Profile: Soupman Inc (SOUP.PK)

Soupman, Inc., formerly Passport Arts, Inc., incorporated on December 2, 2008, is engaged in manufacturing and selling soup to grocery chains, the New York City Public School System and other outlets and to its franchised restaurants under the brand name The Original Soupman. The Company sold its soups in retail packages for consumers in the frozen aisle in supermarkets and grocery stores for the heat and serve market. The Company sells its soups in two venues and packages. In the grocery segment it sells its soups in the frozen section in BPA-FREE microwavable bowls. In the food service segment it sells its soups in eight pounds frozen boilable pouches to its franchised restaurants, licensed customers and NYC public school system. On December 15, 2010, it entered into a Merger Agreement, in which The Original Soupman, Inc. (OSM) was merged with and into OSM Merge, Inc., its subsidiary.

The Company’s entire line of over 40 varieties of Original SoupMan soups are sold directly to consumers in Original SoupMan restaurants by franchisees, to whom it sells the bulk soups. As of August 31, 2011, it had18 franchise locations. It also has franchised and licensed restaurants in locations, such as casinos, airports, malls and other travel destinations, including the Mohegan Sun Casino in Connecticut and Twin River Casino in Rhode Island. The Company has Original SoupMan delicatessen restaurant at the Mohegan Sun Casino in Connecticut (www.mohegansun.com) featuring its soups in addition to a line of Best of New York sandwiches named for city landmarks, such as The Penn Station, Al’s 42nd Street Ruben and The Thanksgiving Day Parade. It has its co-brand with Tim Horton’s (www.timhortons.com), the Canadian coffee and donut giant. It also has two co-branded stores with Ranch*1 in New York City, one at 53rd and 6th and one by Wall Street at Hanover Square. SoupMan Mexicali Bean has been approved as a lunch item in all New York City Public Schools, at elementary, middle and high school levels in the five boroughs of New York City which serves over one million students per day, and it has begun taking orders for the product from the four New York City school system distributors.

The Company is franchising fast-food Original SoupMan co-branded stores in high-traffic locations (including shopping malls, airports, casinos, travel plazas, tourist locations, and city centers) throughout the United States. it has franchises approvals in 47 United States states, and have submitted its franchise offering documents in the remaining states. Its Original SoupMan product line consists of all of Al Yeganeh’s soups.

The Company competes with Heinz, Campbell, Kettle Cuisine, Moosehead, Blount, Harry’s, Arica, Hain Food Group, Country Gourmet Foods, Hale & Hearty, Souper Salad and Zoup.