PORTLAND, Ore., September 26, 2003--
Gardenburger, Inc. (OTCBB:GBUR), announced today its decision to close its Portland office in approximately one month. The closure is the culmination of operational changes set in motion in March 1999 when the Company transferred all of its manufacturing operations to its production facility in Clearfield, Utah. Gardenburger, which currently employs approximately 150 people in Utah and 21 at its office in Portland, will eliminate 4 positions in Portland and relocate the remaining 17 positions to its Utah facility and a small office in Southern California.
“All of us at Gardenburger will always consider Portland, Oregon our home. However, this action will lower operating costs and improve efficiencies going forward. As the market for meatless products has become increasingly competitive, it is essential that we redouble our efforts to improve our ability to compete,” said Scott Wallace, Chairman, President and CEO.
Founded in 1985 by GardenChef Paul Wenner?, Gardenburger, Inc. is an innovator in meatless, low-fat food products. The Company distributes its flagship Gardenburger® veggie patty to more than 30,000 food service outlets throughout the United States and Canada. Retail customers include more than 24,000 grocery, natural food and club stores. Based in Portland, Ore., the Company currently employs approximately 175 people.
Statements in this press release about future events or performance are forward-looking statements that are necessarily subject to risk and uncertainty. The Company’s actual results could be quite different. Important factors that could affect results include the Company’s dependence on product acceptance, the Company’s ability to execute its distribution plan, effectiveness of the Company’s sales and marketing efforts and cost-containment initiatives, and intense competition in the veggie burger and other meat alternatives industry, which the Company believes will continue. Other important factors that could affect results are set forth in the Company’s Annual Report on Form 10-K for the year ended September 30, 2002 and the Company’s 2002 Annual Report to Shareholders. Although forward-looking statements help provide complete information about the Company, investors should keep in mind that forward-looking statements are inherently less reliable than historical information.