-- Partners with Liquid Resources, Biofuels Manufacturer
-- Enters Real Estate Development in Vermilion
-- Continues Wholesale Food Distribution Operations
AKRON, Ohio, May 13, 2003 (PRIMEZONE) -- Bolognue Holdings today announced that it has launched two new initiatives, involving a partnership with a new biofuels manufacturer, Liquid Resources of Ohio, and a real estate development in Vermilion. Bolognue Holdings also announced that it plans to continue its wholesale food distribution operations.
"As we move into the next stage of the development of our business, we are launching several exciting initiatives, involving partnerships with other entrepreneurs," commented Joseph Bolognue, president of Bolognue Holdings. "These projects presented us with attractive opportunities to accomplish our goals of investing capital profitably and creating jobs, supporting the environment and constructing attractive, affordable housing. We have been searching for alternatives to the stock market, and we are optimistic about the prospects of these ventures."
Liquid Resources of Ohio, LLC is a new company that was launched to manufacture ethanol, a fuel additive that reduces emissions from auto engines. Most gasoline sold in Ohio must be blended with ethanol, and its usage is increasing throughout the United States. Liquid Resources will make ethanol at a facility in Medina by converting the sugar in waste liquids collected from breweries, pharmaceutical companies, manufacturers of soft drinks and other consumer products. "We were attracted by the compelling combination of favorable business fundamentals and the environmental logic of this company," noted Michael Bolognue, vice president of Bolognue Holdings. "By processing liquids that are otherwise destined for landfills, Liquid Resources will convert waste streams into a valuable commodity, demand for which is growing rapidly. Every gallon of ethanol produced in the United States reduces our need to import oil from overseas."
Vermilion Shores is a luxury residential complex, located on Lake Erie in the village of Vermilion, Ohio. When completed, the complex will include waterfront condominiums, villas and amenities. Joe Bolognue stated, "This project opens up a lovely, previously undeveloped stretch of Lake Erie waterfront for residential living. The units are available at affordable prices, and the units have enjoyed strong demand since we commenced offering them recently."
While moving in some new directions, Bolognue Holdings will maintain its presence in the food industry as a distributor of salty snacks, doing business under the name, Best Chips of Ohio. "We intend to maintain our presence in our core food business," said Mike Bolognue. "We have identified attractive new opportunities and look forward to maintaining valued relationships with customers, suppliers and other market participants."
Joe Bolognue added, "This transition marks a major change for Mike and me. Mike has six grandchildren, and I have three. Our parents are still with us. While we intend to maintain our entrepreneurial activities, we look forward to enjoying more time with members of the other Bolognue family generations. We are grateful for the opportunity to give back to the Northeastern Ohio community that has been so good to us."
About Bolognue Holdings
The Bolognue family traces its business history back to 1966, when the family launched its first grocery store. Since that time, it has expanded to include a number of different stores operating under a multiple banners, including Sparkle Markets, Apple Supermarkets and Giant Eagle Supermarkets and their wholesale grocery operations. In May 2003, Bolognue Holdings announced that it intends to remain true to its business roots through partnerships with other entrepreneurial companies in a variety of industries.