AMCON Distributing Company (AMEX:DIT) announced yesterday that it has closed the sale of the distribution business and related assets of Food For Health Company, Inc. (“FFH”), its wholly-owned subsidiary, to Tree of Life, Inc. in a cash transaction. FFH, which represented AMCON’s health and natural foods wholesale distribution business, will change its name to The Healthy Edge, Inc. and will continue to operate AMCON’s 14 retail health food stores (Chamberlin’s Market and Cafe and Akin’s Natural Foods Market). Tree of Life is a leading national distributor of natural and specialty foods and is headquartered in St. Augustine, FL.
William F. Wright, Chairman of AMCON, stated that “Tree of Life is a well respected national distributor in the health food industry and we are pleased to have been able to work with them on this transaction. Tree of Life will begin servicing our 14 retail health food stores effective immediately.”
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Wright added “The proceeds from the sale were utilized to retire FFH’s bank debt and provide capital for our retail health food and traditional distribution business operations.”
Omaha-based AMCON is a leading wholesale distributor of consumer products including beverages, candy, tobacco, groceries, food service, frozen and chilled foods, and health and beauty care products with distribution centers in Missouri (2), Nebraska, North Dakota, South Dakota and Wyoming. Chamberlin’s Natural Foods, Inc., and Health Food Associates, Inc., both wholly-owned subsidiaries of The Healthy Edge, Inc., operate health and natural product retail stores in central Florida (8), Kansas, Missouri, Nebraska and Oklahoma (3). The retail stores operate under the names Chamberlin’s Market & Cafe and Akin’s Natural Foods Market.
This news release contains forward looking statements that are subject to risks and uncertainties and which reflect management’s current beliefs and estimates of future economic circumstances, industry conditions, Company performance and financial results. A number of factors could affect the future results of the Company and could cause those results to differ materially from those expressed in the Company’s forward looking statements. Moreover, past financial performance should not be considered a reliable indicator of future performance. Accordingly, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 with respect to all such forward-looking statements.
Visit AMCON Distributing Company’s web site at: www.amcon-dist.com
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