NEWS for CRGI...... Hey, why no VOL today. There is a big fat ZERO in that column
Creative Gourmet Announces Its Acquisition Of The Home Baked Name
And <CRGI.OB>
Creative Gourmet Announces Its Acquisition Of
The Home Baked Name And Trademark
FORT LAUDERDALE, Fla., June 17 /PRNewswire/ -- Creative Gourmet Inc.
(OTC Bulletin Board: CRGI) announced today that as part of its acquisition,
announced on June 14, it has also acquired the Home Baked name and trademark.
Home Baked is synonymous with different varieties of brownies and pound cakes,
among other baked goods, including regular, fat-free, and sugar-free. These
products were manufactured for and distributed to major retail and commercial
markets. Included in their customer base were such names as K-Mart, Costco,
Sam's Club, just to name a few, and centers that focused on dietary and
nutritional needs. At its peak Home Baked sales were in excess of twenty
million dollars annually.
The acquisition was made for a total of $315,000 in stock and assumption
of debt. For this amount Creative Gourmet obtained equipment and leaseholds
that has a replacement value of approximately $750,000 and Home Baked
packaging supplies valued at approximately $300,000 among other assets,
including inventories and such.
As part of the transaction, the sellers have agreed to set up and maintain
a marketing and commercial website.
"The possibilities now are endless. With the acquisition of the Home
Baked name and trademark, Creative Gourmet is able to expand its market to
other major chains and distributors and open its doors to the retail trade.
This is in line with one of our goals to get into the retail and internet
markets in a major way," commented Sam Rubin, CFO of Creative Gourmet.
CRGI is a manufacturer and retailer of premium specialty desserts for
major hotel, restaurant chains and stores.
For further information please contact the company's investor relations at
either Sound Capital Inc. (Richard Chancis) at 305-936-9450 or Continental
Capital (Brendan Hopkins) at 407-682-2001.
SOURCE Creative Gourmet Inc.
-0- 06/17/99
/CONTACT: Sam Rubin, CFO of Creative Gourmet, or Randa@Bellsouth.Net ; or
Investor Relations, 305-936-9450/
-- FLTH013 --
1156 06/17/99 13:39 EDT prnewswire.com
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