Inventure Foods To Invest $3.9 Million in Freezing Capabilities, New Equipment
PHOENIX, Dec. 9, 2013 /PRNewswire/ -- Inventure Foods, Inc. (Nasdaq: SNAK) ("Inventure"), a leading specialty food marketer and manufacturer, today announced the planned purchase of two state-of-the-art IQF (Individually Quick Frozen) freezing tunnels for an estimated total purchase price of $3.9 million in 2014.
"We continue to look for opportunities to meet growing demand for our frozen fruit products, while also improving margins in our frozen fruit segment by increasing our internal freezing capabilities," said Terry McDaniel, Chief Executive Officer of Inventure Foods, Inc.
"This intended investment is our latest move in that operational strategy. When this equipment is coupled with the freezing assets we acquired this year at Willamette Valley Fruit Company and Fresh Frozen Foods, we will have made significant progress toward meeting our frozen fruit processing requirements internally."
The Company expects to install the new tunnels in the second quarter 2014, prior to the harvest season, at its berry processing facilities in Lynden, WA and Salem, OR.
About Inventure Foods, Inc.
With manufacturing facilities in Arizona, Indiana, Washington, Oregon and Georgia, Inventure Foods, Inc. (Nasdaq: SNAK) is a marketer and manufacturer of specialty food brands in better-for-you and indulgent categories under a variety of Company owned and licensed brand names, including Boulder Canyon Natural Foods®, Jamba®, Seattle's Best Coffee®, Rader Farms®, T.G.I. Friday's®, Nathan's Famous®, Vidalia Brands®, Poore Brothers®, Tato Skins®, Willamette Valley Fruit CompanyTM, Fresh FrozenTM and Bob's Texas Style®. For further information about Inventure Foods, please visit www.inventurefoods.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, general economic conditions, increases in cost or availability of ingredients, packaging, energy and employees, price competition and industry consolidation, ability to execute strategic initiatives, product recalls or safety concerns, disruptions of supply chain or information technology systems, customer acceptance of new products and changes in consumer preferences, food industry and regulatory factors, interest rate risks, dependence upon major customers, dependence upon existing and future license agreements, the possibility that we will need additional financing due to future operating losses or in order to implement the Company's business strategy, acquisition and divestiture-related risks, the volatility of the market price of the Company's common stock, and such other factors as are described in the Company's filings with the Securities and Exchange Commission. All forward−looking statements are based on information available to the Company as of the date of this news release, and the Company assumes no obligation to update such statements.
SOURCE Inventure Foods, Inc.