All American Food signs agreement with Intebras
SOUTH PLAINFIELD, N.J., Dec 2 (Reuters) - All American Food
Group Inc. <AAFG.OB>, said Wednesday it has entered into a
joint venture with Interbras Global Trading Co. Ltd., a deal
that the company said should generate sales revenues of about
$3 million to $5 million over the next 15 months.
Under the agreement, All American Food will purchase and
distribute a minimum of 15 containers of seafood products,
including frozen Brazilian lobster tails and other specialty
seafood products.
All American Food President and Chief Executive Officer
Andrew Thorburn said in a statement that the agreement is the
first of several planned in the reorganization and expansion of
the company's food product business operations.
He said he expects the new venture will increase the
company's revenues and operating results, as well as increase
cash flow to finance other projects.
In the third quarter, The company's total net losses
narrowed to $975,000, or $0.24 per share, compared to a loss of
$1,417,000, or $4.01 per share, during the same quarter of the
previous year. The company said those losses included a
nonrecurring charge of $150,000 for inventory adjustments and
accounts payable.
REUTERS
Rtr 18:07 12-02-98
Copyright 1998, Reuters News Service
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