GREER, S.C., May 24, 2004 (PRIMEZONE) -- American Consolidated Management Group (Pink Sheets:ACMI) announced that it has secured an agreement to reduce and restructure its existing Debt. ACMI has entered into a compromise and settlement agreement with Associated Receivables Funding, Inc. ("ARF") by which its debt on the balance sheet as of March 31, 2004, owed to ARF Funding will be reduced from $6,457,600 (six million four hundred and fifty six thousand dollars) to $360,000 (three hundred and sixty thousand dollars).
This agreement is a step toward enabling ACMI to attract interim financing and rapidly continue its development and commercialization of Sunutra(TM) -- an all-natural product composed of various fruits and vegetables that allow the vitamins, minerals and Phytonutrients in those fruits and vegetables to be added to processed food products, thereby enhancing their nutritional value to the consumer by providing the equivalent nutrient value of at least 3-5 servings of fruits and vegetables for each serving of the respective processed food product.
More information about the debt restructuring is available in the Company's quarterly report on Form 10-QSB for the period ending March 31, 2004.
The study and application of Phytonutrients is now considered the "Next Frontier in Nutrition". ACMI's all-natural product, Sunutra(TM) is designed to allow food manufacturers to increase the nutrient value of their food products as the knowledge of Phytonutrients continues to expand. The commercialization of Sunutra(TM) will serve as the platform from which ACMI expects to develop further application of Phytonutrients. Sunutra(TM) is the primary focus of ACMI's growth in the Functional Foods segment of the food Industry.
ACMI is a newly reorganized publicly traded company NASD (Pink Sheets) involved in the development and commercialization of natural plant products for use by established food manufacturers in their products, aimed at the fast growing Functional Foods segment of the $900 billion dollar United States domestic food industry.
This news release contains forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended. Such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward- looking statements. The Company may experience significant fluctuations in future operating results due to a number of economic conditions, risks in product development, the effect of the Company's accounting policies and other risk factors detailed in the Company's SEC filings. These factors and others could cause operating results to vary significantly from those in prior periods and those projected in forward-looking statements. Additional information with respect to these and other factors, which could materially affect the Company and its operations, are included in the Company's annual reports, quarterly reports and other forms the Company files with the Securities and Exchange Commission. Although the Company believes any such statements are based upon reasonable assumptions, there is no assurance that the actual outcomes will not be materially different. Any such statements are made in reliance upon the "safe harbor" protections provided under the Private Securities Reform Act of 1995.