WILMINGTON, Del., Nov. 06, 2003 (PRIMEZONE) -- Delta Capital Technologies, Inc. (OTCBB:DCTN), a diversified holding company, today reports that the company's wholly owned subsidiary Albion Developments Inc. ("Albion") has now completed the acquisition of 30% of the issued and outstanding shares of Sol Produce Imports Ltd. ("Sol") for one million shares of Albion with an option to acquire up to 100% of the shares for a further two million shares. Albion has also committed to raise USD $600,000 of development capital to meet the objectives as outlined in the Sol business plan.
About Sol Produce
Originally formed in 1998 to import and distribute fresh and refrigerated food products from Asia with the recent introduction of products from California, Peru, Australia, Mexico, and Malaysia. Sol has expanded into broad based produce and natural foods increasing the number of products from 16 in its first year to over 200 in 2003. Revenue in 2001 was CDN $3.7 Million and CDN $4.5 Million in 2002 with current revenue in 2003 on target to exceed CDN $10 million.
Sol's operations comprise fresh and refrigerated produce importation, wholesaling, and distribution. Sol provides procurement, repacking, warehousing, and distribution services of fresh and refrigerated produce for a wide variety of customers in retail, and food distribution businesses in Canada and the United States. With distribution facilities located in the Province of British Columbia, Sol is unique in that its operating formula consists of offering to both its customers and suppliers a broad range of products and services afforded through its efficiently managed operating division and computer systems. This provides Sol with unique synergies and a tremendous advantage in the market place, since few competitors can compete across the range of Asian products and extensive line of American products offered by Sol.
President of Sol, Adam Ng commented:
"Our relationship with Delta will give Sol the ability to build upon our current goals to improve and expand our product offerings, develop new relationships with vendors around the world and extend our inventory to include organic produce. This will ensure our continued growth."
About the Wholesale Produce Industry
The produce industry is large and highly fragmented. Retail sales of fresh produce in Canada are approximately $4 billion annually, while the foodservice component represents approximately $2 billion annually. Both segments are growing as a result of consumers shifting to healthier lifestyles.
About Delta Capital Technologies, Inc.
Delta Capital Technologies, Inc. is a diversified holding company focused on creating a network of strategic business alliances and corporate partnerships in order to identify and capitalize on emerging market opportunities. Delta Capital's business plan involves acquiring both majority and minority interests in various business operations that will continue to prove beneficial to the Company's bottom line. Significant is Delta Capital's recent shift to and increased focus on business opportunities in China.