China Food Services, Corp. and California Grapes International, Inc. Announces Official Execution of Merger Agreement
July 01 2011 - 2:38PM
Business Wire
China Food Services, Corp. (OTC: GDHI) and California Grapes
International, Inc. announces that both companies have entered into
a definitive merger agreement to springboard the new company to be
China’s largest exclusive California Wine sales and distribution
source. During the months following this merger, China Food
Services, Corp. and California Grapes International, Inc. will
create one stronger company, leveraging the F&B, logistical and
distribution framework already established in China, with the solid
foundation of the Californian wine industry that California Grapes
International has already established.
Executives from both companies believe that the merger not only
will provide a solution for the growing demand of California Wines
in China, but also will serve as a diplomatic and educational envoy
for the California wine industry.
Jeffrey Crittenden, President and CEO of California Grapes
International stated, “The result of this merger represents the
final piece of the most comprehensive export solution available for
the California wine industry. The enthusiasm and support behind us
from the California wine industry and organizations like the Wine
Institute of CA, F.A.S., A.T.O. and the Commerce Department, ensure
that California Grapes International, Inc. plays a significant role
in the Billion Dollar wine export industry!”
Brian Bumgarner, CVO (Chief Vintner Officer) of California
Grapes International stated, “Exports are becoming increasingly
important for wineries in this economy. Our platform offers the
winery an opportunity to have a more direct presence and vision
into the markets we serve.”
Frank Yglesias, Chairman and CEO of China Food Services stated,
“This merger is a great step forward and an advantage for both
companies, as they complement each other perfectly. The energy,
drive and experience of both companies will be of extreme value to
our shareholders.”
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Company's future plans are also forward-looking statements and are
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performance of the Company and market valuations of its stock,
which could cause actual results to differ materially from those
anticipated. Forward-looking statements in this news release are
made pursuant to the 'Safe Harbor' provisions of the United States
Private Securities Litigation Reform Act of 1995.