VANCOUVER, BRITISH COLUMBIA–Premium Brands Inc. (TSE: FFF – news) announced today that Crown Investments Corporation of Saskatchewan (“CIC”) has purchased 1.25 million treasury common shares in Premium Brands Inc. at a price of $12.00 per share. The proceeds from the issue will be used for the repayment of debt and for general corporate purposes. Premium Brands also announced that John Hicke, Director, Investments with CIC, has joined its Board of Directors.
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“This issuance strengthens our financial position and provides us with the flexibility we need to execute our business plan,” said George Paleologou, President of Premium Brands. “We look forward to working with CIC to enhance shareholder value,” added Mr. Paleologou.
“CIC is very excited about the future prospects of Premium Brands in general, and its Saskatchewan based initiatives in particular,” CIC Minister Maynard Sonntag said. “Looking forward, the Company’s growth initiatives will play a key part in the continuing development of our primary and secondary food processing industries and in making Saskatchewan a leader in value-added agriculture.”
Premium Brands has been in the food processing business since 1917 and has manufacturing facilities in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Washington and Oregon.
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