue  of  $1.0M;  60%  ICS  revenue/expense  accrues  to  WFCF.  
  • 19. Revenue  Growth   30% CAGR since 2006 $4.2M $4M   $3.3M $3M   $2.7M $2.4M $2M   $1.7M $1.1M $1M   2006   2007   2008   2009   2010   2011   Note: To more accurately illustrate results from continuing operations, the financial data presented excludes CattleNetwork and CattleStore operations that were divested in 2008.
  • 20. Adjusted  EBITDA   $1.0M   $737,800 $442,900 $112,300 2006   2007   2008   $0   2009   2010   2011   $67,700 $654,200 $1.0M   $1,470,000
  • 21. 2012  Year  To  Date  Highlights   •  Q3  revenue  up  24%  to  $1.5  million  from  $1.3  million   •  11th  straight  profitable  quarter   •  Nine-­‐month  revenue  up  24%  to  $4.0  million  from  $3.2  million   •  Nine-­‐month  net  income  of  $730,200  versus  $558,300  year   over  year  
  • 22. SG&A  as  %  of  Revenue   200%   192% 150%   117% 100%   60% 55% 50%   44% 40% 2006   2007   2008   2009   2010   2011  
  • 23.  Balance  Sheet  Highlights   •  Working  capital  of  $1.6  million   •  Cash/cash  equivalents  &  short-­‐term  investments  of   $1.4  million   •  Stockholders’  equity  of  $2.1  million   As of September 30, 2012.
  • 24. Management  Team   John  Saunders   Chief  Execu2ve  Officer  and  Chairman  of  the  Board   •  Founded  IMI  Global  in  1995;  deep  background  in  livestock/agricultural  industry   •  BA  History,  BS  Environmental  Studies  –  Yale  University   Leann  Saunders   President   •  BS  Agriculture  Business,  MS  Beef  Industry  Leadership  –  Colorado  State  University   •  McDonald’s  Corp.,  PM  Beef  Holdings,  Hudson  Foods  Corp.   DanneLe  Henning   Chief  Financial  Officer,  Accoun2ng  Officer,  SEC  Compliance   •  CerNfied  Public  Accountant   •  Einstein  Noah  Restaurant  Group,  Sirenza  Microdevices,  Peat  Marwick  
  • 25. Board  of  Directors   John  Saunders  -­‐  Chairman  of  the  Board   Leann  Saunders  -­‐  President   Dr.  Gary  Smith,  PhD   •   Dept.  of  Animal  Science,  Colorado  State  Univ.  –  Ken  &  Myra  Monfort  endowed  chair,  meat  science   •   PhD  Meat  Science  &  Muscle  Biology,  Texas  A&M;  Professor,  Washington  State  Univ.  &  Texas  A&M   •   Instructor,  FSIS-­‐USDA  NaNonal  Meat  InspecNon  Training  Center   Pete  Lapaseotes   •   Co-­‐manager  Lapaseotes  family  farm  and  feeding  operaNon;  partner  in  five  John  Deere  dealerships   •   Partner,  11  The  MercanNle  Farm,  Ranch  &  Home  retail  stores;  board  member,  Valley  Bank  &  Trust   Adam  Larson   •   Member  and  manager  of  eight  caple  ranching  and  caple  feeding  operaNons   •   Member  and  manager  of  caple  financing  company;  University  of  Colorado   Robert  Van  Schoick  II   •   President  of  Med-­‐Pharmex  Animal  Health;  sales  and  markeNng  execuNve  of  Merck  &  Co.   •   Merial  Merck  animal  health  joint  venture;  BA,  MA  AusNn  College,  BS  Animal  Science  Texas  A&M  
  • 26.      Selected  Stock  Data   •  Traded  –  OTCQB:  WFCF   •  52  week  stock  price  range  –  $0.13  -­‐  $1.55   •  Average  daily  trading  volume  –  15,000   •  Weighted  average  shares  outstanding  (diluted)  –  21,000,000   •  Management/board  ownership  –  11,500,000   •  Approximate  float  –  9,300,000   •  Market  Cap  –  $25  million   •  Fiscal  year  –  December  31   Note: Certain figures are rounded. Valuation and other data is subject to change on a daily basis and is presented as a general reference as of Q3, 2012. Investors are encouraged to read the Company’s SEC filings.
  • 27.      Investment  Highlights   •  Recurring  revenue  model  with  solid  track  record  of  profitable   growth   •  Strong  balance  sheet  –  minimal  long-­‐term  debt   •  Where  Food  Comes  From  has  significant  upside   •  Scalable  playorm  can  support  much  larger  revenue  stream   •  Expanding  market  opportunity  supported  by  long-­‐term  trends   •  Organic  and  M&A  growth  opportuniNes   •  Management/Board  own  55%  of  outstanding  shares  
  • 28.      Where  Food  Comes  From®   OTCQB: WFCF