'Smokeless Cooking Systems'
MYRTLE BEACH, S.C., May 21 /PRNewswire/ -- Mingo Bay Beverages, Inc.
(OTC Bulletin Board: MGBA) announces today the signing of a Letter of Intent
to acquire Gary Price Enterprises d/b/a Smokeless Cooking Systems.
The Smokeless Cooking Systems company has developed a product line
including "The Smokeless Electric Cooker," patent# 4,686,896. This product
offers the first patented environmentally friendly smokeless electric cooker
which allows the production of delicious barbecue-flavored foods while
emitting virtually no carbons or toxins into the air. The Smokeless Cooker
cooks foods from the inside out utilizing a constant temperature with non-
pressurized steam. This allows saturated fats to be eliminated easily and
naturally from the foods. This also allows different foods to be cooked at
the same time without the problematic blending of flavors.
In 1995, according to the Barbecue Industry Association, 2.6 billion
barbecue events were held, and 83% of families owned grills. Also in 1995,
11,216,530 grilling units were sold. Consumer awareness of the need to lower
smoke emissions is evidenced by the increase in the percentage of electric and
gas grills sold while charcoal grill sales have declined. In fact, electric
grill sales have more than tripled since 1985. A conservative estimate of
unit sales of the Smokeless Electric Grill predicts a 5% market share by the
second year of production. Based on 1995 total unit sales, this could mean
560,826 units. "This addition to the Mingo Bay family fits right in with our
beverage line and its recreation and good life themes. We will be able to
utilize our relationships with the same distributors that we have worked with
over the past five years in implementing the marketing plan for the Smokeless
product line," says Larry Moses, President, Mingo Bay.
Mingo Bay is in the beginning stages of this acquisition with the due
diligence process underway. It is anticipated that as early as July 1, 1997
the transaction can be finalized and closed.
SOURCE Mingo Bay Beverages, Inc.
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To: Riley G (60 )
From: Michael Grasso Tuesday, Dec 9 1997 10:58PM EST
Reply # of 65
Riley, FWIW last St Patricks day I ate from that Smokeless smoker (electric
version prototype). The food was excellent. The BBQ is a rather unique
cooker and very inventive. I don't know what the expected sales are, but I
liked the cooker |
