YAVNE, Israel, February 9, 2012 /PRNewswire/ --
G. Willi-Food International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), a global food company specializing in the development, manufacturing, marketing and international distribution of kosher foods, announced today that it had decided to terminate the share repurchase program it announced on September 1, 2011.
Willi-Food decided to terminate its share repurchase program in order to focus its resources on developing its core business activity. Since the inception of Willi-Food's repurchase program, the Company has purchased approximately USD 2.9 million of Willi-Food's Ordinary Shares.
The Company's principal shareholder, Willi-Food Investments Ltd. (TASE: WLFD), which announced on September 1, 2011 a similar share purchase program but delayed its implementation due to Rule 10b-18 under the Securities Exchange Act of 1934 until the Company concluded its share repurchase program, may now begin to implement its own share purchase program. The implementation, if any, would be on the same terms as the Company's program.
"In light of the global and Israeli economic situations and the foreseeable recession, we have decided to utilize our cash to develope our core business," said Willi-Food Chairman Zwi Williger. "We will continue to look for opportunities to create additional value for our shareholders."
About G. Willi-Food International Ltd.
G. Willi-Food International Ltd. (http://www.willi-food.com) is an Israeli-based company specializing in high-quality, great-tasting kosher food products. Willi-Food is engaged directly and through its subsidiaries in the design, import, manufacture, marketing and distribution of over 1,000 food products worldwide. As one of Israel's leading food importers, Willi-Food markets and sells its food products to over 1,500 customers in Israel and around the world including large retail and private supermarket chains, wholesalers and institutional consumers. The company's operating divisions include Willi-Food in Israel and Gold Frost, a wholly owned subsidiary who designs, develops and distributes branded kosher, dairy-food products.
This press release contains forward-looking statements within the meaning of safe harbor provisions of the Private Securities Litigation Reform Act of 1995 relating to future events or our future performance, such as statements regarding trends, demand for our products and expected sales, operating results, and earnings. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied in those forward-looking statements. These risks and other factors include but are not limited to: monetary risks including changes in marketable securities or changes in currency exchange rates- especially the NIS/U.S. Dollar exchange rate, payment default by any of our major clients, the loss of one of more of our key personnel, changes in laws and regulations, including those relating to the food distribution industry, and inability to meet and maintain regulatory qualifications and approvals for our products, termination of arrangements with our suppliers, in particular Arla Foods, loss of one or more of our principal clients, increase or decrease in global purchase prices of food products, increasing levels of competition in Israel and other markets in which we do business, changes in economic conditions in Israel, including in particular economic conditions in the Company's core markets, our inability to accurately predict consumption of our products, our inability to successfully integrate our recent acquisitions, insurance coverage not sufficient enough to cover losses of product liability claims and risks associated with product liability claims. We cannot guarantee future results, levels of activity, performance or achievements. The matters discussed in this press release also involve risks and uncertainties summarized under the heading "Risk Factors" in the Company's Annual Report on Form 20-F for the year ended December 31, 2010, filed with the Securities and Exchange Commission on June 30, 2011. These factors are updated from time to time through the filing of reports and registration statements with the Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information contained in this press release.
G. Willi Food International Ltd.
Baruch Shusel, CFO
SOURCE G. Willi-Food International Ltd.