SALINAS, Calif.--(BUSINESS WIRE)--March 25, 2002--Mr. Lance Hewitt, President and CEO of Monterey Pasta Company (Nasdaq:PSTA) today announced the following senior management promotions and plans for succession planning:
"Joseph Stirlacci has been promoted from National Sales Manager to Vice President, Sales. Joe has over twenty years sales experience in the food and beverage industry and has been with the Company since 1995. Joe has been a significant contributor to the 153% sales growth experienced by the Company since 1997.
Dan Brown has been promoted from Director of Operations to Vice President of Operations. Dan joined the Company in May 2001 with eighteen years food industry experience in operations, quality assurance and logistics. Dan has made many improvements in his short tenure and will play a key role in the future success of the Company.
Steve Brinkman has been promoted from Chief Financial Officer to Executive Vice President and Chief Financial Officer. Steve joined the Company in August of 1997 with nearly twenty-five years food industry experience in Finance, Accounting, Banking and Operations. Steve was a key factor in the original turnaround and past success of Monterey Pasta Company and he will be even more of a factor in the future."
Mr. Hewitt offered these additional comments, "These promotions are in recognition of the outstanding contributions of the individuals, and are indicative of the depth and strength of our organization."
Mr. Hewitt also announced that, under his supervision, the Company would begin a nationwide search for a new President that will pave the way for Mr. Hewitt to become Chairman of the Board of Directors in 2003. "I plan to retire from day-to-day operations sometime during 2003. I feel the timing is right to begin to spend more time with my family, especially my grandson, who is growing up so fast," he stated.
Mr. Hewitt will assume the responsibilities of Chairman of the Board, a new position, and be primarily involved in strategic issues, including new product development and acquisitions. "Monterey Pasta has never been stronger and we have the deepest and most solid senior management team in the history of the Company," commented Mr. Hewitt. He went on to say, "The search for a new President will focus on candidates with strong backgrounds in consumer products in the food industry."
Founded as a regional brand, Monterey Pasta now has national distribution in over 6,500 retail and club stores throughout the United States and selected regions of Canada. Monterey Pasta manufactures USDA inspected, healthy, fresh gourmet refrigerated food products at its integrated 130,000 square foot corporate headquarters, distribution, and manufacturing facilities in Salinas, (Monterey County) CA.
This press release contains forward-looking statements that involve a number of uncertainties and risks that could cause actual results to differ materially from those discussed in the forward-looking statements. Risks that could cause actual results to differ materially from those discussed in the forward-looking statements, include risks associated with timely and cost-effective introduction of new products in the coming months, retention of key personnel and retention of key management, the risks inherent in food production, and intense competition in the market in which the Company competes. Future projections are based on the assumption that we will continue to sell in existing retail and club stores and will continue to add new stores. For additional information regarding these and other risks, please read the Company's Annual Report on Form 10-K, for the year ended December 30, 2001 and its 2001 Proxy.