Poore Brothers (NASDAQ:SNAK)
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Poore Brothers (Nasdaq: SNAK) is pleased to announce the
appointments of Mr. Eric J. Kufel as Chief Executive Officer and
Director and Mr. Larry Polhill as Chairman of the Board of Directors,
effective February 14, 2006. The Company also communicated that the
Company terminated its previously announced letter of intent to
acquire certain Mrs. Fields(R) licensing rights and related assets
from Shadewell Grove, LLC.
The Company announced that Mr. Kufel agreed to return to the
company as Chief Executive Officer and will remain a Director of the
Company. Mr. Kufel was President, Chief Executive Officer and a
Director of the Company from February 1997 to August 2004 and Chairman
of the Company's Board of Directors from August 2004 until February
2006.
Mr. Polhill was elected Chairman after serving as a member of the
Board of Directors since August 18, 2004. Mr. Polhill is President,
CEO and Chairman of the Board of Directors of American Pacific
Financial Corporation and a Manager of Capital Foods, LLC, a private
investment company which is the largest shareholder of Poore Brothers.
Mr. Polhill has an extensive background in corporate finance and
mergers and acquisitions. During his over 25 years of business
experience, he has been involved as an officer, director or financier
of a wide diversity of businesses, including companies in the
consumer, retail, and food (salted snacks, popcorn and baked goods)
industries.
"We are thrilled that Eric has agreed to return to the Company as
Chief Executive Officer," stated Mr. Polhill. "The Board believes his
leadership and strategic abilities will serve the Company well as we
work together to build shareholder value."
Mr. Kufel commented, "I am excited about leading the Company and
look forward to driving positive change in strategy and discipline,
with a focus on improving long-term shareholder value. Since returning
as Interim CEO, we have taken immediate steps to improve the
profitability of the existing business and have begun actively
pursuing acquisition candidates in a variety of new food and consumer
product categories. We plan to continue developing innovative new
brands, though the company will not make significant investments in
their launch until they prove viable in small-scale test markets. This
shift in philosophy is intended to mitigate the financial risk of
launching new products as unsuccessful launches have erased much of
the company's underlying financial progress over the past several
years."
The Company stated that its T.G.I. Friday's(R) brand has continued
to grow since its launch in 2000. In 2006, the Company intends to
focus on profitable growth for its flagship brand by improving the
effectiveness of its marketing programs and strengthening its trade
promotion system to more efficiently and effectively invest in growth
programs.
The Company also announced that Mr. Shannon Bard resigned from the
Board. The Company expressed gratitude to Mr. Bard for his many and
significant contributions to the business. There were no disagreements
that led to Mr. Bard's personal decision to resign.
Mr. Kufel concluded, "Looking forward, our 2006 goals include
closing one or more strategic acquisitions, returning the existing
business to profitability through disciplined growth strategies and
improved efficiencies, and to test market new brand concepts. We are
dissatisfied with our financial results in 2005 and we are making
swift and aggressive actions to return the business to its historical
path of revenue and net income growth."
About Poore Brothers, Inc.
With facilities in Indiana and Arizona, Poore Brothers 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), and Boulder Canyon Natural Foods(TM). For further
information about Poore Brothers or this release, please contact Eric
Kufel, 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.