FRHV news -
Fresh Harvest Completes Acquisition of AC LaRocco Pizza Co.
NEW YORK, NY, Mar 03, 2010 (MARKETWIRE via COMTEX) -- Fresh Harvest Products, Inc. (OTCBB: FRHV), a developer and marketer of natural and organic products, is pleased to announce that it has completed its asset acquisition of AC LaRocco Pizza Co., a 12-year-old privately held purveyor of organic and natural frozen foods, located in Washington state.
"The completion of this acquisition represents a significant step for Fresh Harvest in our strategy to accelerate growth in our business," said Michael J. Friedman, chief executive officer of Fresh Harvest. "Today, we significantly increased the depth and breadth of our products, sales and distribution across the nation into retailers such as Kroger (certain divisions), H-E-B, Albertsons (certain regions) and further enhances our foothold with the largest natural food retailer in the US. The addition of AC LaRocco will complement the sound internal growth that our Wings of Nature brand is achieving. This transaction will add approximately $1.5 million in sales to our annual volume and should lead to increased efficiencies. We expect to benefit from an expanded customer base, as well as establishing our presence in the West and Midwest."
Mr. Friedman continued: "We are now squarely focused on quickly seizing the attractive opportunities this transaction has created for us to increase top-line growth as well as achieving significant cost synergies in general and administrative expenses. With the acquisition now complete, Fresh Harvest is a stronger, more broadly based company than ever before, with increased capacity to reach new customers and the ability to provide current customers with enhanced products. We are looking forward to delivering on the promise of this acquisition and to building value for our Shareholders."
About Fresh Harvest Products, Inc.
Fresh Harvest Products, Inc. is a natural and organic food and beverage company. Fresh Harvest offers a line of organic snack products and beverages, which include health bars, coffee bars under the Wings of Nature(TM) name, beverages under the TeAloe(TM) name, and frozen pizza and food products under the AC LaRocco(TM) name. In addition, Fresh Harvest provides a grocery product line, which includes several varieties of whole bean and ground coffees, and beverages. We sell our products through specialty and natural food distributors to stores, specialty supermarkets and retailers. Fresh Harvest Products, Inc. is headquartered in New York City. Additional information is available at www.freshharvestproducts.com.
Safe Harbor Statement
Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to Fresh Harvest Products, Inc., or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's periodic reports and other filings made with the U.S. Securities and Exchange Commission, including its Annual Report for the year ending October 31, 2008 filed on Form 10K. Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or for any other reason.
Contact
Michael J. Friedman
CEO & Chairman
Fresh Harvest Products, Inc.
investorrelations@freshharvestproducts.com
SOURCE: Fresh Harvest Products, Inc.
CONTACT: mailto:investorrelations@freshharvestproducts.com
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SUBJECT CODE: Food and Beverage:Beverages
Retail:Supermarkets
Food and Beverage:Food
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