Saratoga Brands Buys Back 1.6 Million Shares of its Common Stock
LAKEWOOD, N.J.--(BUSINESS WIRE)--Aug. 25, 1997--Saratoga Brands Inc. (NASDAQ:STGA) Monday announced
that it has just completed a major purchase of its common stock in a private cash transaction.
The just concluded purchase brings the total number of shares acquired in both public and private transactions to 1.6 million
shares since the company's announcement of plans to do so late last summer.
``This purchase is another step in the Saratoga board's efforts to increase its shareholder value,'' said Scott Halperin,
Saratoga's chairman and CEO. ``The average cost of all of the shares acquired by the company since Aug. 21, 1996 is 56
cents per share,'' Halperin added.
``Both of the company's operating subsidiaries, Cucina Classica Italiana Inc. and Mobile Caterers Inc. are now operating
profitably, and it is expected that earnings will continue to grow during the remainder of 1997 and into next year,'' said Bernie
Lillis, Saratoga's chief financial and operating officer. ``Coupled with the reduction in outstanding shares the increased earnings
will have a positive effect on shareholder value,'' he added.
``With the new direction promulgated by Saratoga's board, including the renewed concentration on food processing and
distribution businesses for acquisitions, the active engagement of the board in the operations of all of the company's
subsidiaries, and our dedication to improving shareholder value, we believe the `new' Saratoga will be a major player as we
approach the 21st century,'' Halperin stated.
Saratoga Brands' Cucina Classica Italiana subsidiary imports and produces under license Italian specialty cheeses and other
premium speciality foods, including the world-renowned brands from Egidio Galbani S.p.A. Saratoga Brands' Mobile Caterers
subsidiary is a food processor and distributor. It services mobile caterers and provides social catering services as well as food
distribution to more than 900 convenience stores and retail outlets in the southern New England states.
Except for the historical information contained herein, the matters discussed in this news release are forward looking statements
that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of
factors, including without limitation the presence of competitors with broader product lines and greater financial resources;
intellectual property rights and litigation; needs of liquidity; and the other risks detailed from time to time in the company's
reports filed with the Securities and Exchange Commission. |
