Pristine International Seafood, Inc. (OTC Pink Sheets: POYS) yesterday announced changes and additions to its management team, as well as new decisions and arrangements concerning its capitalization.
Fredrick Schulman, the President and CEO of Gourmet Group, Inc., has been named President, CEO and Chairman of the Board of POYS; Steven Kerr, a Director of GOUG, has been named Executive Vice President and Chief Operating Officer; and Steven Weissmann, a Director of GOUG, had been named Senior Vice President of Finance. Mr. Schulman said, “The new team represents extensive experience both in the food and public company arenas. The challenge today with Pristine is to immediately analyze and review the Pristine business, and then devise and execute a business and capitalization plan to stabilize the company and create a platform for growth. The new team, together with existing employees and lenders, is uniquely qualified to make the assessments and take the necessary steps.”
Mr. Schulman announced that the Board of Directors has voted to rescind its prior decision to reverse split the Company’s stock, and postpone addressing such capitalization issues until a later date.
Mr. Schulman also stated that the Company has reached an interim agreement with its principal lender, LSQ Funding Group, L.C., to continue funding the Company’s operations, and to convert its demand note of approximately $650,000 into a term note.
Pristine International Seafood (formerly known as, and doing business as Pristine Oyster.com, Inc.) is located on Apalachicola Bay, in the heart of Florida’s seafood business. The Company specializes in fresh and post-harvest treated oysters, and plans to capitalize on the recent growth (as well as regulatory pressure) toward substantially bacteria-free oysters and other shellfish (which the company’s post-harvest cryogenic process accomplishes).
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Reform Act of 1995. Forward- looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price, volatility, produced demand, market competition, risk inherent in the Company’s domestic and international operations, impression in estimating product reserves, and the Company’s ability to replace and expand its holdings.