Imperial Sugar Company (OTC BB: IPRLQ) yesterday announced that Mark Q. Huggins has resigned as Chief Financial Officer effective August 31, 2001 to pursue financial restructuring consulting opportunities.
The Company has initiated a search for a new Chief Financial Officer, and expects to complete this process in the near future. James C. Kempner, President and Chief Executive Officer, will assume the role of interim Chief Financial Officer until a new CFO can be appointed. Mr. Kempner previously held the role of Chief Financial Officer of the Company from 1988 through April 1998.
Mr. Kempner stated, “I join the rest of the Company in thanking Mark for his contribution to the success of Imperial Sugar’s recently completed financial restructuring. We wish him the very best in his new endeavors.”
Imperial Sugar Company is the largest processor and marketer of refined sugar in the United States and a major distributor to the foodservice market. The Company markets its products nationally under the Imperial(TM), Dixie Crystals(TM), Spreckels(TM), Pioneer(TM), Holly(TM), Diamond Crystal(TM) and Wholesome Sweeteners(TM) brands. Additional information about Imperial Sugar may be found on its web site at www.imperialsugar.com.
Statements regarding the Company’s ability to maintain normal relationships with customers, the ability of the Company to establish normal terms and conditions with suppliers and vendors, prospects of the Company following emergence from bankruptcy, the Company’s ability to list its securities on a national securities exchange and other statements which are not historical facts contained in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include, but are not limited to, market factors, the effect of weather and economic conditions, farm and trade policy, the ability of the Company to realize planned cost savings, the available supply of sugar, available quantity and quality of sugarbeets and other factors detailed in the Company’s Securities and Exchange Commission filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.