Spigadoro, Inc. (AMEX: SRO), a leading manufacturer of branded and private label products in the Mediterranean food sector, announced yesterday that it has retained Riccardo Carelli, Managing Partner of Carelli Carugo & Associati, a management consulting company focused on the food industry, as a senior consultant.
Mr. Carelli previously spent 23 years, including the final 5 years as Chief Executive Officer, at Barilla, the world’s leading pasta brand. Mr. Carelli brings his extensive experience in the pasta business to Spigadoro, where he will assist the Company in identifying synergies between Spigadoro’s branded and private label pasta businesses and will also assist in identifying and analyzing potential acquisition opportunities in the pasta sector.
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The Company noted that it had, with Mr. Carelli’s assistance, already identified certain potential synergies between its Petrini and Gazzola subsidiaries and was formulating a plan to capture these benefits.
Lucio de Luca, Chief Operating Officer of Spigadoro, said “We are very fortunate to have the benefit of the expertise, experience and contacts of Riccardo Carelli. I expect that he will make a significant contribution to the continuing growth of our business.”
About Spigadoro
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).
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By GlobalDataStatements 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 known and unknown factors, many of which are outside of our control. Actual results could differ materially from those currently anticipated or expressed or implied by any forward-looking statement due to a number of factors, including those set forth in our Securities and Exchange Commission filings under “Risk Factors.” These factors include the following: we have changed our principal business and we may not be successful operating a new business; Vertical Financial Holdings and affiliated entities control Spigadoro; our substantial debt may adversely affect our ability to obtain additional funds and increase our vulnerability to economic or business downturns; our operating results will be adversely affected by charges from acquisitions; our strategy of acquiring other companies for growth may not succeed and may adversely affect our financial condition, results of operations and cash flows; intense competition in the pasta and animal feed industries may adversely affect operating results; our business may be adversely affected by risks associated with foreign operations; and other risks. In addition, our acquisition negotiations are in various stages and, except as previously announced, 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. Readers are cautioned not to place undue reliance upon any forward-looking statements contained in this press release, which speak only as of the date the statements are made. Spigadoro undertakes no obligation to update any forward-looking statement contained in this press release.
This release and prior releases are available on the KCSA Public Relations Worldwide website at www.kcsa.com.
