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Strategies & Market Trends : Cents and Sensibility - Kimberly and Friends' Consortium -- Ignore unavailable to you. Want to Upgrade?

To: Jim B who wrote (6446)	5/28/1999 9:47:00 AM
From: Ga Bard	Respond to of 108040

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