ATLANTA, Dec. 17, 2013 (GLOBE NEWSWIRE) -- Fresh Promise Foods, Inc. (OTCQB:FPFI), a developer, processor and marketer of healthy, better-for-you food products, announced that it has pulled its multi-million dollar offer to acquire the membership interest of Global Leading Foods, LLC of Coppell, Texas. After months of work on both sides and an exhaustive due diligence process, which revealed higher than represented outstanding debt and lower than projected top-line income, the two companies could not come to an agreement on the final terms.
"I am both disappointed and completely at peace with the decision to not move forward with the acquisition of Global Leading Foods," said Kevin P. Quirk, Chief Executive Officer of Fresh Promise Foods. "This deal would have put a tremendous amount of financial pressure on the company and our financial partners, ultimately leading to further bad decisions," continued Quirk.
"This was always about the technology supporting our Consumer Products Group and less about the people and management. It has always been our objective to become a significant player in the $750 Billion global health and wellness market and continues to do so. We have taken significant steps towards that objective, albeit a different path, but ultimately ending in the same place the GLF deal would have taken us...but in a more fiscally responsible and manageable way. I will put my faith in our team above anyone else to identify and execute the plans necessary to achieve our objectives!" concluded Mr. Quirk.
The final offer, which has not been disclosed, was a combination of equity, debt, cash and a promise of growth capital via Fresh Promise Foods funding relationships.
About Fresh Promise Foods Inc.:
Based in Atlanta, Ga, Fresh Promise Foods, and its subsidiaries seek to be the catalyst to a better quality of life by offering health and wellness solutions that make sense and fit into the everyday lives of all consumers. Focused on three key strategic areas, Food Technology, Consumer Products and Value Added, Fresh Promise Foods will set itself apart from the competition by marrying innovative technology and product development with perceptive marketing and sales service strategy.
About High Pressure Processing:
High Pressure Processing (HPP) has shown to reduce bacteria such as Listeria, E.coli, and Salmonella in packaged refrigerated products as diverse as ready-to-eat meats and raw ground beef and poultry; fresh fruits, juices, and smoothies; soups, wet salads, and sauces; and seafood and shellfish.
Safe Harbor Statement:
Except for statements of historical fact, the matters discussed in this press release are forward-looking, and are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements made herein regarding the intent, belief or current expectations of Fresh Promise Foods, Inc./Anthus Life Corp. are forward-looking statements that reflect numerous assumptions, risks and uncertainties, many of which are beyond our control, and any of which could cause our actual future results to differ materially from our stated expectations today. Prospective investors are cautioned that our forward-looking statements are never guarantees of future performance. Important factors currently known to management that could cause our actual future results to differ materially from those indicated in our forward-looking statements today include our limited operating history, fluctuations in our operating results, our ability to compete successfully and our ability to attract necessary capital on satisfactory terms. Except as required by applicable law, we undertake no obligation to update or revise our forward-looking statements to reflect changed assumptions, the occurrence of unanticipated future events or changes in our future operating results.
Fresh Promise Foods
Fresh Promise Foods
Alpharetta, Georgia, UNITED STATES
Fresh Promise Foods
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