MYRG Adds Tyson Frozen Food Line
Monday October 20, 9:37 am ET
Will Enable The Company To Reach Profitability
COLORADO SPRINGS, Colo.--(BUSINESS WIRE)--Oct. 20, 2003--Military Resale Group, Inc. (OTCBB: MYRG - News), a specialist in the supply of food and consumer goods to military base commissaries and exchanges, has added Tyson's frozen food line to the other Tyson products it currently distributes to the six U.S. military commissaries it services. Military Resale Group has been advised by Tyson, and verified with the United States Defense Commissary Agency (DeCA), a Department of Defense agency, that sales of Tyson's frozen food line in 2002 to the commissaries it currently services amounted to approximately $1.3 million. There can be no assurance, however, that Military Resale Group's annual sales of these products will reach such amount, and the amount of its actual sales of Tyson's line of products may differ materially from the amounts sold by Tyson in 2002. If Military Resale Group is able to generate such sales, it believes that such additional revenues will enable the company to reach profitability on an operating basis for the first time since its reverse merger in 2001, assuming its operating results from existing product lines do not differ materially from historical results.
"We're pleased to announce that, with the addition of the Tyson's frozen food line, we anticipate profitability on an operating basis very shortly, ," said Edward T. Whelan, CEO of Military Resale Group. "The addition of the Tyson frozen foods marks an important milestone for us. We're grateful for the continued support of our business partners at Tyson, our military customers, our investors, and all of our suppliers who are contributing to our success."
"We're extremely pleased that Tyson has transferred distribution of its frozen foods to us," said Ethan D. Hokit, President. "The previous solid performance of Tyson frozen products in this market will contribute significantly to our bottom line and enhance our offerings to commissary patrons."
Military Resale Group's product offering from Tyson frozen food will include Tyson Frozen Breaded Boneless Chicken, Tyson Chicken Patties, Nuggets, Tenders and Filets in Original and Southern Style, Tyson's Individually Fresh Frozen Chicken, Tyson Meal Kits, Stuffed Chicken Entrees, Time Trimmers and much more. Military Resale Group expects to have the products on commissary shelves immediately,
About Military Resale Group, Inc.
Military Resale Group, Inc. is a regional marketer and distributor of a wide range of foods and consumer packaged goods to U.S. military base commissaries, which are large supermarket-style stores operated by the Defense Commissary Agency (DeCA). Military Resale Group resells frozen foods, canned and dry goods, meat, poultry, seafood, dairy products, beverages, paper goods, and cleaning supplies from consumer products manufacturers to commissaries, providing commissary patrons a cost savings of up to approximately 30%, a valuable benefit to military personnel and their families.
With a focus on unique specialty products, Military Resale Group targets both unfulfilled markets and new niche markets that demonstrate high-growth potential in local retail markets. Military Resale Group leverages its management's 50 years of experience in the military resale market to service commissaries at six major U.S. military installations in Colorado, Wyoming and South Dakota. Headquartered in Colorado Springs, Military Resale Group became a publicly held company in 2001 and believes it is one of the fastest growing companies in the military resale industry. Further information on Military Resale Group is available at www.myrg.net or by calling (719) 391-4564.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the Company is detailed from time to time in the Company's reports filed with the Securities and Exchange Commission.
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Contact:
Redwood Consulting
Jens Dalsgaard, 415-884-0348
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Source: Military Resale Group, Inc. |
