Pennexx Foods today [Friday] announced that its common stock is now listed for trading on the OTC Bulletin Board, and that it has changed its name to Pennexx Foods, Inc. from Pinnacle Foods, Inc.

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Its common stock will continue to trade under the stock symbol PFOD.


president and CEO Michael Queen, said: “Trading our common stock on the OTC Bulletin Board is a significant milestone for Pennexx and enables us to reach a broader investor audience. It was made possible by the registration of the common stock under the Securities Exchange Act of 1934. This registration resulted, in turn, from the US$36m commitment that Smithfield Foods, the leading processor and marketer of fresh pork and processed meats in the US, made to our company in June 2001.”


Pennexx commenced operations in 1999, as the company recognized the opportunity to stake out a first-to-market position in the emerging market category for case-ready meat. Since then, the company has refined the operations, expanded its facilities, built a customer base and established a position as a leading provider of case-ready meat to retail supermarkets in the northeastern US.


“Case-ready” refers to meat products that can be taken out of a box and put directly into a retailer’s meat case without any further processing or packaging. For the consumer, case-ready meat enhances food safety, provides leak-proof packaging and a greater variety of meat in stock because the packaging offers longer shelf life.

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Pennexx Foods cuts, packages, processes and delivers case-ready beef, pork, lamb and veal and the business is largely regulated by the United States Department of Agriculture (USDA). At its facilities, Pennexx can achieve the trimming, cutting, wrapping, labeling, and pricing of a retail product with extended shelf life that cannot be achieved at the store level. The company uses modified atmosphere packaging (MAP), which refers to the use of deep barrier foam and plastic trays to house the meat, and the process of heat sealing the lid tightly, evacuating the atmosphere in the package, and replacing it with a non-chemical mixture that includes oxygen and carbon dioxide.


Queen continued: “Case-ready meat is rapidly becoming an attractive economic alternative to store processed meat for supermarket retailers as it enables stores to generate higher net profit. This growing demand has fueled our company’s growth: for the full fiscal year 2001, we expect to report revenue in excess of US$40m, more than three times our revenue in 2000. We intend to aggressively expand the business by extending customer store penetration, acquiring new customers and introducing new products while maintaining our superior customer service. Having proven our business model and with the market for case-ready meat still in its infancy, we are confident that our prospects for growth in 2002 are excellent.”