Dippy Foods, Inc. (OTC BB: DPPI) has entered into a share exchange agreement with Americas Favorite Food Corp. (AFFC) and all of the shareholders of AFFC to acquire all of the outstanding shares of AFFC. Dippy Foods will issue an aggregate of 8,000,000 new shares of restricted common stock, subject to Rule 144 of the Security Act of 1933, to be distributed over a period of two years to the shareholders of AFFC. AFFC will be a wholly owned subsidiary of Dippy Foods. This transaction is a result of ongoing negotiations among the parties and the proposed joint venture as initially announced in Dippy Foods’ news release of March 14, 2001.
AFFC is a California based food services company that owns Korean distribution rights to thousands of US branded products with contracts valued at more than $US 4 million in sales annually.
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Dippy Foods will appoint a new management team, consisting of highly qualified individuals from AFFC with significant industry experience and a proven track record in the food services industry. The new management advisory board will consist of Gary Place, Chris Lee, Erick Yoo, Tony Gallegos, Brian Yoo, and Ira Hermann. Hermann will also serve as COO and director of Dippy Foods. Jon Stevenson will continue as President and director of Dippy Foods and Munjit Johal will continue his role as CFO and director.
This new management team has extensive food experience in operations, R&D, sales and marketing, logistics, and with the import and export of food products into all channels of distribution. Gary Place is the founder, President and CEO of both USFI, Inc., Prime Vendor servicing the US military in Korea, and US Foods International LLC, a California based food company with combined annual sales exceeding $US 35 million. Chris Lee and Erick Yoo, both of US Foods International, will also join the advisory board. Lee is an industry expert in institutional food distribution in Korea, Hong Kong, Philippines, and Vietnam. Erick Yoo is CEO of Calinex Transportation Inc., a company which specializes in domestic and international transportation and ocean logistics. The advisory board is rounded out by Ira Hermann, Tony Gallegos, and Brian Yoo. Hermann has more than 25 years of experiences in food services including management positions at H J Heinz, Armour Dial and Ralston Purina. Gallegos is President of both Grande Foods and G&A Snack Distributing Inc. and Brian Yoo, President of Calinex Transportation Inc., has extensive experience in corporate finance and operations. This new management advisory board will be instrumental establishing Dippy Foods as the leading food service company in California and Asia.
The Dippy Foods product line of prepackaged, shelf stable meals, will remain a division of the company. This transaction will enable Dippy Foods to expand its existing customer base beyond its current school business into new channels including military sales, (store retail, as well as domestic and international food service sales.
In addition to manufacturing and distributing the Dippy Foods’ brands, the company will increase its product offerings through AFFC’s exclusive agreements to market and sell other regional and nationally branded food products. The product lines include a line of Mexican products, breakfast items, frozen items, frozen entrees, shelf stable and other food products consistent with the company’s sales and marketing strategies.
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By GlobalDataAbout Dippy Foods
Dippy Foods, Inc. produces and sells fresh, prepackaged, nutritious, single-serving meals and is introducing a line of frozen sandwich and entree items to schools and other institutional food servers. Dippy Foods’ line of luncheon products called “Dippers”, address the issues facing the 94,000 schools serving free or USDA subsidized meals to over 34 million children daily as part of the National School Breakfast and Lunch Program. These individually, pre-packaged meals require no preparation, refrigeration or heating and are served in individual recyclable serving trays.
For more information, please call Phil Gurat toll Free at (888) 536-7901 or visit www.dippyfoods.com.
As a cautionary note to investors, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such matters involve risks and uncertainties that may cause actual results to differ materially, including the following: changes in economic conditions; general competitive factors; Dippy Food, Inc.’s ability to execute its business model and strategic plans.
