Vita Announces Equity Issuance
29 Juni 2007 - 10:31PM
PR Newswire (US)
CHICAGO, June 29 /PRNewswire-FirstCall/ -- Vita Food Products, Inc.
(AMEX:VSF) today announced that the Company has issued to MDB
Alternative Investments L.L.C. ("MDB") 2,400,000 shares of common
stock and warrants to purchase a total of 2,000,000 additional
shares, in consideration for MDB's initial $1,000,000 advance and
subsequent $2,000,000 loan to the Company. The securities were
issued to MDB, an entity controlled by Howard Bedford, a member of
the Company's Board of Directors, pursuant to the Securities
Purchase Agreement between the Company and Mr. Bedford dated May
14, 2007. All of the shares, as well as the shares underlying the
warrants, issued to MDB have been approved for listing on the
American Stock Exchange, and the waiting period imposed by the
Federal securities laws to follow the Company's distribution on
June 6, 2007 of a Schedule 14C Information Statement to its
stockholders has expired. As a result of the securities issuance,
Mr. Bedford beneficially owns approximately 53.4% of the Company's
outstanding common stock. 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 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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