International Yogurt Inks Contract to Supply Seven-State Chain
PR Newswire - March 23, 1999 08:17
Deal Valued at Approximately $1.3 Million
PORTLAND, Ore., March 23 /PRNewswire/ -- International Yogurt Company, a manufacturer and wholesaler of frozen desserts and smoothies, said today that it has signed a two-year contract to supply its soft-serve frozen yogurt to a convenience store chain with 140 units.
The new contract is with Maverik Country Stores, which is based in Salt Lake City, Utah, and has locations in Utah, Idaho, Montana, Wyoming, Arizona, Nevada and Colorado.
"Every store will display the YOCREAM(R) brand, and we anticipate that this new account will generate approximately $1.3 million in revenue over the next 12 to 18 months," said Tyler Bargas, Sales Manager of International Yogurt. The Company will provide Maverik with its YOCREAM(R) nonfat frozen yogurt, which is dispensed through in-store, soft-serve machines.
This deal makes Maverik one of International Yogurt Company's top ten customers for frozen yogurt. Maverik is currently in the final stages of acquiring 38 Circle K stores, which will bring the chain's store count to 178. The additional stores will mean incremental sales for International Yogurt, according to Bargas.
"We are also providing our dispenser smoothie product to Maverik for testing at several of its stores," Bargas said. "The addition of YOCREAM(TM) Smoothies to Maverik could more than double our business with this prestigious chain."
International Yogurt Company makes, markets and sells frozen desserts, snacks and smoothies throughout the United States and in several foreign countries. For the fiscal year ended October 31, 1998, the company reported sales of $10.2 million, up 18 percent from the prior year. Sales for the first quarter of fiscal 1999 were up 35%.
Visit the Company's web site at www.yocream.com!
NOTE: This release may contain certain forward-looking statements, which are based on management's current expectations. Factors that could cause future results to vary materially from these expectations include, but are not limited to, change in distribution abilities, level of customer acceptance of new products, change in co-packing relationships and strategic alliances, and other economic, competitive, governmental, regulatory and factors affecting the company's operations, pricing, products and services. For a more complete discussion of the risks associated with forward-looking information, refer to the Risk Factors contained in the Company's Form 10-K filed with the Securities and Exchange Commission on February 1, 1999.
SOURCE International Yogurt Company
/CONTACT: Terry Lusetti, investor relations for International Yogurt
Company, 503-256-3754, ext. 206/
/Web site: yocream.com
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