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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Gold Frost | LSE:GLF | London | Ordinary Share | IL0010952989 | ORD ILS0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.10 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
23 October 2007 Gold Frost Limited ("Gold Frost" or "the Company") Announces Signing of Heads of Agreement to enter into a Joint Venture with a Global Kosher Dairy Distributor in Denmark Gold Frost (LSE:GLF.L), the designer, developer and distributor of kosher chilled and frozen dairy food products today announced that it has signed a binding term sheet with the owners of a manufacturer and global distributor of kosher dairy products ("Distributor"), based in Denmark, to form a new joint company ("NewCo"). Gold Frost would hold a 51% interest in NewCo with the owners of the Distributor holding the remaining interest. The transaction is subject to completion of legal, financial and business due diligence and final Gold Frost board approval and is scheduled to be concluded by early 2008. There is no guarantee that the transaction will complete. The Distributor is a global distributor of both kosher and non-kosher dairy food products. Among its products are a variety of non kosher and kosher dairy products such as blue cheese, edam, gouda, havarti and feta cheeses packaged for industrial, wholesale and retail distribution. Under the terms of the binding term sheet, all of the present and future kosher activities of the Distributor and all the future export activities of Gold Frost are to be executed under the new entity. As part of the transaction, the Distributor will transfer to NewCo US$200,000 as well as 35 customers from 15 countries worldwide, including a US import licence, which is expected to generate US$4.3 million in revenues for the Distributor in 2007. NewCo would be granted the exclusive right to use the Distributor's trademarked brand name in sales and marketing of kosher products. The Distributor would retain the right to use its trademarked brand name for non-kosher dairy products. It is intended that, ultimately, NewCo would seek to broaden its penetration into the kosher European and North American markets. In consideration for the 51% interest in NewCo, Gold Frost will pay at completion US$400,000 to the Distributor. In addition, Gold Frost will inject into NewCo, after the publication of NewCo's 2008 audited financial statements, a capital equivalent of three times NewCos' net profit after taxes from its first four quarters of operation, not to exceed US$150,000, multiplied by 51%. Mr. Zwi Williger CEO of Gold Frost commented, "We believe that this is an excellent opportunity for Gold Frost to expand its international reach and increase market penetration. In addition, G. Willi Food International Ltd., 75.68% shareholder in Gold Frost, yesterday announced the acquisition of a Russian non kosher dairy distributor. Following the completion of that transaction, G. Willi Food International Ltd intends make the distribution channel into Russia available to Gold Frost for its kosher products. Combined, these transactions will strengthen our ability to source unique kosher dairy products and broaden the distribution platform for our premium brand of products worldwide. Our goal remains unchanged - to be the premiere global manufacturer and distributor of innovative dairy kosher foods worldwide." Disclaimer: Except for historical information contained herein, the matters set forth in this release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, competition, changing economic conditions and other risk factors including but not limited to those previously publicly disclosed by the Company as relating to it and its business. Enquiries: Gold Frost Ltd Zwi Williger, Chief Executive Officer +972 544 324924 Blue Oar Securities Plc Rhodri Cruwys +44 207 448 4400 END
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