BLUE BELL, Pa., Jan. 28, 2002 (PRIMEZONE) -- Tasty Fries, Inc. (OTCBB:TFRY) and California Food and Vending, Inc. (CFV) announced a definitive agreement today for Tasty Fries(r) to reacquire CFV's royalty rights in terms of the sale of French fry vending machines and the sale of potato product for a total payment of $1,500,000. This agreement with Tasty Fries terminates all CFV's royalty rights.
"Tasty Fries has made the initial payment to execute the agreement," said Ed Kelly, President of Tasty Fries. "This frees our company from a major obstacle in redefining the French fry and vending experience for our customers."
About Tasty Fries, Inc.: Tasty Fries has developed a multi-patented vending machine that prepares, cooks and dispenses freshly made French fries with a superior flavor, aroma and texture. Total cooking time is approximately 90 seconds. The fries are made from top quality potatoes and are cooked in cholesterol free oil using state-of-the-art robotics and technology. For more information about this and other related developments, visit the Company's Web site at www.tastyfries.com.
Safe Harbor Statement: Except for the historical information contained herein, the statements in this press 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 a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the operations of a company.