International Food Products Group Signs Binding LOI for Acquisition of a Multi-Million Dollar Cheese Processing Company
PrimeZone "PrimeZone "
NEWPORT BEACH, Calif., March 2, 2007 (PRIME NEWSWIRE) -- International Food Products Group, Inc.'s (OTCBB:IFDG) (IFPG) Chairman/CEO, Mr. Richard Damion, today announced that its new president, Mr. Ketan Mehta has completed his first major transaction on behalf of the company. Mr. Damion confirmed that IFPG has signed a legally binding Letter of Intent (LOI) for the acquisition of an $18-plus million cheese processing company located in the western United States. Damion commented, "Mehta's vision of growing the company through acquisitions to significantly enhance shareholder value is now underway. I am proud to say that he has accomplished this first critical step within just two months of his assuming the role of the presidency."
The target acquisition, which produces value-added products such as shredded, diced, cubed and grated cheeses, has neither short- nor long-term debt and had growth of 50% in 2006 with revenue increasing to $18-plus million. The company is on target to achieve the same robust growth rate for 2007. The proven current management has agreed to continue working with us for the next three years, which represents an additional benefit for IFPG.
Mr. Mehta, with over twenty years of experience in mergers and acquisitions, operations, and international business within the food industry added, "IFPG should attain revenues in excess of $50-plus million in the next eighteen to twenty-four months. We believe this acquisition will be the first of several and will facilitate our continued growth in the coming years. We have identified at least two other synergistic potential acquisition candidates and we will be pursuing these companies in the months ahead."
About International Food Products Group, Inc.: IFPG is a public company trading on the OTCBB with the ticker symbol "IFDG." The Corporate Offices are at 895 Dove Street, 3rd Floor, Suite 365, Newport Beach, CA, 92660; http://www.goldenchoice.com. IFPG is the manufacturer and marketer of a variety of food products including Golden Choice 100% Colombian Roasted Coffees, Golden Choice Organic Harvest(tm) and Supreme Harvest(tm) lines of Frozen Fruits and Vegetables, and 100% Fresh Squeezed Pure Fruit Juices. Other products include "G.O.T. FRIES(r),'' Just Popped(tm), and other fine domestic and imported food products.
Safe Harbor Disclaimer: Certain statements contained herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements include, without limitation, statements regarding business and financing plans, business trends and future operating revenues and expenses. Although the Company believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate and similar expressions, or which by their nature refer to future events. You should independently investigate and fully understand all risks before investing. These descriptions of the Company contain forward-looking statements that involve risk and uncertainties including, but not limited to, quarterly fluctuations and results, the management of growth, competition and other risks detailed in the company's SEC filings if any. Actual results may differ materially from such information set forth herein.
CONTACT: International Food Products Group Global Media Relations Janet Marshall (949) 232-4333
atleast
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.026(2) x .027(2)
jas2mel
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no long term or short term debt either
atleast
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.025(3) x .026(2) bid is building almost 4X average volume
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