Vita Announces Loan Agreement
21 Juni 2007 - 12:45AM
PR Newswire (US)
CHICAGO, June 20 /PRNewswire-FirstCall/ -- Vita Food Products, Inc.
(AMEX:VSF) today announced that MDB Alternative Investments L.L.C.
("MDB"), an entity to be controlled by Howard Bedford, a member of
the Company's Board of Directors, has transferred the remaining
$2,000,000 of his previously announced $3,000,000 aggregate
investment in the Company. In consideration for this transfer, the
Company has issued a Note to MDB dated June 15, 2007. The Note is
secured by a Second Mortgage on the Company's real property located
at 2222 West Lake Street in Chicago, Illinois, and bears interest
at the annual rate of 6%. The Note matures on August 31, 2007 but
is prepayable without penalty. The Company intends to prepay the
Note upon the Company's issuance to MDB of 2,400,000 shares of
common stock and warrants to purchase a total of 2,000,000
additional shares pursuant to the Securities Purchase Agreement
between the Company and Mr. Bedford dated May 14, 2007. At such
time, the entire $3,000,000 will become an equity investment in the
Company. The Company's issuance of such securities remains subject
to a waiting period imposed by the Federal securities laws to
follow the distribution of a Schedule 14C Information Statement to
stockholders as well as approval by the American Stock Exchange,
that has been requested, of the listing of the shares to be issued
to MDB. Schedule 14C was distributed to all registered stockholders
on June 6, 2007. The Vita Seafood division is a U.S. leader in the
herring and retail packaged salmon markets, and is engaged in
several other food segments, including cream cheese, cocktail
sauce, tartar sauce and horseradish. More than 95% of Vita
Seafood's sales are in kosher foods. Vita Specialty Foods, Inc.,
the Company's wholly owned subsidiary, markets and sells honey,
salad dressings, barbecue sauces and other meat enhancements and
salsas. The Company markets and sells these items under the
Virginia Brand(R), Oak Hill Farms(R), Scorned Woman(R), Jim
Beam(R), Budweiser(TM), Dr Pepper(R), 7UP(R) and A&W(R) brands.
For more information visit http://www.vitafoodproducts.com/. The
common stock of Vita Food Products, Inc. is currently traded on the
American Stock Exchange and Chicago Stock Exchange under the ticker
symbol VSF. This release contains forward-looking statements about
the Company's issuance of securities. Any such statements are
subject to risks and uncertainties, including regulatory approvals
and other risks noted in the Company's filings with the Securities
and Exchange Commission. Readers are cautioned not to place undue
reliance on forward-looking statements, which reflect management's
analysis only as of the date hereof. DATASOURCE: Vita Food
Products, Inc. CONTACT: Clifford Bolen, President and Chief
Executive Officer of Vita Food Products, Inc., +1-312-738-4500, Web
site: http://www.vitafoodproducts.com/
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