Inventure Foods Announces Strategic Sale of Fresh Frozen® Foods
March 23 2017 - 4:05PM
Inventure Foods, Inc. (NASDAQ:SNAK) (“Inventure Foods” or the
“Company”), a leading specialty food marketer and manufacturer,
announced the strategic sale of Fresh Frozen® Foods to The
Pictsweet® Company, a family-owned grower and processor of frozen
vegetables, in a cash transaction for approximately $23.7 million.
The strategic transaction represents an important step in Inventure
Foods’ ongoing strategic and financial review process to increase
shareholder value.
“The sale of Fresh Frozen Foods represents a significant
milestone in our efforts to enhance shareholder value,” said Terry
McDaniel, Chief Executive Officer of Inventure Foods. “The proceeds
from the sale of Fresh Frozen Foods will help us reduce our
debt, improve our balance sheet and our overall financial
flexibility. We continue to focus on delivering an improved
financial performance through further execution of our strategic
initiatives across the frozen and snack segments.”
Mr. McDaniel concluded, “I would like to thank the excellent
Fresh Frozen associates for all of their efforts and wish them
much success in the future.”
There can be no assurance that the Company’s ongoing 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.
About Inventure Foods
With manufacturing facilities in Arizona, Indiana, Washington
and Oregon, 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™, Bob's Texas Style® and Sin In A Tin™. For further
information about Inventure Foods, please visit
www.inventurefoods.com.
About The Pictsweet®
Company
The Pictsweet® Company is a full service grower, processor and
marketer of frozen vegetables. Pictsweet® was founded as a
family company more than 70 years ago in Bells, Tennessee.
Today, the family company grows vegetables in 31 states with
operations in Tennessee, Delaware, Texas, Utah, and
California. Pictsweet® distributes frozen vegetable products
nation-wide under The Pictsweet Farms® brand. For more
information about Pictsweet®, please visit
www.pictsweetfarms.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 increase shareholder value. 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 and/or
to refinancing existing indebtedness 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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