NEWPORT BEACH, Calif., March 7, 2007 (PRIME NEWSWIRE) -- International Food Products Group, Inc. (OTCBB:IFDG) President, Mr. Ketan Mehta announced today that both the CEO and CFO of the company have agreed to waive accrued salaries totaling $450,000. In addition, both will forego any salaries or accruals for calendar year 2007, reducing the company's operating overhead by an additional $240,000. Mehta stated, "Following the signing of our binding Letter of Intent (LOI) for the acquisition of an $18+million cheese company, and in keeping with our commitment to keep IFPG debt free, I am extremely appreciative of this very generous gesture. This demonstrates management's commitment in ensuring the success we expect as we move forward."
Mr. Ketan Mehta, President, has also agreed to forgive IFPG's obligation to pay his accrued consulting fees. The decision by the CEO and CFO to forego salaries for 2007, combined with the forgiveness of accrued salaries and the consulting fees represents a saving of over $800,000 for the company.
IFPG's President, Mr. Ketan Mehta outlined the company's vision and acquisition program on The Green Baron webcast, and can be accessed by visiting http://www.TheGreenBaron .com. He discussed his vision for building the company through acquisitions and the expansion of the existing Golden Choice Foods product lines.
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; http://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 and Supreme Harvest lines of Frozen Fruits, Vegetables, and 100% Fresh Squeezed Pure Fruit Juices. Other products include "G.O.T. FRIES(r)," Just Popped, and other fine domestic and imported food products.
Safe Harbor Disclaimer: Certain statements contained herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements include, without limitation, statements regarding business and financing plans, business trends and future operating revenues and expenses. Although the Company believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate and similar expressions, or which by their nature refer to future events. You should independently investigate and fully understand all risks before investing. These descriptions of the Company contain forward-looking statements that involve risk and uncertainties including, but not limited to, quarterly fluctuations and results, the management of growth, competition and other risks detailed in the company's SEC filings if any. Actual results may differ materially from such information set forth herein.