USA: Spigadoro, Inc. to Create Internet B2B Food Portal
The project, which is expected to be operational in the second half of this year, will involve the creation of a Spigadoro portal that will enable Spigadoro to implement a number of eBusiness initiatives, including business-to-business (as well as business-to-consumer) e-commerce, supply chain management and customer relationship management solutions.
The focus of the site will be to provide community, content and commerce: "community" by providing communications tools that enhance the relationship between Spigadoro and its customers and suppliers; "content" by providing useful product and industry information; and "commerce" by enabling Spigadoro to not only transact with existing customers and suppliers, but also to open up new distribution channels and target supermarkets, distributors and other food industry agents not currently served by the Company. The Company anticipates that it will sell not only pasta, but also other Mediterranean food products that it may acquire in the future.
"We believe that the Internet can help us drive revenue, reduce costs and create new competitive advantages, and will ultimately be an important factor in achieving Spigadoro's strategic goals," said Jacob Agam, Chairman and Chief Executive Officer of Spigadoro. "The development of a B2B marketplace will enable us to improve communications between Spigadoro and its customers and suppliers and offer real-time supply chain management, which should result in improved operating efficiencies, improved competitive position and improved relationships with our customers and suppliers. It will also provide us with a new distribution channel for our products that may help accelerate revenue growth."
Spigadoro has selected the Akros Group and Skyset as its technology partners. Akros, a leading developer of software products (including internet-enabling products), will design the necessary software products for the project. Skyset, an Internet communications company, will create and host the website.
Domenico Cavallo, Managing Director of Akros Group, noted: "We are very excited to work with Spigadoro and bring to this project all of Akros' expertise in providing web-enabling software solutions. This e-commerce initiative will enable Spigadoro to capitalize on its strong brand name and customer service to create new revenue opportunities and further promote customer loyalty."
Spigadoro is a leading manufacturer of branded products in the Mediterranean food sector. Its pasta and other Mediterranean products are internationally recognized as high quality products and are marketed under the brand name "Spigadoro" ("Golden Ear of Wheat") in Italy, Europe, the U.S. and the Far East. The Company's animal feed products are manufactured at seven plants throughout Italy and are marketed under the "Petrini" name. The Company has previously announced an aggressive growth strategy that includes a consolidation of small and mid-cap companies within the food and animal feed industries in Europe (and in particular Italy, Germany, France and Spain). Consistent with this strategy, the Company has recently announced the acquisition of Pastificio Gazzola, the European market leader in private label pasta production.
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Such statements, including those regarding among other things, our strategy, future prospects and results of operations, are dependent on any number of factors, including market conditions, competition and the availability of financing, many of which are outside of our control. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in our Securities and Exchange Commission filings under "Risk Factors", including the following risks related to the Petrini transaction: we are operating a new business; if we do not successfully sell our computer business, the combined company may be adversely affected; Vertical Financial Holdings and its affiliates will have substantial voting power; our strategy of acquiring other companies for growth may not succeed and may adversely affect our financial condition and results of operations; we are subject to numerous risks related to foreign operations; and other risks. In addition, our acquisition negotiations are in various stages and we have no agreement or arrangements relating to any acquisitions. We are unable to predict whether or when any of these negotiations will result in any definitive agreements.
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