IRVINE, Calif., March 30, 2006 (PRIMEZONE) -- Today Gardenburger, Inc. announced that it has emerged from bankruptcy as Wholesome & Hearty Foods Company, a privately-held corporation owned by Annex Capital Management LLC. Annex Capital Management is a New York-based investment firm with significant experience in consumer products. Annex Managing Directors Alexander Coleman and Robert Fowler III will serve on the new board of directors. "We believe Wholesome & Hearty Foods is now well positioned to take advantage of the positive trends in many segments of the natural and organic foods segments," said Robert Fowler III, who will chair the new board.
The company completed its Chapter 11 reorganization and has introduced a new business strategy that focuses on returning to its roots as a maker of great tasting vegetarian foods that provide positive nutritional benefits. This is a distinct shift from its pre-bankruptcy strategy of adjusting its recipes and product positioning to meet the needs of consumers on low carb diets.
"We are pleased to have accomplished so much in five months," said Scott C. Wallace, president and chief executive officer since January 2001. "Our management has built a foundation for strong financial performance, enabling us to invest in product development so that we can provide more great-tasting foods with nutritional benefits particularly important to consumers on vegetarian diets and beneficial to all consumers. Additionally, we changed the company name back to Wholesome & Hearty Foods to communicate that we make much more than veggie burgers and how much we value our rich heritage as the 'original' veggie foods company."
Wholesome & Hearty Foods is encouraging people to "eat positive" from their freshest menu yet. The company's foods were already naturally healthful as a result of ample use of whole grains, vegetables and beans. By adding new ingredients such as flax seed, the company was able to provide a natural source of heart-healthy omega 3 oils, additional grains such as rolled oats now provide more fiber and vegetables including tomatoes add healthy anti-oxidants. Also, Wholesome & Hearty Foods was able to remove gluten and soy from some foods making them options for consumers with special dietary needs.
"We've made a great product even better," Wallace said. "We are also developing a number of new organic products that we believe Gardenburger consumers will agree are fresher and better tasting than options available today."
You can learn more about their veggie foods and the health benefits of "eating positive" from their new packaging and website. The company also launched a new advertising campaign in progressive media such as Utne Reader, Body & Soul and Vegetarian Times to connect Gardenburger with its core consumer base. The campaign was created by Seattle-based egg, an agency which works exclusively with socially responsible companies.
Gardenburger brand veggie foods can be purchased at natural foods stores, grocery stores, club stores and casual dining restaurants nationwide. Also, while Gardenburger has been a staple on college campuses for many years, it can now be found on the menu of kindergarten through 12th grade menus. Wholesome & Hearty Foods feels strongly that childhood obesity is an infinitely solvable problem that starts with offering healthy foods at all schools across America and is proud to offer many products that meet school's nutrition guidelines.
About Wholesome & Hearty Foods Company:
Wholesome & Hearty Foods Company operates from a support center in Irvine, California and a veggie foods plant in Clearfield, Utah. Since 1985, Wholesome & Hearty Foods has believed in healthy eating, respect for all living things, moms, independence, education, healthy kids, a sustainable planet and happy people. We aspire to make the best tasting vegetarian foods, from the Original Gardenburger to veggie wraps, with more health benefits than anyone else. For more information, please visit us at www.gardenburger.com
About Annex Capital Management LLC:
Annex Capital is a private equity firm which specializes in the acquisition of private equity and debt securities in the secondary market. Transactions often include portfolios of securities and, once acquired, Annex Capital maintains investment and operational competencies which allows it to invest in, as well as assist in the management of, portfolio companies. At present, Annex Capital manages debt and equity investments in 20 portfolio companies in a broad range of industries, including food, specialized manufacturing, information services and telecommunications. Annex Capital is principally backed by Coller Capital, a specialist investment manager dedicated to the purchase of secondary interests in buyout, venture capital, and mezzanine investments, as well as direct investments. Coller Capital manages in excess of $3.5 billion on behalf of some of the world's largest institutional investors.
The Gardenburger logo is available at: http://www.primezone.com/newsroom/prs/?pkgid=2494