WEBSTER CITY, Iowa,
Aug. 1, 2011 /PRNewswire/ -- Smoky
Market Foods, Inc. (OTC PINK: SMKY) announced today that certain
events will occur during the month of August
2011, relative to its SEC filings, launch of Internet sales
and development plans for a Canadian operating subsidiary.
"We've weathered a horrific economic storm these past few
years and have endured the learning curve process," said Mr.
Feintech, Chairman, President & CEO of Smoky Market Foods, Inc.
(the "Company"). "Creative structures of financing are
allowing the Company to position for a launch of operations in
August and to raise capital in a manner supportive of shareholder
equity," he continued.
During the month of August, the Company is bringing current its
filings of the 2010, 10K and 2011 first quarter 10Q, with its
second quarter 10Q also to be filed. The re-branding of its
Smoky Market logo and consumer identity is completed and the new
Smoky Market web site will be introduced in a few weeks for on-line
sales of its salmon as the introductory product, with marketing
supported by low-cost social networking media. The Company
intends to launch its ads on Weight Watchers' web site in both the
US and Canada, as well as on other
affiliate web sites with national exposure in the very near future,
and with capital being provided by private financing structures
that include a sale lease-back transaction of its smoker-oven
system and the planned offering of its Preferred Stock after
revenue has begun. Also during August, the Company intends to
consummate an agreement with a Canadian fishing group for which it
will establish a subsidiary company in Canada for production of (wild caught) smoked
fish and worldwide distribution. "Our objective with these
national and international affiliate distribution channels is to
achieve a full utilization of our existing production capacity as
soon as possible, which would take SMKY to a level of $30 million annual revenue," Mr. Feintech
said.
In response to shareholder e-mails received by Mr. Feintech on
the issue of the Company's financing structures and potential
dilution, Mr. Feintech explained:
"The oven lease Fund set up by an Iowa investor is financing our interim launch
period with crucial cash, for which no shares will be issued for a
period of three years, affording SMKY its opportunity to grow and
to mature as a profitable public company. SMKY is paying a 20x
return to investors buying Units in this Fund, but SMKY gets the
cash now and it is my belief that in three years upon conversion of
the 20x into SMKY shares, the investor will be receiving shares at
a cost value well into triple digits. We should save millions of
shares of dilution as no shares are being issued now (based on some
large discount to our current market) to come back at us in the
near future. The Preferred Stock offering is to be structured
in principally the same manner, but will pay considerably less
conversion return because it's "post-revenue" financing; SMKY would
be generating revenue through national affiliations that
demonstrate traction. It's expansion financing, but still
offering to investors a very attractive 3x to 5x conversion return
in three years, while again keeping shares from coming back against
SMKY's market and giving SMKY time to grow its profits and market
appreciation." Mr. Feintech added, "I haven't invested my
life's earnings and time thus far only to see its value sold out
from underneath me as a result of having to accept some form of
toxic financing deal that severely dilutes shareholder equity."
ABOUT SMOKY MARKET FOODS
Smoky Market Foods, Inc. is a producer and distributor of a
complete line of real Smoke-Baked™ foods that are prepared
authentically using a unique wood-burning oven system, and sold
under the brand name of Smoky Market®. Because of its proprietary
wood-burning oven technology, which burns freshly-cut hickory and
apple timber to impart a genuine smoky flavor, the company's
Smoke-Baked meat and fish are truly prepared the old-fashioned way,
without the use of any additives or chemical preservatives.
This aspect of quality wholesomeness in prepared food
processing is a market niche feature. Smoky Market Foods, Inc.
intends to build national brand distribution for its smoked foods
through multiple channels of marketing that include retail
distribution to consumers via on-line ordering from the Internet
and point-of-sale display merchandising in supermarkets, and
through development of a chain of BarBQ Diner modular restaurants,
self-contained modular kitchens and mobile restaurants that do not
cook raw food on site.
SMOKY MARKET FOODS, INC.
Investor Relations
P.O. Box 2864
Aptos, CA 95001
buysmoked@smokymarket.com
FORWARD-LOOKING STATEMENTS
Statements in this news release regarding future financial and
operating results, future growth in research and development
programs, potential applications of our technology, opportunities
for the company and any other statements about the future
expectations, beliefs, goals, plans, or prospects expressed by
management constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. Any
statements that are not statements of historical fact (including
statements containing the words "will," "believes," "plans,"
"anticipates," "expects," "estimates," and similar expressions)
should also be considered to be forward-looking statements. There
are a number of important factors that could cause actual results
or events to differ materially from those indicated by such
forward-looking statements, including: our limited operating
history, need for future capital and need to enter into
relationships with retailers for retail merchandising business,
supply and distribution risks, risks inherent in the development
and commercialization of potential products, protection of our
intellectual property, and economic conditions generally.
Additional information on potential factors that could affect our
results and other risks and uncertainties are detailed from time to
time in the company's periodic reports, including the company's
most recent Annual Report on Form 10-K and Quarterly Report on Form
10-Q. Forward-looking statements are based on the beliefs,
opinions, and expectations of the company's management at the time
they are made, and the company does not assume any obligation to
update its forward-looking statements if those beliefs, opinions,
expectations, or other circumstances should change.
SOURCE Smoky Market Foods, Inc.