Cremmjoy, Inc, a new Baton Rouge based soft-serve technology startup company recently received approval from Louisiana Economic Development to offer Louisiana tax credits to investors of its innovative Cremmjoy Soft-Serve Ice Cream Machines, which will be used in the restaurant and retail sector. Cremmjoy Inc. is being developed by Inventherm, a premier Baton Rouge, Louisiana-based applied research and product development company located at LSU Innovation Park.
In a letter to Dr. Jason Hugenroth, Founder, President & CEO of Cremmjoy, Inc, Louisiana Economic Development authorized a “tax credit reservation totaling $525,000.”
Cremmjoy, Inc. is currently in the middle of a seed-phase fundraising round to proceed towards commercialization of its proprietary soft-serve technology, which is positioned to disrupt the multi-billion dollar global soft-serve and frozen beverage industries. Louisiana investors who commit to an investment and file paperwork with Cremmjoy and LED prior to the June 16, 2022 deadline may now receive a total 35% tax credit on their investment. Investors receive a 25% tax credit because of Cremmjoy’s LED-approved designation as a Louisiana Entrepreneurial Business as well as an additional 10% because Cremmjoy, Inc is located within a Louisiana Opportunity Zone.
Investors may also transfer the tax credits, meaning both in-state and out-of-state investors who make an investment in Cremmjoy, may sell the tax credits for cash, most commonly using a broker or buying group. In a transfer, investors will typically net at least 85% of the value of the total tax credit.
“This is an exciting development for Cremmjoy and our prospective investors! It effectively means that investors can either make their investments at a significant discount to their risk or increase their investment to access more equity while maintaining their net risk,” says Hugenroth.
Regarding the advanced technology, Dr. Hugenroth adds, “We have continuously filed domestic and international patents for our revolutionary technology and processes. Cremmjoy machines freeze and dispense soft-serve ice cream from consumable packaging. From liquid mix through dispensing, the soft serve mix never touches any part of the machine, a paradigm shift in the conventional ice cream freezing process. This innovation eliminates the need for machine disassembly, cleaning, and sanitizing by restaurants and retailers and dispenses the safest-to-eat, premium quality ice cream or slush products to consumers.”
With current commercial soft-serve machines in use today, restaurants and retailers notoriously must disconnect the machines and mark as out-of-service while they disassemble, clean, and sanitize all parts of the machine that contact liquid mix or frozen product. Cremmjoy machines eliminate the disassembly, cleaning, and sanitization (DCS) process while producing safe, contamination-free soft-serve, and slashing annual operating costs by several thousand dollars per machine.
Improperly cleaned soft serve ice cream machines are a known significant contributor to foodborne illnesses worldwide. Studies indicate that unsatisfactory levels of bacterial contamination can be present in up to 50% of the soft serve ice cream machines in use globally. Contamination issues are due to the complex and costly DCS process required for all machines currently on the market. The DCS process can cost businesses thousands of dollars for each machine per year in wasted product, labor, and supplies.
Interested investors may email Cremmjoy’s Chief Development Officer, Danny Fields, at firstname.lastname@example.org.