Rica Foods, Inc. (Amex:RCF) announced today that it has decided, in its best interest to jointly terminate its letter of intent with PoultryFirst.Com (”PF.Com”), signed back on July 5, 2000.
”RCF and PF.Com, a company owned by Jose Pablo Chaves, have agreed to terminate its letter of intent, by which RCF intended an equity participation of 17% in PF.Com. Terms and conditions of the potential acquisition were under negotiation, subject to a fairness opinion satisfactory to RCF’s shareholders, but RCF considered it necessary at this point in time to concentrate in its core business, and work on its fundamentals and shareholder value,” Mr. Calixto Chaves, Chairman of RCF said today.
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”Our market is very dynamic, so we will continue pursuing projects that can contribute to our efficiencies, costs reductions, and to our bottom line,” Mr. Chaves concluded.
