Vita Foods Announces Agreements With Former Officer; Elimination of Further Earnout Payments
16 1월 2007 - 11:30PM
PR Newswire (US)
CHICAGO, Jan. 16 /PRNewswire-FirstCall/ -- Vita Food Products, Inc.
(AMEX:VSF) announced that it has entered into certain agreements
with Terry W. Hess, who had resigned as Vice Chairman and a member
of the Company's Board of Directors effective November 20, 2006 and
retired from his position as Chief Executive Officer of Vita
Specialty Foods, Inc., the Company's wholly- owned subsidiary,
effective Friday, August 25, 2006. The agreements, dated as of
December 6, 2006, provide that all amounts owed to Mr. Hess under
the provisions of the Stock Purchase Agreement, entered into in
connection with the Company's acquisition of Virginia Honey
Company, Inc. from Mr. Hess in 2001, have been satisfied in full
and that the shares of Virginia Honey that had been pledged to Mr.
Hess under such Stock Purchase Agreement have been released to the
Company. The agreements also provide for mutual releases between
the parties and finalize the termination of Mr. Hess's employment
with the Company and its subsidiaries including reaffirming the
five-year non-competition provision applicable to Mr. Hess.
Virginia Honey has also entered into two amendments, dated as of
January 1, 2007, to lease agreements with an affiliate of Mr. Hess,
pursuant to which Virginia Honey has given up its option to
purchase the Berryville, Virginia and Martinsburg, West Virginia
properties owned by Mr. Hess' affiliate. The amendments also
provided Vita an option to terminate the Berryville lease upon 60
days notice until December 31, 2007, and an option to terminate the
Martinsburg lease upon 12 months notice at the end of five and nine
years from the date of the amendment. The Company's Vita Seafood
division is a U.S. leader in the herring and retail packaged salmon
markets, and is engaged in several other food segments, including
cream cheese, cocktail sauce, tartar sauce and horseradish. The
Company markets and sells these items under the Vita(R), Elf(R) and
Grand Isle(R) brands. More than 95% of Vita Seafood's sales are in
kosher foods. Vita Specialty Foods, Inc., the Company's wholly
owned subsidiary, markets and sells honey, salad dressings, meat
enhancements and salsas. The Company markets and sells these items
under the Virginia Brand(R), Oak Hill Farms(R), Scorned Woman(R),
Jim Beam(R) and Budweiser(R) brands. For more information visit
http://www.vitafoodproducts.com/ . The common stock of Vita Food
Products, Inc. is currently traded on the American Stock Exchange
and Chicago Stock Exchange under the ticker symbol VSF. DATASOURCE:
Vita Food Products, Inc. CONTACT: William J. Kenealy, Chief
Financial Officer of Vita Food Products, Inc., +1-312-738-4500, Web
site: http://www.vitafoodproducts.com/
Copyright
Vita FD Products (AMEX:VSF)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Vita FD Products (AMEX:VSF)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024
Vita Food Products, (아메리카 증권거래소)의 실시간 뉴스: 최근 기사 0
More Vita FD Products News Articles