Inventure Foods Announces Changes to Board of Directors
January 17 2017 - 8:00AM
Inventure Foods, Inc. (NASDAQ:SNAK) (“Inventure Foods” or the
“Company”), a leading specialty food marketer and manufacturer,
announced Mr. David L. Meyers, a member of its Board of Directors
will step down from the Board, effective today, to fulfill his
full-time commitment as the newly-appointed Interim Chief Executive
Officer and Chief Operating Officer of Del Monte Foods, Inc. (“Del
Monte”). Mr. Meyers’ agreement with Del Monte provides that
he must devote his full time and attention to his new positions and
will not serve on the board of any other company. Mr. Meyers
joined the Inventure Foods Board in May 2013 and serves as the
Chairman of the Board and member of the Compensation Committee of
the Board.
Mr. Timothy A. Cole has been appointed by the Board as Interim
Chairman to fill the vacancy created by Mr. Meyers’
departure. Mr. Cole has served as a member of the Board since
May 2014 and currently serves as a member of the Board’s
Compensation Committee.
Terry McDaniel, Chief Executive Officer of the Company,
commented, “On behalf of the Board and management, I would like to
congratulate Dave on his new assignment and thank him for his
commitment, contributions and leadership on our Board over the last
several years. I would also like to welcome Tim to his new
Board role and look forward to continuing work with him going
forward.”
In addition, Inventure Foods remains committed to its ongoing
strategic and financial review with the objective to increase
shareholder value as previously announced on July 27, 2016.
This review continues to explore the pursuit of value-enhancing
initiatives including capital structure optimization, a sale of the
Company, a sale of certain assets of the Company or other business
combination. There can be no assurance that this strategic and
financial review will result in any specific action, or any
assurance as to its outcome or timing. The Company does not intend
to comment further regarding the strategic and financial review
until the Board of Directors approves a specific action or
concludes its review.
“The Board of Directors remains committed to increasing
shareholder value through our ongoing comprehensive strategic and
financial review of the business,” said Timothy A. Cole, Interim
Chairman of Inventure Foods.
About Inventure Foods
With manufacturing facilities in Arizona, Indiana, Washington,
Oregon and Georgia, Inventure Foods, Inc. (Nasdaq:SNAK) is a
marketer and manufacturer of specialty food brands in
better-for-you and indulgent categories under a variety of Company
owned and licensed brand names, including Boulder Canyon Foods™,
Jamba®, Seattle's Best Coffee®, Rader Farms®, TGI Fridays™,
Nathan's Famous®, Vidalia Brands®, Poore Brothers®, Tato Skins®,
Willamette Valley Fruit Company™, Fresh Frozen™, Bob's Texas Style®
and Sin In A Tin™. For further information about Inventure Foods,
please visit www.inventurefoods.com.
Note Regarding Forward-looking Statements
This press release contains forward-looking
statements, including, but not limited to, the Company’s ability to
improve its operational and financial performance, execute its
strategic initiatives and pursue value-enhancing initiatives.
Because such statements include risks and uncertainties,
actual results may differ materially from those expressed or
implied by such forward-looking statements. Factors that may cause
actual results to differ from the forward-looking statements
contained in this press release and that may affect the Company's
prospects in general include, but are not limited to, general
economic conditions, increases in cost or availability of
ingredients, packaging, energy and employees, price competition and
industry consolidation, ability to execute strategic initiatives,
product recalls or safety concerns, disruptions of supply chain or
information technology systems, customer acceptance of new products
and changes in consumer preferences, food industry and regulatory
factors, interest rate risks, dependence upon major customers,
dependence upon existing and future license agreements, the
possibility that the Company will need additional financing due to
future operating losses or in order to implement the Company's
business strategy, acquisition and divestiture-related risks, the
volatility of the market price of the Company's common stock, and
such other factors as are described from time to time in the
Company's filings with the Securities and Exchange
Commission. All forward-looking statements are based on
information available to the Company as of the date of this news
release, and the Company assumes no obligation to update such
statements.
Contact
Katie Turner, ICR (646) 277-1200
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