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GFY Foods, Inc. Recruits Franchise Exec for Senior Management Team BUFFALO GROVE, Ill. - PRNewswire-FirstCall - April 6 BUFFALO GROVE, Ill., April 6 /PRNewswire-FirstCall/ -- GFY Foods, Inc. (BULLETIN BOARD: GFYF) announced today that it has brought aboard Mr. Omar Samayoa to manage its multiple franchise locations. Mr. Samayoa has approximately seven years of experience in the food services industry, including two years managing a Frullati Cafe franchise location. He is a graduate of the University of Chicago, with a BS in Management and Marketing.
"We are pleased to have Omar join our executive management team. He will be a tremendous asset to us with his years of considerable experience building and running a Frullati Cafe, said Ed Schwalb, President of GFY Foods, Inc. "Omar will be actively involved in all phases of our management processes, including mapping out a strategic plan that will ensure our rapid growth as we move forward in our business processes. Having him aboard will leave me more time to work growing our company, as I will not have to spend so much of my day providing hands on management for our cafes."
"Omar will recruit and provide the training for the leaders of each store, who will report directly to him on a daily basis. In turn, Omar and will answer directly to GFY Foods. We are in negotiations now, with an eye toward acquiring several more locations in a short amount of time. It is vital that we can run them with the efficiency and experience that we feel Omar and his team will provide. Omar is an intricate part of our growth right now. It is intended that each additional property will be self sustaining, providing the revenue to pay each management team member, as well as provide revenue to GFY Foods, Inc."
The company is currently operational in the Buffalo Grove, Illinois area, but plans to become national by rolling out additional locations in key market segments and to work closely with the Kahala Corporation to locate new locations for its restaurants. It intends to open 8-10 new locations by the end of calendar 2004, in metropolitan areas where there is minimal competition and significant upside to build a brand and establish the company nationally.
About GFY Foods, Inc.
Founded in the spring of 2003 by Ed Schwalb, GFY Foods is operating its first restaurant location in Buffalo Grove, Illinois. The company believes in the importance of providing high quality foods at affordable prices that are healthy alternatives to food that is now being sold to the American public. For more information please contact Ed Schwalb, President, 847.353.7554, 601 Deerfield Parkway, Buffalo Grove, IL 60089.
This release contains forward-looking statements within the meaning of the Securities Litigation Reform Act. The statements reflect the company's current views with respect to future events that involve risks and uncertainties including uncertainties related to successful negotiations with other parties, closing of transactions, capital availability, operational and other risks, uncertainties and factors described from time to time in the company's publicly available SEC reports. In light of these risks and uncertainties, the forward-looking events described in this release might not occur.
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On March 22, 2004, the Registrant increased its number of authorized shares of $0.001 par value common stock from 2,000,000,000 to 4,000,000,000.
On March 24, 2004, the Registrant authorized the issuance of one billion (1,000,000,000) shares of restricted common stock to Ed Schwalb, the president of the Registrant. Under the terms of the Registrant's employment agreement with Mr. Schwalb, Mr. Schwalb is authorized to maintain an ownership percentage of seventy percent (70%) of the outstanding shares of the Registrant. After the issuance of this stock, Mr. Schwalb owned approximately 60.5% of the total common shares outstanding.
NOTE 5 - NOTES PAYABLE
During the period from inception through June 2003, GFY issued promissory notes to third parties totaling $766,500 under various private placements. The notes have interest rates from 10-12% per annum and have terms varying from 120 days to 12 months from the date of issuance. Some of these notes contained a detachable stock purchase warrant. All warrants have either expired or been written off due to a one for three hundred reverse stock split effectuated by GFY in December of 2002. The principal balance on the remaining notes totals $421,220 as of December 31, 2003.
In the quarter ended June 30, 2003, GFY issued 1,185,000 shares of its restricted common stock and entered into new note agreements totaling $55,000 to settle total debts of $332,156, including accrued interest.
As of December 31, 2003, GFY was in default on notes with a principal balance totaling $320,600.
The long-term portion of the notes payable is all due by July 1, 2005.
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On October 16, 2003, the Securities and Exchange Commission through its Salt Lake City, Utah, office filed a complaint in the United States District Court for the District of Utah against 21 defendants including F10 oil & Gas Properties, Inc., Jon H. Marple, the former Chief Executive Officer of F10, Mary E. Blake, the former President of F10, Jon R. Marple, a consultant to F10 and Grateful Internet Associates, LLC, a Colorado limited liagility company owed by Jon R. Marple. The complaint alleges that overseas investors were defrauded by a scheme organized by defendants David Wolfson, Gino Carlucci and Sukumo Ltd. to sell securities in five United States-based issuers including F10. F10, with its former officers jon H. marple and Mary E. Blake, are alleged to have made false or incomplete filings with the SEC and to have manipulated the price of F10's securities in violation ot the antfraud provisions of Section 17(a) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder, the issuer reporting provision of Section 13 (a) of the Exchange Act, and Rules 12b-20, 13a-1 and 13a-13 promulgated under the Exchange Act.
The complaint seeks the entry of a preliminary and permanent injunction against all defendants including F10 and its former officers, Jon H. Marple and Mary E. Blake, including the return of "ill gotten" gains, and seeks asset freezes against 16 of the defendants including F10 and its former officers.
GFY's bank account with a balance of $60,102 is currently frozen.
Management of GFY believes that GFY has meritorious defenses to the complaint and intends to vigorously defend the action.
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Yes I am. This is a good buy right now. I am in at .0016 . My friend therealslimshadey is also in this at .0013 . He has advised me that this one always rebounds to the .002? range and not to worry. Profit is within two weeks. I will be patient on this. I was patient on PAVP and doubled my money when that stock rebounded. Patience is key here.
I have been reading the RB boards and everyone likes this stock. I also read Billionaire boys board and they seem to favor this one too.
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Down to .0009 this am. -company has big plans for expansion with no money and legal problems. Dont look for a bounce on this one until those issues are resolved.
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quote:Originally posted by BCmouser: Down to .0009 this am. -company has big plans for expansion with no money and legal problems. Dont look for a bounce on this one until those issues are resolved.
Can you share the PR or Filing with us ? I am in @ 0.0015 & waiting for 0.0017
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I been playin this stock a good bit made a nice cashout a few weeks ago on it! I bought a bunch more today and Ill ride it again. I love this company and think we will see big things from it in the future. This stock is SUPER under valued.
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