CANADA: Intercorp Excelle Inc. to double refrigerated warehousing capacity
Intercorp Excelle Inc. (NASDAQ: RENE), manufacturer of Canada's No. 1 refrigerated salad dressing, Renee's Gourmet(TM), announced today that it has signed a Project Management Agreement to break ground on a building extension which will more than double the Company's refrigerated on-site cooler space. The project, which is expected to cost CDN$1.0 million, will be completed within four to five months. Fred Burke, Chief Operating Officer of Intercorp Excelle, said, "We have now run out of cooler space on-site, and this investment is necessary in order to meet increased demands for Renee's Gourmet(TM) brand products in new markets within Canada and other major regions in the U.S. marketplace." The Company recently announced the launch of its products into the United States. He continued, "This new 13,000 square foot expansion eliminates the need for significantly more expensive third party storage, and should have an immediate impact on manufacturing efficiencies, providing an opportunity for the Company to schedule longer production runs. The financial return for this project is immediate." Arnold Unger, Intercorp's CEO continued, "We expect to generate a significant amount of new incremental Renee's Gourmet(TM) business in the USA this year, and early signs from the new launches are extremely positive. We need the new cooler space to warehouse inventories required to service this new business today and into the next fiscal year. Since our refrigerated Renee's Gourmet(TM) product turns over approximately 15 times a year (which will guarantee that customers receive the freshest product possible), it is critical that we maintain control of these inventories on-site."
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