To: jjs64 who wrote (644 ) 4/22/1999 1:49:00 PM From: StockDung Read Replies (1) | Respond to of 10354
Fountain Fresh To Be Purchased By Betterstuff Ag Switzerland While we perform some server maintenance, please enjoy this Special Collection article for free, with our compliments. -------------------------------------------------------------------------------- SALT LAKE CITY, May 29 /PRNewswire/ -- Fountain Fresh International (FFI) (OTC Bulletin Board: FTFR); "the Company"), doing business as BetterStuff Inc., today announced that following final approval by BetterStuff Inc.'s board of directors, BetterStuff AG Switzerland and its partners (BSAG) have acquired a majority of the shares to FFI, and that a new FFI board of directors has been appointed. This share purchase, which was finalized on May 27, 1998, took place following the letter of intent and subsequent due-diligence activities announced on February 25, 1998 and the ongoing efforts on the part of BSAG to settle the outstanding creditor claims against BetterStuff Inc. announced on April 3, 1998. BSAG successfully negotiated with over 95 percent of the creditors of Fountain Fresh Inc. and reached a favorable settlement. This settlement of the creditor claims against BetterStuff Inc. and the acquisition of a majority of FFI shares by BSAG will allow the Swiss group to proceed immediately with its plans to fund the continuing operation of BetterStuff Inc. and commence with the redesign of the beverage center. The redesign of the beverage center is currently underway. In addition, meetings have already been held with a company in Europe, which specializes in developing beverage-filling machines. Working in conjunction with this company, BSAG will develop a beverage center, which will meet pre-established performance and reliability requirements. In addition, they will have the added support of a high-tech software company and some of the most knowledgeable beverage industry resources in Europe to provide technical input for the beverage center redesign. Given redesign efforts proceed as expected, within the budgets available, and all of the predetermined criteria are met at each juncture of the development process, the first redesigned beverage center could be ready for full performance and functional testing as early as late December 1998. Pending the outcome of these tests, the decision will be made how best to proceed with beta testing in the marketplace and infusing the additional funding required to begin manufacturing the redesigned beverage centers. If the redesign proceeds as expected, and since there is still a significant amount of ongoing global interest in the self-serve beverage centers, BSAG plans to move forward as originally planned to place these value-oriented self-serve beverage centers in retail outlets around the world. Successful introduction of the new beverage centers in the global marketplace will be augmented with a unique new marketing and communication program developed by BSAG to convince consumers to drink BetterStuff beverages. BSAG and its partners are confident they can provide a redesigned beverage center for the marketplace that will have a major impact on how consumers worldwide select and consume soft drinks. Fountain Fresh International, under the trade name BetterStuff(TM), is a manufacturer and worldwide marketer of in-store beverage machines, offering value-oriented, self-serve soft drinks and purified drinking water. SOURCE Fountain Fresh International Copyright © 1998, PR Newswire, all rights reserved.