NEWPORT BEACH, Calif., March 2, 2007 (PRIME NEWSWIRE) -- International Food Products Group, Inc.'s (OTCBB:IFDG) (IFPG) Chairman/CEO, Mr. Richard Damion, today announced that its new president, Mr. Ketan Mehta has completed his first major transaction on behalf of the company. Mr. Damion confirmed that IFPG has signed a legally binding Letter of Intent (LOI) for the acquisition of an $18-plus million cheese processing company located in the western United States. Damion commented, "Mehta's vision of growing the company through acquisitions to significantly enhance shareholder value is now underway. I am proud to say that he has accomplished this first critical step within just two months of his assuming the role of the presidency."
The target acquisition, which produces value-added products such as shredded, diced, cubed and grated cheeses, has neither short- nor long-term debt and had growth of 50% in 2006 with revenue increasing to $18-plus million. The company is on target to achieve the same robust growth rate for 2007. The proven current management has agreed to continue working with us for the next three years, which represents an additional benefit for IFPG.
Mr. Mehta, with over twenty years of experience in mergers and acquisitions, operations, and international business within the food industry added, "IFPG should attain revenues in excess of $50-plus million in the next eighteen to twenty-four months. We believe this acquisition will be the first of several and will facilitate our continued growth in the coming years. We have identified at least two other synergistic potential acquisition candidates and we will be pursuing these companies in the months ahead."
About International Food Products Group, Inc.: IFPG is a public company trading on the OTCBB with the ticker symbol "IFDG." The Corporate Offices are at 895 Dove Street, 3rd Floor, Suite 365, Newport Beach, CA, 92660; http://www.goldenchoice.com. IFPG is the manufacturer and marketer of a variety of food products including Golden Choice 100% Colombian Roasted Coffees, Golden Choice Organic Harvest(tm) and Supreme Harvest(tm) lines of Frozen Fruits and Vegetables, and 100% Fresh Squeezed Pure Fruit Juices. Other products include "G.O.T. FRIES(r),'' Just Popped(tm), and other fine domestic and imported food products.
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