Acton, CA - International Ostrich Corp. Chief Operations Officer Steve DiPressi announced the completion of the acquisition of Brandywine Meats.
“We are pleased to take possession of the processing plant and equipment, as well as the brand name and all related accounts. Our strategy of vertical integration is now in place,” said DiPressi. “The task from this point forward is to expand our reach to the additional 650 stores and various restaurant chains that we are not yet serving.
“We are aggressively pursuing this business niche and are negotiating with a very progressive marketing group to expand this aspect of our business.” DiPressi continued, “The company will also continue custom processing at the San Diego plant, which is good for cash flow.”
In a related announcement, the company announced a cross- marketing agreement with Cal Pride Ostrich Farms Inc.
International Ostrich President and Chief Executive Officer Theodore Loeschner commented: “Cal Pride has one of the largest flocks on the West Coast. IOC now manages the Cal Pride flock and under the agreement will process and market Cal Pride products. This gives stability to our bird supply and ensures availability for the near and medium term.”
The company also announced it was starting the process of becoming a reporting company. “With the end of fiscal 1998, we anticipate beginning the related filings and paperwork with the ultimate goal of listing on the Nasdaq Small Cap Market Index,” said DiPressi.
“We are negotiating with a large meat distribution outfit that will allow us to significantly expand both revenues and assets.” In summation, DiPressi related, “Overall our outlook is very positive. With our basic infrastructure in place, our task is to increase market share and bottom-line earnings.
IOC specializes in the production of a clean, low-fat, low-cholesterol red meat protein source as an alternative to beef, chicken or turkey. With headquarters in Acton, IOC is well positioned within the worldwide ostrich industry, which reaches one-half billion dollars worldwide, but is still in its infancy in the United States.
International Ostrich can be reached at 805/269-2900 or 888/355-IOCX (4629); fax 805/269-8064. Visit www.IOCX.com or contact Ted Loeschner or Steve DiPressi. For investor relations, contact Philip M. Fox, 310/273-7776 or fax 310/273-1802.
The foregoing contains forward-looking statements. These forward-looking statements are based largely on the company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors, including prevailing economic conditions as they affect the ostrich industry in general. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this news release will in fact transpire or prove to be accurate.
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