TORONTO, Aug. 12, 2004 (PRIMEZONE) -- Food Safe International, Inc. (Pink Sheets:FSIJ) announced today that the company is reducing the amount of outstanding shares by 10%. A total of 120 million shares will be retired amounting to ten percent(10%) of the total issued and outstanding shares. The company feels that the current share price is undervalued and that the reduction should benefit the current share price in a favorable manner. The reduction in outstanding shares will also provide the company increased opportunities in the future for growth and provide the opportunity for investors' holdings to be more valuable.
About Food Safe: The main goal of Food Safe is to eliminate food safety and sanitation issues and provide methods to improve procedures to minimize risk and liability. Food is one of the most mobile commodities traded internationally. Consumers are asking more questions and demanding answers. Whether the commodity is spices (insect contamination), beef (E. coli), strawberries (Hepatitis A, salmonella), fish (mercury) or any of thousands of foods traded globally, consumers and buyers are demanding new standards of quality, safety and nutritional value.
Protecting people from food borne illness is Food Safe's number one priority. Food Safe's comprehensive program is a proactive approach to food safety. Spurred into action by food crises in the global beef industry, there is an international consensus that producers and food industry stakeholders require a reliable methodology and technology for verifying food production and food safety.
Forward-looking statements in this release are made pursuant to the 'safe harbor' provisions of the Private Securities Litigation reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, but not limited to, continued acceptance of the company's products and services, competition, new products and technological changes, as well as any and all 'other risks 'associated with business.