800 Degrees Go Termination Agreement with Piestro

I got an email about this yesterday. I wanted to know ya'lls opinion on this. I dropped the email text below. I'm pretty sure my investment is fucked.

Dear 800 Degrees Go, Inc. Investors,

We hope is everyone is doing well.

We’d like to provide to you with an update on the status of the 800° Degrees Go, Inc. business. Our team has been working diligently on finalizing our audit as well as completing and filing our Form 1-K. That process is just about complete and we will be sending a follow up email with a link that will direct you to the filing itself. We appreciate your patience.

As an update, we were recently informed by Piestro leadership that Piestro, Inc. has been unable to raise additional capital to fund operations and has suspended their efforts to develop a fully automated robotic pizza machine. Consequently, a Termination Agreement was executed between us whereby Piestro, Inc., no longer has an ownership interest in 800 Degrees Go, Inc. However, a key component to the Termination Agreement is that if Piestro, Inc. resumes its efforts in developing fully automated pizza vending machines in the future, 800 Degrees Go, Inc. would receive a negotiated allocation of these machines.

Unfortunately, this event has created substantial headwinds for our business model. Sales and recurring royalties from the machines made up the overwhelming majority of our projected revenue. As a result, the business is faced with significant liquidity challenges.

As most of you know, but just to remind our investors, 800 Degrees Pizza is not a technology company. We are a pizza brand that was approached by Piestro, Inc. to develop a delicious artisan pizza product that could be produced in the Piestro machine.

We continue to believe in the business opportunity and we are working diligently to find an alternate robotic pizza making solution.

The other component to our business model is our affiliation with REEF, a leader in the ghost kitchen space. We are seeing modest growth with REEF overseas but in the United States we have seen a significant reduction in locations over the last twelve months.

Needless to say, it’s been a challenging year. Moving forward, our intent is to provide updates on a regular basis.

Again, we’d like to thank everyone for their patience and wish you all a happy and healthy holiday season.

Sincerely,

Scott Berkowitz