New Yorker Marketing Corp. (Nasdaq: NYIC) announced today that its agreement to acquire Marino’s has terminated. Based on events and circumstances involving both companies, the Company was not successful in obtaining the necessary financing.
The Company’s cash requirements continue to significantly exceed its resources. While the Company is seeking additional financing and is looking at potential mergers or acquisitions, its failure to imminently conclude a transaction will materially adversely affect its operations and threaten its continuity as a going concern.
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New Yorker markets and distributes a variety of products and frozen desserts.
Forward-Looking Statements. All statements other than statements of historical fact included in this release are forward-looking statements. When used in this release, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to the Company or its management, as well as assumptions made by and information currently available to the Company’s management, identify forward-looking statements. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors including, but not limited to, the effect of business and economic conditions; the impact of competitive products and pricing; and capacity and supply constraints or difficulties. Such statements reflect the current views of the Company with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to the operations, results of operations, growth strategy and liquidity of the Company.
