ECOM Corp has entered into definitive agreements to acquire the assets of The New York Baking Company, formerly Fink Baking Co.
Concurrently, Brian Kitts, the president, CEO and director of ECOM, appointed Rounsevelle W. Schaum as a director and chairman of the board. Kitts and Laurie Bird Kitts, ECOM’s secretary and treasurer, both delivered their resignations to ECOM.
Schaum appointed Salvatore J. Liga as a director, president and CEO. Both Schaum and Liga will serve until the next shareholders’ meeting. Colbake Holdings, which is controlled by a principal of The New York Baking Company, purchased control of ECOM.
Schaum is the chairman of private investment firm Newport Capital Partners and is a director of Quigley Corp.
Liga has been a practicing attorney for seven years and is admitted to the New York, Connecticut and federal bars and to the US Supreme Court. In December 2000, after retiring from the practice of law, Liga purchased the assets of the Fink Baking Co and has since been actively involved in the day to day management of the company.
Liga stated, “This transaction creates a vehicle for our future growth. It also sets the stage for our expansion into the retail marketplace and beyond the geographic borders of the New York Tri-State area.
“Established in 1888, Fink Baking is known in the New York City market as the dominant manufacturer and distributor of white bread, whole wheat bread, hamburger and hot dog buns. We will continue our production and distribution operations at our 155,000ft² facility in Long Island City, New York.”
“In 2001, the Company enjoyed net sales of over US$40m and we expect that figure to increase significantly in 2002.” Liga continued, “We expect to achieve aggressive growth through a series of acquisitions, the introduction of new products such as croissants, licensing agreements, expansion into New England and our entrance into the retail marketplace.”