Fresh Harvest Products, Inc., is pleased to announce the execution of a Letter of Intent to acquire the assets, including the Intellectual Property, of Organic Chef, LLC ("Organic Chef"), a purveyor of Organic and Natural beverages, located in Brooklyn, NY.
The Letter of Intent ("LOI") which is subject to completion of due diligence by the parties and their execution of a definitive acquisition agreement, contemplates Fresh Harvest issuing common stock only as consideration for the acquisition. The LOI tentatively schedules a closing on or before July 3, 2009. Fresh Harvest will base the purchase price on the value of Organic Chef's assets. Included in the Assets to be purchased are several additional organic beverages that are completing development and should be ready for market during the balance of 2009.
Fresh Harvest President and CEO Michael Jordan Friedman said, "Although our 'Wings of Nature(TM)' product line will remain our primary focal point and at the core of our future development, when an opportunity like this Asset Purchase presents itself and we have the occasion to acquire, in a stock only transaction, the assets of a revenue generating company that complements our existing business for an attractive purchase price, we will always take action. Furthermore, we believe that this truly is a step in the right direction for Fresh Harvest's future. We believe this will enhance our shareholders' value as we seek to grow and expand on our existing line of organic products."
About Fresh Harvest Products, Inc.
Fresh Harvest Products, Inc. sells, markets and distributes natural and organic food products and beverages. Under the Wings of Nature(TM) brand name, Fresh Harvest offers a line of organic snack products, which primarily include health bars, coffee bars, tortilla chips and salsa. In addition, Fresh Harvest provides a grocery product line, which includes several varieties of whole bean and ground coffees, olive oil and beverages. The Company sells its products through specialty and natural food distributors to stores, specialty supermarkets and retailers. Fresh Harvest Products, Inc. is headquartered in New York City. Additional information is available at www.freshharvestproducts.com.
About Organic Chef, LLC
Organic Chef, LLC sells, markets and distributes natural and organic beverage products under the names TeAloe(TM) and PurAloe(TM). The company currently sells its products directly to stores and distributors. The company is based in Brooklyn, New York.
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Statements contained herein that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. When used herein, the words "anticipate," "believe," "estimate," "plan," "intend" and "expect" and similar expressions, as they relate to Fresh Harvest Products, Inc., or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, such factors, including risk factors, discussed in the Company's periodic reports and other filings made with the U.S. Securities and Exchange Commission, including its Annual Report for the year ending October 31, 2006 filed on Form 10KSB. Except as required by the Federal Securities law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or for any other reason.
Michael J. Friedman
President & Chief Executive Officer
Fresh Harvest Products, Inc.