BETHESDA, Md., Oct. 25, 2013 /PRNewswire/
-- Nutroganics, Inc. (OTC: NUTT) ("Nutroganics") today
announced that it has signed a letter of intent to acquire
GardenChef Paul Company® ("GPC"), the maker of the Gardenbar®.
The Gardenbar® was developed by GardenChef Paul Wenner® as the
first savory, vegan veggie snack food. Each nutrition packed vegan
Gardenbar® contains nine vegetables, six gluten free whole grains,
nuts, seeds, beans, legumes and savory spices. Mr. Wenner
co-founded Wholesome & Hearty Foods, Inc., the maker of the
original Gardenburger®*, in 1985. Wholesome & Hearty Foods,
Inc. was publicly traded before being sold to The Kellogg Company
in 2007. Paul Wenner is a natural
foods pioneer who has appeared on numerous television programs
including The Tonight Show, Tom
Brokaw and the Evening News, and the Food Channel. You can
buy Gardenbar® products at www.buygardenbar.com.
Under the terms of the letter of intent, Nutroganics will
acquire 51% of the outstanding capital stock of GPC in exchange for
preferred stock of Nutroganics. In addition, Nutroganics will
acquire the remaining 49% of GPC on the 5th anniversary
of the acquisition. The transaction is subject to the
execution of a definitive purchase agreement and other customary
terms and conditions.
"We believe the acquisition of GardenChef Paul Company® puts
Nutroganics in a position to realize its goal of becoming a leading
player in the healthy lifestyle and natural, organic foods
marketplace," said David Sackler,
CEO of Nutroganics. "We hope to leverage the Gardenbar® brand along
with Mr. Wenner's relationships to build significant new revenue
streams for Nutroganics."
"I am thrilled to be teaming up with Nutroganics to bring the
Gardenbar® to customers nationwide," said Paul Wenner, CEO of GPC. "Nutroganics'
public platform and distribution capabilities will complement our
product line, ideally, to create a significant opportunity for
growth of the combined companies."
About Nutroganics, Inc.:
Nutroganics, Inc. seeks to acquire and grow revenue-generating
businesses operating in the healthy lifestyle marketplace and
capitalize on synergies from manufacturing through distribution. In
May 2013, Nutroganics acquired
Silverbow Honey Company, a producer and packager of honey products
founded in 1945 and based in Moses Lake,
Washington.
About GardenChef Paul Company:
GardenChef Paul Company® was founded in October 2008 with the goal of becoming the
leading savory bar producer in the world. The company is
based in Portland, Oregon.
Forward-Looking Statements:
This release may contain forward-looking statements.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors, which may cause the actual
results, performance, or achievements of Nutroganics, GPC, or
either parties' affiliates to be materially different from any
future results, performance, or achievements expressed or implied
by the forward-looking statements. We undertake no obligation to
update any forward-looking statements to reflect events or
circumstances after the date of such statements.
For more information, please contact David Sackler, CEO, via email at
dsackler@nutroganics.com or via telephone at (516)-513-5113.
Additional information about Nutroganics, Inc. can also be found at
www.nutroganics.com.
*Gardenburger® is a registered trademark of The Kellogg
Company.
SOURCE Nutroganics, Inc.
