Vita Food Products, Inc. (Amex: VSF; CHX) announced that it has entered into an agreement in principle with Virginia Honey Company, Inc. and Terry W. Hess, the sole shareholder of Virginia Honey, to purchase all of the equity of Virginia Honey. Virginia Honey is a manufacturer and distributor of exceptional honey, salad dressings, including its award-winning vidalia onion vinaigrette salad dressing, sauces, jams & jellies, and gift baskets. The expansion of Virginia Honey in 1998 provided a 24,000 square foot packaging operation as well as new state-of-the-art filling equipment and a 30,000 square foot manufacturing plant. Pursuant to the agreement with Vita, Mr. Hess will enter into an employment agreement with Virginia Honey.
Commenting on the acquisition, Stephen D. Rubin, President of Vita, stated “We are thrilled with the possibilities of this acquisition and it’s management team. Not only is there is a great fit between the Virginia Honey product line and our sales and distribution network, which would result in our ability to give Virginia Honey’s regional products true national exposure, but we also believe that combining the operations of our two companies will greatly increase Vita’s earnings and create substantial shareholder value. We will continue to build Vita’s business through growth in current product offerings and keep our eyes on other potential acquisitions that fit our business model.”
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Vita Food Products, Inc. is the U.S. leader in the herring and retail packaged salmon markets, and is engaged in several other food segments, including hummus and horseradish. More than 95% of Vita’s sales are in kosher foods. Vita’s common stock is currently traded on the American Stock Exchange and Chicago Stock Exchange under the ticker symbol VSF.
This release contains forward-looking statements about Vita Food Products. Any such statements are subject to risks and uncertainties, including, but not limited to, those risks noted in Vita’s filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s analysis only as of the date hereof.
