Fresh Promise Foods, Inc. Rescinds Offer to Acquire Global Leading Foods, LLC of Coppell, Texas
December 17 2013 - 12:49PM
Fresh Promise Foods, Inc. (OTCQB:FPFI), a developer, processor and
marketer of healthy, better-for-you food products, announced that
it has pulled its multi-million dollar offer to acquire the
membership interest of Global Leading Foods, LLC of Coppell, Texas.
After months of work on both sides and an exhaustive due diligence
process, which revealed higher than represented outstanding debt
and lower than projected top-line income, the two companies could
not come to an agreement on the final terms.
"I am both disappointed and completely at peace with the
decision to not move forward with the acquisition of Global Leading
Foods," said Kevin P. Quirk, Chief Executive Officer of Fresh
Promise Foods. "This deal would have put a tremendous amount
of financial pressure on the company and our financial partners,
ultimately leading to further bad decisions," continued Quirk.
"This was always about the technology supporting our Consumer
Products Group and less about the people and management. It
has always been our objective to become a significant player in the
$750 Billion global health and wellness market and continues to do
so. We have taken significant steps towards that objective,
albeit a different path, but ultimately ending in the same place
the GLF deal would have taken us...but in a more fiscally
responsible and manageable way. I will put my faith in our
team above anyone else to identify and execute the plans necessary
to achieve our objectives!" concluded Mr. Quirk.
The final offer, which has not been disclosed, was a combination
of equity, debt, cash and a promise of growth capital via Fresh
Promise Foods funding relationships.
About Fresh Promise Foods Inc.:
Based in Atlanta, Ga, Fresh Promise Foods, and its subsidiaries
seek to be the catalyst to a better quality of life by offering
health and wellness solutions that make sense and fit into the
everyday lives of all consumers. Focused on three key
strategic areas, Food Technology, Consumer Products and Value
Added, Fresh Promise Foods will set itself apart from the
competition by marrying innovative technology and product
development with perceptive marketing and sales service
strategy.
About High Pressure Processing:
High Pressure Processing (HPP) has shown to reduce bacteria such
as Listeria, E.coli, and Salmonella in packaged refrigerated
products as diverse as ready-to-eat meats and raw ground beef and
poultry; fresh fruits, juices, and smoothies; soups, wet salads,
and sauces; and seafood and shellfish.
Safe Harbor Statement:
Except for statements of historical fact, the matters discussed
in this press release are forward-looking, and are made pursuant to
the Safe Harbor provisions of the Private Securities Litigation
Reform Act of 1995. Statements made herein regarding the
intent, belief or current expectations of Fresh Promise Foods,
Inc./Anthus Life Corp. are forward-looking statements that reflect
numerous assumptions, risks and uncertainties, many of which are
beyond our control, and any of which could cause our actual future
results to differ materially from our stated expectations today.
Prospective investors are cautioned that our forward-looking
statements are never guarantees of future performance.
Important factors currently known to management that could
cause our actual future results to differ materially from those
indicated in our forward-looking statements today include our
limited operating history, fluctuations in our operating results,
our ability to compete successfully and our ability to attract
necessary capital on satisfactory terms. Except as required
by applicable law, we undertake no obligation to update or revise
our forward-looking statements to reflect changed assumptions, the
occurrence of unanticipated future events or changes in our future
operating results.
CONTACT: Fresh Promise Foods
info@freshpromisefoods.com