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Non-Tech : All American Food Group(AAFG) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Spitz who wrote (489)	11/30/1998 5:52:00 PM
From: bobm3	Read Replies (1) \| Respond to of 618

All American Food Group Files for Protection from Creditors SOUTH PLAINFIELD, N.J.--(BUSINESS WIRE)--Nov. 30, 1998--All American Food Group, Inc. (OTC BB: AAFG), announced today that it has decided to seek protection from its creditors by filing a Chapter 11 bankruptcy petition in Federal Court in Newark, NJ. The filing was made necessary by a combination of factors, primarily relating to a series of convertible securities issued by the company during the previous 12 months. According to the Company, the conversion of these securities pushed the Company's common stock into a downward spiral, which made it impossible for the Company to raise the additional capital it needed to implement its business plan. As a result of its inability to raise outside capital at a time when the company had not yet achieved a profitable level of operations, the Company is in default with its secured creditors and Convertible Debenture holders, as well as behind in payments to its vendors and suppliers. The Company believes that by operating under the protection of the bankruptcy court, it will be able to successfully reorganize its affairs, and emerge as a viable and profitable food service company. The production and delivery of the Company's proprietary bagels is not affected by the filing; the bagels are manufactured to the Company's specifications by an outside contractor, and franchisees and licensees can be assured that the supply of bagels will be uninterrupted. -------------------------------------------------------------------------------- Contact: All American Food Group, Inc., South Plainfield, N.J. Andrew Thorburn, 800/776-5940 or Well, it may not be pretty, but....... BTM