Vaughan Foods, Inc. Acquired by Reser's Fine Foods, Inc.
September 16 2011 - 10:12AM
Vaughan Foods, Inc. (OTCQB:FOOD), today announced
that it has been acquired by Reser's Fine Foods, Inc., Beaverton,
Oregon. "I am pleased to announce the completion of our acquisition
by Reser's," said Herbert Grimes, Vaughan's CEO. "We believe that
this transaction was in the best interests of our stockholders and
we look forward to working with the Reser's management team as we
continue to build the Vaughan brand and expand our business."
"I am excited to welcome Vaughan's employees into the Reser's
family," said Mark Reser, President and CEO of Reser's. "We are
confident that the combination of our two companies will provide
our customers with enhanced products, service and innovation. We
look forward to continued growth for many years to come."
As a result, shares of Vaughan common stock have ceased to be
traded on the OTC Markets QB electronic trading market. Each
Vaughan stockholder will receive approximately $1.58 for each share
of Vaughan common stock held. Also as a result of the
acquisition, the Class A and Class B warrants will no longer be
entitled to receive shares of Vaughan common stock on exercise but
will be entitled, until their expiration in 2012, to receive only
the same $1.58 per share upon exercise and payment of the warrant
exercise price.
Today's announcement follows Vaughan stockholder approval of the
transaction at the Special Meeting of Stockholders held Thursday,
September 15, 2011, and receipt of all required regulatory
approvals.
About Vaughan Foods, Inc.
Vaughan Foods is an integrated manufacturer and distributor of
value-added, refrigerated foods and is uniquely able to distribute
fresh-cut produce items along with a full array of value-added
refrigerated prepared foods multiple times per week. Vaughan sells
to both food service and retail sectors. Its products consist of
fresh-cut vegetables, fresh-cut fruits, salad kits, prepared
salads, dips, spreads, soups, sauces and side dishes.
The Vaughan Foods, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=4726
CONTACT: Investor Relations Contact
Vaughan Foods, Inc.
Gene Jones
Chief Financial Officer
405.794.2530