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."
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