SEATTLE, July 1, 2005 (PRIMEZONE) -- Associated Grocers, Incorporated (AG), the eighth largest privately held corporation in the state of Washington, announced it will continue the process of exploring strategic alternatives for the company. The decision is the result of a preliminary strategic evaluation, initiated by the AG Board of Directors, to determine the best course of action for shareholders to achieve their goals of attaining a stable, competitive supply chain, and realize monetary returns on their investment in the company.
Following the company's January 2005 Annual Meeting of Shareholders, AG's reconstituted Board identified a number of customer/shareholder objectives, including a desire to maximize shareholder value, and maintain a stable, competitive supply chain. Piper Jaffray, a leading investment bank, was retained to assess AG's current position and provide strategic advice regarding alternatives for the company's future.
After reviewing Piper Jaffray's report, the Board has decided it is in the best interest of the company's shareholders and customers to continue with the process of exploring all alternatives to achieve the twin goals of maximizing value, and providing a stable, competitive supply chain. This is not a decision to sell the company. Consistent with the Board and shareholder goals, the company will continue to explore all options, including those that could lead to the sale of the company.
Associated Grocers is a full service wholesaler providing food, general merchandise and retail services to stores throughout Washington, Oregon, Alaska, Hawaii, Guam, and the Pacific Rim. Since its founding in 1934, AG has leveraged its group buying power to facilitate the growth of its over 300 retail customer locations. Headquartered in Seattle, Washington, AG procures and distributes a comprehensive selection of perishable and nonperishable commodities including: grocery, meat, produce, deli, natural, specialty, ethnic, service deli, service bakery, health and beauty care, and general merchandise.