Premium Brands Inc. (Toronto: FFF) announced yesterday that it has completed a share exchange with Community Pork Ventures Inc., resulting in the acquisition of a 33% interest in Community Pork. This completes the final phase of the transaction initially announced on April 19th, 2000.
On November 20th, 2000 Community Pork successfully acquired the equity ownership of 14 farrow-to-finish pig production operations managed by the Quadra Group. These operations are located in Saskatchewan and Manitoba. Pursuant to the transaction, Premium Brands has issued to Community Pork Ventures 455,400 common shares, equating to approximately 5.5% of the issued and outstanding common shares of the Corporation. The Corporation has long-term pig supply agreements that provide the Corporation with exclusivity over all pigs produced by these operations.
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“Our investment in Community Pork is the next step in the integration of our Fresh Pork operations with pig production, with the goal of reducing our overall commodity risk exposure,” said President and CEO Fred Knoedler. “Community Pork will play a key role in our achieving our goal of securing a proprietary pig supply of over 1 million pigs annually within the next 3 years.”
“The exchange of ownership interests, coupled with the long-term contractual arrangement, improves each party’s risks and profitability profile, and sets the stage for Community Pork and the Quadra Family to significantly increase production within the next five years,” said Richard Wright, General Manager of the Quadra Group.
The Corporation also wishes to announce the resignation of Mr. John Hicke from its Board of Directors, effective November 23rd, 2000.
Premium Brands has been engaged in the food processing business since 1917 and has manufacturing facilities in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Washington and Oregon.
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The Quadra Group is a Saskatchewan based initiative formed to provide rural communities in Western Canada with the opportunity to establish modern pig production operations as value added enterprises. Members of the Quadra Family enjoy the strengths and security afforded by a large integrated pork production system.
For further information, please contact Will Kalutycz, CFO of Premium Brands Inc. at (604) 656-3100 or Richard Wright, General Manager of the Quadra Group at (306) 867-8916.
