NEWPORT BEACH, Calif., Dec. 13, 2006 (PRIME NEWSWIRE) -- International Food Products Group (IFPG) (OTCBB:IFDG) Chairman/CEO Mr. Richard Damion today confirmed that Ketan Mehta has assumed the role of President. In his first official duty Mr. Mehta outlined the vision and new management structure of IFPG: "As President, my primary focus will be to grow IFPG through acquisitions which will improve our current financial position rapidly and create significant additional shareholder value. Our criteria for acquisitions are food processing companies within the revenue range of $15-$30 million and in categories where we have extensive experience."
Mr. Mehta confirmed that the company has targeted a cheese processing business, among other possible acquisition candidates, with revenues in excess of $18 million, and that the due diligence process is already underway. Mehta, who previously ran two cheese companies added, "This acquisition is a perfect size, as the first acquisition, for International Food Products Group and is compatible with our current cheese activities."
IFPG has already embarked on the sale of a variety of cheeses products to industrial customers. It is anticipated that these activities will generate revenues of about $6 million in 2007. Additionally, the company expects to release a line of freshly squeezed refrigerated juices with anticipated revenues of $10 million in that same year. The company also expects to expand its management team with a number of experienced executives in the areas of sales, business, and corporate development.
Mr. Mehta concluded, "My immediate objective is to grow the company into a $50 million profitable entity within two years through acquisitions and the expansion of our existing brands."
Mr. Mehta was interviewed this Sunday on the nationally syndicated radio show, Business of Success. The interview can be accessed by visiting www.businessofsuccess.typepad.com.
Bio
Mr. Mehta began his career in corporate development, international business, finance, and technical management with Fortune 500 companies such as Kraft Foods, Mars Inc., and Merrill Lynch. In 1995 he established The Corporate Development Group, a boutique management consulting and investment banking firm. The Corporate Development Group's mission has been to assist middle-market food companies to maximize shareholder value through active operational and strategic involvement. He has hands-on experience in mergers & acquisitions, corporate finance, as well as running two mid-sized food companies. Mr. Mehta has successfully managed tens of millions of dollars in strategic transactions within the food industry over the past decade.
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; 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; "Got Fries(r)," Just Popped(TM), and other fine domestic and imported food products.
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