Spigadoro, Inc., a leading manufacturer of branded products in the Mediterranean food sector, today announced that its Board of Directors has authorized the purchase of up to 1,000,000 shares of Spigadoro Common Stock.
Jacob Agam, Chairman and Chief Executive Officer of Spigadoro, commented: “We believe that the current price of our stock does not reflect the inherent value of Spigadoro, especially given the opportunities available to us for growth through acquisitions and continued operational improvements. Consequently, we feel the stock represents an attractive long-term investment.”
Any purchases under the buyback program will be made through the open market or through negotiated transactions, subject to market conditions, applicable legal requirements and other factors.
Spigadoro is a leading manufacturer of branded and private label products in the Mediterranean food sector. Its pasta and other Mediterranean products are internationally recognized as high quality products and are marketed under the brand name “Spigadoro” (“Golden Ear of Wheat”) in Italy, Europe, the U.S. and the Far East. The Company’s animal feed products are manufactured at seven plants throughout Italy and are marketed under the “Petrini” name. The Company’s recent acquisition of Pastificio Gazzola also establishes it as the European leader in private label pasta. The Company has previously announced an aggressive growth strategy that includes a consolidation of small and mid-cap companies within the food and animal feed industries in Europe (and in particular Italy, Germany, France and Spain).
Statements in this press release that are not descriptions of historical facts are forward-looking statements that are subject to risks and uncertainties. Such statements, including those regarding among other things, our strategy, future prospects and results of operations, are dependent on any number of factors, including market conditions, competition and the availability of financing, many of which are outside of our control. Actual results could differ materially from those currently anticipated due to a number of factors, including those set forth in our Securities and Exchange Commission filings under “Risk Factors”, including the following risks related to the Petrini transaction: we are operating a new business; if we do not successfully sell our computer business, the combined company may be adversely affected; Vertical Financial Holdings and its affiliates will have substantial voting power; our strategy of acquiring other companies for growth may not succeed and may adversely affect our financial condition and results of operations; we are subject to numerous risks related to foreign operations; and other risks. In addition, our acquisition negotiations are in various stages and we have no agreement or arrangements relating to any acquisitions. We are unable to predict whether or when any of these negotiations will result in any definitive agreements.