Friday September 29, 3:52 pm Eastern Time
Press Release
PNW Capital Announces Acquisition of PB+J Inc.
DENVER--(BUSINESS WIRE)--Sept. 29, 2000--PNW Capital Inc. (OTCBB:PNWC - news) is pleased to announce the acquisition of Peanut Butter + Jelly, Inc. (PB+J Inc.), a company poised to enter the national and international plastic bag industry.
PB+J has developed an innovative magnetized packaging and dispensing system for plastic bags and dryer sheets. The products have excellent name and visual appeal, offer enhanced convenience and represent a timely innovation for the industry.
PB+J had test markets in Safeway and City Market Stores with favorable consumer response. It also has had extensive talks with Kmart Stores and Walmart Stores. The company did receive a purchase order from Target Stores. However, at the time, PB+J could not meet demand.
PB+J founder Joseph L. McFarland Jr. stated, ``This is a wonderful opportunity for PB+J to gain position in the marketplace. The corporate objectives will focus on re-establishing PB+J's relationships with well-known retail stores for product distribution and developing name brand and product recognition.''
Joseph L. McFarland Jr. and PB+J President Daniel C. Silva have joined the board of directors of PNWC and will become officers of the company. Additionally, PB+J plans to launch their informational website next week.
This press release contains forward-looking statements regarding PNW Capital Inc. and its future sales related activities. Actual results could differ materially from those described or implied in this press release as a result of a number of factors. These include but are not limited to the future growth of these markets, any adverse actions by the company's partners, competitive products, other economic factors affecting the company's markets, the degree of acceptance that new products achieve, and seasonal changes.
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Contact:
PNW Capital Inc.
Dan Silva
Tel: 303/972-9003 |
