Greenfield Farms and Carmela's Pizzeria Announce Completion of Closing with Accounting Effective Date of October 1, 2013; Company Also Announces Effectiveness of Reverse Stock Split Effective October 31, 2013
CENTENNIAL, Colo., Oct 29, 2013 (BUSINESS WIRE) -- Greenfield Farms Food, Inc. ("Greenfield" or the "Company") (OTC/QB: GRAS) announced today that is has closed the acquisition transaction with Carmela's Pizzeria. The accounting effective date is October 1, 2013. This closing completes the acquisition of 100% of the equity interests of Carmela's in a newly created wholly-owned operating subsidiary of Greenfield in exchange for shares of Greenfield stock and warrants.
The Company also announced today the effectiveness of a 1 for 100 share reverse split of its common stock that will take effect as of the market open on Thursday, October 31, 2013. Beginning with the open of business on October 31, 2013 and for a period of 20 business days, the Company's common stock will trade under the stock symbol "GRASD". The "D" will drop off and the stock will continue to trade under the symbol "GRAS" on the 21st business day.
Holders of shares of the Company's common stock in certificate form are not required to exchange their certificates with the Company's transfer agent, however, they are welcome to do so if they wish by contacting the Company's transfer agent, West Coast Stock Transfer, Inc. at (619) 664-4783.
Mr. Ronald Heineman has been appointed to serve as President and Chief Executive Officer of Greenfield and Mr. Henry Fong, following his resignation as President and Chief Executive Officer of Greenfield, has been appointed to serve as Chief Financial Officer and Corporate Secretary of Greenfield.
Carmela's Chairman, and newly appointed Greenfield CEO, Ron Heineman said, "We are excited to finally have completed this transaction and are ready to move forward expeditiously with our business plan. We are confident in the Carmela's Pizza restaurant concept and the solid base we have built with our Dayton, Ohio areas locations. We believe this transaction is the springboard we need to grow the Carmela's brand and create shareholder value for the Greenfield stockholders."
Greenfield Chief Financial Officer and former CEO, Henry Fong, said, "Although this transaction took a little longer than originally anticipated, I believe we have created the right environment to build on the successful concept Carmela's has created and I have full confidence in Ron and his team to do just that."
About Carmela's Pizzeria
Carmela's presently has three Dayton, Ohio area locations offering authentic New York style pizza with a fourth slated to open within 30 days. Carmela's offers a full service menu for Dine In, Carry out and Delivery as well as pizza buffets in select stores. Carmela's has been noted in Dayton Daily News as one of "The Best Pizzerias" in Dayton. Visit the Carmela's website at: www.carmelasohio.com
About Greenfield Farms Food, Inc.
The Company is a publicly-traded nominally capitalized producer and marketer of "grassfed" beef supplying a North Carolina based grocer on a very limited basis and with the acquisition of Carmela's Pizzeria now also operates through its wholly-owned subsidiary Carmela's Pizzeria CO, Inc. through the Carmela's Pizzeria Dayton restaurant locations.
Safe Harbor for Forward-looking Statements
This news release may contain forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, they are based on management's current beliefs and assumptions as to future events. However, since the company's operations and business prospects are always subject to risk and uncertainties, the forward-looking events and circumstances discussed in this news release might not occur, and actual results could differ materially from those described, anticipated or implied. For a more complete discussion of such risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission.
Contact Information:
Greenfield Farms Food, Inc. Carmela's Pizzeria
Thomas B. Olson, Public Relations Ron Heineman, Chairman & CEO
(303) 796-8940
AI
