Meat Industry INSIGHTS Newsletter

980718 CFP Holdings Terminates Deal to Acquire Meat Processor

July 8, 1998

Montebello, CA - CFP Holdings Inc., a leading developer, manufacturer and marketer of value-added meat and poultry products, announced the termination of the letter of intent to acquire a complementary Midwest-based meat processor.

The transaction, which was valued at less than $15 million, had been subject to the completion of due diligence and acceptable financing.

“Although we would have liked to complete this transaction, this decision will not in any way affect our core business going forward,” said Bill Del Chiaro, president and CEO of CFP Holdings. “We remain focused on growth and operating improvements, while continuing to explore appropriate strategic expansion opportunities for our company.”

“After a thorough cost/benefit analysis of the financing alternatives available to us, we made a strategic and financial decision not to move forward on this acquisition,” added Eric W. Ek, chief financial officer.

CFP Holdings is a leading developer, manufacturer and marketer of value- added meat and poultry products sold to the food service industry and manufacturers of packaged foods.

This statement includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the company's expectations (“Cautionary Statements”) are disclosed in the company's Registration Statement filed with the Securities and Exchange Commission and in this statement. All subsequent written and oral forward-looking statements attributable to the company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements.

This Article Compliments of...

Iotron Technology Inc.

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