BETHESDA, Md., Oct. 25, 2013 /PRNewswire/ -- Nutroganics, Inc. (OTC: NUTT) ("Nutroganics") today announced that it has signed a letter of intent to acquire GardenChef Paul Company® ("GPC"), the maker of the Gardenbar®.
The Gardenbar® was developed by GardenChef Paul Wenner® as the first savory, vegan veggie snack food. Each nutrition packed vegan Gardenbar® contains nine vegetables, six gluten free whole grains, nuts, seeds, beans, legumes and savory spices. Mr. Wenner co-founded Wholesome & Hearty Foods, Inc., the maker of the original Gardenburger®*, in 1985. Wholesome & Hearty Foods, Inc. was publicly traded before being sold to The Kellogg Company in 2007. Paul Wenner is a natural foods pioneer who has appeared on numerous television programs including The Tonight Show, Tom Brokaw and the Evening News, and the Food Channel. You can buy Gardenbar® products at www.buygardenbar.com.
Under the terms of the letter of intent, Nutroganics will acquire 51% of the outstanding capital stock of GPC in exchange for preferred stock of Nutroganics. In addition, Nutroganics will acquire the remaining 49% of GPC on the 5th anniversary of the acquisition. The transaction is subject to the execution of a definitive purchase agreement and other customary terms and conditions.
"We believe the acquisition of GardenChef Paul Company® puts Nutroganics in a position to realize its goal of becoming a leading player in the healthy lifestyle and natural, organic foods marketplace," said David Sackler, CEO of Nutroganics. "We hope to leverage the Gardenbar® brand along with Mr. Wenner's relationships to build significant new revenue streams for Nutroganics."
"I am thrilled to be teaming up with Nutroganics to bring the Gardenbar® to customers nationwide," said Paul Wenner, CEO of GPC. "Nutroganics' public platform and distribution capabilities will complement our product line, ideally, to create a significant opportunity for growth of the combined companies."
About Nutroganics, Inc.:
Nutroganics, Inc. seeks to acquire and grow revenue-generating businesses operating in the healthy lifestyle marketplace and capitalize on synergies from manufacturing through distribution. In May 2013, Nutroganics acquired Silverbow Honey Company, a producer and packager of honey products founded in 1945 and based in Moses Lake, Washington.
About GardenChef Paul Company:
GardenChef Paul Company® was founded in October 2008 with the goal of becoming the leading savory bar producer in the world. The company is based in Portland, Oregon.
This release may contain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results, performance, or achievements of Nutroganics, GPC, or either parties' affiliates to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.
For more information, please contact David Sackler, CEO, via email at firstname.lastname@example.org or via telephone at (516)-513-5113. Additional information about Nutroganics, Inc. can also be found at www.nutroganics.com.
*Gardenburger® is a registered trademark of The Kellogg Company.
SOURCE Nutroganics, Inc.