Paramark Enterprises, Inc. announced today that it has executed a non binding letter of intent with Jon Donaire Desserts through which Paramark will sell Jon Donaire Desserts a majority of the assets comprising its wholesale bakery operation in El Cajon, California. The sale transaction is subject to a number of conditions precedent, including but not limited to, the completion of satisfactory due diligence, the execution of definitive documentation, approval by the directors of both companies and their shareholders and other customary terms and conditions. No assurance can be given as to whether or under what terms this transaction will be ultimately consummated.
Paramark intends to sell its remaining operating assets and payoff all outstanding indebtedness. Assuming completion of these transactions, Paramark will explore, among other things, the sale of its corporate shell and the distribution of its remaining assets to its shareholders pursuant to a plan of liquidation. No assurance can be given that these transactions will be consummated.
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Certain statements made by Paramark, which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to trends, management’s beliefs, expectations, forecasts and opinions, which are based upon a number of assumptions concerning future conditions that ultimately may prove to be inaccurate. Such forward-looking statements are subject to risks and uncertainties and may be affected by various factors, which may cause actual results to differ materially from those in the forward-looking statements. For further information, which could cause actual results to differ from Paramark’s expectations as well as other factors, which could affect Paramark’s results of operations, please refer to Paramark’s reports filed with the Securities and Exchange Commission.
Paramark Enterprises, Inc., is a publicly held company head quartered in Secaucus, New Jersey, whose common stock and Class B Warrants trade on the OTC Bulletin Board under the symbols “TJCI” and “TJCIZ”, respectively.
Jon Donaire Desserts is a privately held company head quartered in Santa Fe Springs, California.
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