ARLINGTON, Texas, March 10, 2003 (PRIMEZONE) -- Fresh America Corp. (OTCBB:FRES), a major North American food distribution company (the "Company") today announced it is now in the process of liquidating its assets under court supervision.
As a wholesale produce buyer, Fresh America operated under the jurisdiction of the Perishable Agricultural Commodities Act (PACA), 7 U.S.C. Section 499a et seq. PACA requires that any produce-related assets be paid to the produce suppliers of Fresh America.
On January 23, 2003, the United States District Court for the Northern District of Texas, in a case entitled Produce Alliance, et al. v. Fresh America Corp., et al., Case No. 3:03 CV-0152-P, entered an order freezing the assets of Fresh America to avoid dissipation of those assets.
On February 19, 2003, the District Court entered an Order, which established a claims procedure for the distribution of the assets of Fresh America to the produce suppliers. The Order required Fresh America to notify all of its creditors of the claims procedure, and such notification has been sent to all creditors.
All produce suppliers are required to intervene and submit a PACA Proof of Claim by March 24, 2003. The funds, being held by court order, are to be paid to the eligible produce suppliers by May 12, 2003.
If there are any funds remaining after the distribution to the produce suppliers, there will be further proceedings and notification will be sent to the affected creditors.
For further information, you may contact the law office of McCarron & Diess, 4910 Massachusetts Avenue, N.W., Suite 18, Washington, D.C. 20016, Phone: (202) 364-0400, e-mail: ldiess@mccarronlaw.com.