hey want a big board sleeper ... 7M in the float. Looking to get back over a buck ...
PLY ... Just did a deal for 9.5M with a major company.
POLYPHASE SUBSIDIARY ANNOUNCES PANDA EXPRESS CONTRACT
LOS ANGELES, May 27, 1999 /PRNewswire via COMTEX/ -- Polyphase
Corporation (Amex: PLY) announced today that Overhill Farms, Inc., a
subsidiary of the Company, has signed a two year agreement to supply
product to Panda Management Company, Inc., the operator of Panda
Express restaurants.
The agreement provides that Overhill will provide Panda with a minimum
of $9.5 million of product annually. Under the agreement, product
pricing will be reviewed after the first year to reflect any changes in
the market prices of raw materials.
Panda Express is a privately owned, fast growing, chain that recently
celebrated the opening of its 300th restaurant and operates locations
throughout the continental United States, Puerto Rico, Hawaii and
Japan.
Overhill Farms, a California-based frozen food manufacturer, reported
sales of $51.5 million for the first six months of its fiscal 1999
whichended March 31, an increase of more than 13% from the same period
last year. In a recently filed Form 10-Q, Polyphase reported total
revenues, on aconsolidated basis, of $77.2 million for the same six
month period ended March 31,1999.
In discussing the transaction James Rudis, president of both Polyphase
and Overhill Farms stated "we are very pleased that we will be able to
play a role in Panda's business operations." The Company further
indicated that the agreement with Panda is the result of its efforts to
increase its penetration in the Food Service and Retail Market segments
of its business.
Polyphase is a diversified holding company with nationwide operations
primarily in the frozen food and forestry industries.
SOURCE Polyphase Corporation
(C) 1999 PR Newswire. All rights reserved.
prnewswire.com -0-
CONTACT: Charles Moskowitz of Polyphase Corporation,
781-871-9121, or
email, CMoskow429@aol.com
WEB PAGE: polyphase.com
Love my sleepers.
GB |
