Poore Brothers (NASDAQ:SNAK)
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The Inventure Group, Inc. (Nasdaq: SNAK), a manufacturer
and marketer of innovative snack food brands, today announced that
shareholders approved changing the Company's name from Poore Brothers,
Inc. to The Inventure Group, Inc. at its annual meeting on May 23,
2006. The Company's recommended slate of five directors and an
amendment to its equity incentive plan to increase the number of
shares of common stock authorized for issuance under the plan by
500,000 shares were also approved.
The name change to The Inventure Group, Inc. was implemented to
create a corporate identity that reflects the Company's diverse lineup
of innovative consumer brands, including T.G.I. Friday's(R), Poore
Brothers(R), Boulder Canyon Natural Foods(TM), Cinnabon(R), Bob's
Texas Style(R), Tato Skins(R), Clamato(R) and Braids(R) brand snack
food products as well as private label potato chip manufacturing and
snack food distribution operations in Arizona. The Company's shares
will continue to be traded under the symbol SNAK.
Since its initial public offering in 1996, the Company has evolved
from a regional potato chip manufacturer and distributor to a national
marketer and manufacturer of innovative consumer products, with the
majority of the Company's growth coming from acquisitions and new
brands, particularly with licensed brand partners such as T.G.I.
Friday's(R). The Poore Brothers(R) brand currently accounts for less
than ten percent of the Company's annual revenues. The Company intends
to continue growing all facets of its existing business as well as
develop innovative new ventures in pursuit of its long-term strategic
goal of becoming a $200 million marketer of intensely different(TM)
consumer brands.
"I would like to thank shareholders for their overwhelming support
as over 99% of shareholders voting voted in favor of the name change.
The name itself is derived from words that are cornerstones of our
culture, including innovation, intensely different(TM), inventive and
entrepreneurial. While we are proud of our Poore Brothers(R) legacy
and intend to celebrate the 20th anniversary of our founding brand
this fall with a variety of marketing activities and new products, we
are pleased to now have a corporate identity that reflects the
diversity of our product lines and supports our expectation for
continued growth from innovation and intensely different(TM) new
ventures," commented Mr. Eric Kufel, the Company's President and Chief
Executive Officer.
About The Inventure Group, Inc.
With facilities in Indiana and Arizona, The Inventure Group is a
marketer and manufacturer of Intensely Different(TM) snack foods under
a variety of owned or licensed brand names, including T.G.I.
Friday's(R), Cinnabon(R), Tato Skins(R), Poore Brothers(R), Bob's
Texas Style(R), Clamato(R) and Boulder Canyon Natural Foods(TM). For
further information about The Inventure Group or this release, please
contact Eric J. Kufel, President and Chief Executive Officer, at (623)
932-6255, or logon to http://www.poorebrothers.com.
Statements contained in this press release that are not historical
facts are forward-looking statements as that term is defined in the
Private Securities Litigation Reform Act of 1995. Because such
statements include risks and uncertainties, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Factors that may cause actual results to differ from the
forward-looking statements contained in this press release and that
may affect the Company's prospects in general include, but are not
limited to, the potential need for additional financing,
acquisition-related risks, significant competition, customer
acceptance of new products, dependence upon major customers,
dependence upon existing and future license agreements, general risks
related to the food products industry, and such other factors as are
described in the Company's filings with the Securities and Exchange
Commission.