PHOENIX, Jan. 26, 2009 (GLOBE NEWSWIRE) -- The Inventure Group, Inc. (Nasdaq:SNAK) is pleased to announce that it intends to spend up to $1.5 million in capital into the Goodyear Arizona snack food plant in order to increase capacity and improve efficiencies. The investment will include adding additional high capacity kettle cooking equipment, increasing our high speed packaging machines, and installing automated case packing machines. The installation started in January and should be completed by the end of the second quarter 2009.
"We are excited about the growth in our kettle chip business. Both of our Boulder Canyon Natural Foods(tm) brand and Poore Brothers(r) brands have grown by double digit rates over the two-year period ending September 30, 2008. The 26% sales increase of our Boulder Canyon(tm) all natural brand for the year-to-date period ending September 30, 2008 is outpacing the high growth natural snack section reported in SPINS data for that period. Through continued introduction of innovative products and the further geographic and channel expansion, we expect the current positive growth trends to continue. This investment will allow for the continued expected growth and will help us remain competitive," said Terry McDaniel, President & CEO of The Inventure Group.
"There are many companies which believe the best course of action during these more difficult economic times is to pull back on investment. We feel we need to continue to invest in order to maintain or increase our current top line growth rates. Additionally, we expect to see improved efficiencies with the new equipment. This investment will also send a clear message to our associates that we intend to continue to grow this business and are committed to continued investment in the Goodyear facility," continued McDaniel.
About The Inventure Group, Inc.
With manufacturing facilities in Arizona, Indiana and Washington, The Inventure Group is a marketer and manufacturer of Intensely Different(tm) specialty brands in indulgent and better-for-you food categories under a variety of Company owned or licensed brand names, including T.G.I. Friday's(r), BURGER KING(tm), Rader Farms(r), Boulder Canyon(tm) Natural Foods, Poore Brothers(r), Tato Skins(r) and Bob's Texas Style(r). For further information about The Inventure Group or this release, please contact Steve Weinberger, Chief Financial Officer, at (623) 932-6200, or logon to http://www.inventuregroup.net.
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Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company's prospects in general include, but are not limited to, the potential need for additional financing, acquisition-related risks, significant competition, customer acceptance of new products, dependence upon major customers, dependence upon existing and future license agreements, general risks related to the food products industry, deteriorating economic conditions, and such other factors as are described in the Company's filings with the Securities and Exchange Commission.