TAMPA, Fla., March 29, 2005 (PRIMEZONE) -- P.D.C. Innovative Industries, Inc. ("PDC" or the "Company") (Pink Sheets:PDCN) is pleased to announce the Company has signed a non-binding letter of intent to acquire Baja Holdings, Inc., the owner of a fast-casual concept that operates in one of the hottest market segments in the country. Financial details of this acquisition will be disclosed upon closing of the purchase.
"Baja Holdings, Inc. operates four fast-casual restaurants under the worldwide trademark Baja Burrito Kitchen," states Mr. Smith, CEO of PDC. "Baja Burrito has been successfully operating in the Florida market over the past 10 years. Annual sales exceed $2.3 million. The menu is `Cal-Mex' made with quality, fresh ingredients fast-grilled in an open kitchen. The motif is Baja California designed to provide a casual and comfortable ambiance."
Gregory Chenail, founder of Baja Burrito, has over 30 years' experience in the restaurant industry holding senior positions with Chi Chi's Mexican Restaurants and Boston Sea Party Restaurants. Mr. Chenail and the entire staff would remain following the acquisition.
Mr. Smith further states, "The fast-casual segment is $5 billion and growing at a rate of 25% annually. It is our intention to help existing management develop a national franchise program immediately upon closing this acquisition."
This press release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Such statements are subject to risks and uncertainties and other factors as may be discussed from time to time in the Company's public filings with the U.S. Securities and Exchange Commission ("Commission"), press releases and verbal statements that may be made by our officers, directors or employees acting on our behalf which could cause actual results to differ materially from those discussed in the forward-looking statements and from historical results of operations. In addition to statements, which explicitly describe such risks and uncertainties, statements with the terms "believes," "belief," "expects," "plans," "anticipates" and similar statements should be considered uncertain and forward-looking. Factors that might cause such a difference include, without limitation: the uncertainty of the Company's ability to meet capital needs; competition within the fast-casual restaurant segment; the closing of projected franchise sales; and as further set forth in our public filings filed with the Commission and our press releases.