BLUE BELL, Pa., May 23, 2002 (PRIMEZONE) -- Tasty Fries(r), Inc. (OTCBB:TFRY) announces today it has issued to SilverLeaf, LLC a notice of termination of the Sales and Marketing Agreement signed in February 2002. "After a reasonable request from Tasty Fries, SilverLeaf failed to demonstrate its financial capability to support the purchase of 10,000 French fry vending machines and ancillary products," stated Edward C. Kelly, President and CEO of Tasty Fries, Inc.
SilverLeaf, LLC has filed a lawsuit in the State of New Jersey attempting to prevent Tasty Fries, Inc. from terminating the agreement. The lawsuit, which was originally filed in New Jersey Superior Court, Union County, has been removed to the United States District Court for the District of New Jersey by Tasty Fries, Inc.
In the lawsuit, SilverLeaf contends that it had no obligation to provide Tasty Fries with adequate assurances of SilverLeaf's financial ability to purchase the machines under the agreement.
Tasty Fries, Inc. disputes SilverLeaf's contentions and intends to vigorously defend its actions in the lawsuit.
About Tasty Fries:
Tasty Fries has developed a patent protected vending machine that prepares, cooks and dispenses freshly made French fries with a superior dietary attributes, flavor, aroma and texture. Total cooking time is approximately 90 seconds for each order, then under 60 second for subsequent orders. The fries are made from top-quality potatoes and are cooked in cholesterol-free oil using state-of-the-art robotics and technology.
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.