CANADA: Intercorp Excelle Foods Inc. announces warrant repricing
Intercorp Excelle Inc. (NASDAQ: RENE, RENEW), manufacturer of Canada's no. 1 refrigerated salad dressing, Renee's Gourmet(TM), announced today that its Board of Directors approved an adjustment of its warrant exercise price to US$2.50 from US$6.00 previously, effective October 10, 2000. Fred Burke, Chief Operating Officer of Intercorp Excelle Inc., stated that, "This move is justified primarily because of our undervalued common stock price. Many of our current investors hold warrants which will expire in one year from now, and this decision is made in their best interest. As well, we feel that the timing is right in order to attract new investors to the Company." He continued, "We strongly believe the Company's fundamentals are solid, and our results indicate that the potential for future explosive growth and earning are exceptionally good." Arnold Unger, Chief Executive Officer, added that, "Our current strategy is focused on securing additional listings for Renee's Gourmet(TM) in the United States, and we are fully prepared to invest heavily in this market, which will continue to drive up sales revenues and margins. We also continue to focus on synergistic mergers and acquisitions within North America. Ongoing good news and results should definitely support what we believe to be a significantly undervalued stock price, however until that happens, we will continue to repurchase stock at these depressed levels, under our existing stock repurchase program."
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-food gives you the widest food market coverage.
Paid just-food members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Dean Best, editor of just-food
- Danone's Q1: four things to learn
- Column: Why snacking is the new meal
- Nestle Q1 update: four things to learn
- Who will buy Danone's Stonyfield business?
- Interview: KP Snacks on growth strategy
- Tyson shops Sara Lee bakery, Kettle and Van's
- Nestle to cut UK confectionery jobs
- Tyson to buy burger-to-entree firm AdvancePierre
- PepsiCo affirms full-year target as Q1 hits mark
- TreeHouse Foods sells soup, baby food units