ARLINGTON, Texas, Nov. 1, 2002 (PRIMEZONE) -- Fresh America Corp., a food distribution management company, announced today that it has taken steps to enhance its future financial operating results. The Company's Board of Directors has approved and the Company has filed a Form 15 with the SEC. By filing the Form 15, effective immediately, Fresh America will no longer be a reporting company under the Securities Exchange Act of 1934, and the Company's securities will no longer be eligible to trade on the Over The Counter Bulletin Board.
Fresh America expects to realize significant cost savings as a result of being relieved of the burdensome accounting, legal and administrative costs associated with SEC reporting, which have been material components of the Company's operating costs. The projected cost savings will help to bring the Company's expenses more in line with its revenues and will enable the Company's management to focus more of its time on other business issues.
"Current market conditions do not warrant the significant annual costs associated with being a reporting company," said Arthur Hollingsworth, Chairman of the Board. "We believe it is prudent to utilize these funds to enhance the financial performance of the Company. As a private company, Fresh America will have more flexibility in pursuing strategic opportunities, continuing to invest in its core business, and in recruiting and retaining the people it needs to be successful long-term. This move will also enable management to focus more time on the Company's business."
About Fresh America
Fresh America is an integrated food distribution management company that operates facilities located in Dallas and Houston, Texas; Scranton and Wilkes-Barre, Pennsylvania; Cincinnati, Ohio; Atlanta, Georgia; and Chicago, Illinois.
Forward-looking Statements
This announcement may contain forward-looking statements that are subject to significant risks and uncertainties. Although Fresh America believes that the expectations reflected in its forward-looking statements are reasonable, Fresh America can give no assurance that such expectations or any of their forward-looking statements will prove to be correct, and future results may differ from those discussed in this press release. Fresh America disclaims any intention or obligation to revise any forward-looking statements whether as a result of new information, future event, change in expectations, conditions or circumstances, or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The inclusion of any statement in this release does not constitute an admission by Fresh America or any other person that the events or circumstances described in such statement are material.