Clearly in a Jam
Bobby Genovese, CEO of Clearly Canadian Brands, stated, "We look forward to all the tremendous opportunities the acquisition of such an incredibly strong brand name as Crofters Organics presents Clearly Canadian Brands. As we begin the expansion of our organic brands into the U.S. marketplace, all of our divisions (My Organic Baby, DMR Foods, and Clearly Canadian beverages) will benefit from the selling relationships Crofters Organics have forged over the years. Crofters has built top-quality brands that are carried by most of the top retailers in the U.S. We will also immediately profit from Crofters' years of organic procurement, production and marketing expertise, additionally we acquire a state of the art organics manufacturing facility that can be expanded to include all of our product lines."
Genovese further stated, "We have again structured this acquisition with little or no dilution to existing shareholders (details will be released upon closing). Companies are continually coming to us who understand that our internationally recognizable brand name (Clearly Canadian), solid corporate infrastructure and vast resources can help expand their businesses. We look forward to working with these visionary entrepreneurs to help them fulfill their full potential." He added, "There is a short window of opportunity while this emerging market sector quickly transforms from small entrepreneurs to major food conglomerates, we intend to capitalize on this unique market opportunity by adding tremendous product lines."
In addition the previously announced Baldwin Street Kosher acquisition is expected to close shortly.
From the August 18, 2008, Prepared Foods e-Flash