Foodfest International 2000 Inc (FDFT)

[Gnarlyman]

Looks like FoodfestAmerica to me, what else would you call FoodFest USA on a website?


FOODFEST INTERNATIONAL 2000 INC. AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Unaudited
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011
(Expressed in United States Dollars)


1.
ORGANIZATION AND NATURE OF OPERATIONS

Foodfest International 2000 Inc. and Subsidiary (the "Company" or "Foodfest USA") was incorporated on September 20, 2006 in the State of Delaware, under the name Henya Food Corp.

On December 20, 2010, pursuant to a share exchange agreement (the "Share Exchange Agreement"), the Company completed the acquisition of all the issued and outstanding shares of Foodfest International 2000 Inc. ("Foodfest Canada"), a private company incorporated under the laws of the Province of Ontario, Canada.

The acquisition of Foodfest Canada is accounted for under the purchase method as a reorganization of entities under common control, as both companies were managed by the same individuals prior to the transaction. The results are similar to a pooling of interests whereby the assets and liabilities were transferred at historical cost. The outstanding common stock of Foodfest USA is accounted for at its net book value and no goodwill was recognized.

Foodfest Canada has been operating since June 25, 1987 and is in the business of importing, marketing and distributing kosher, vegetarian and organic food products to grocery stores in Canada and the United States.