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Glow Holdings Inc. Announces Binding Letter of Intent to Acquire Cedar River Foods LLC and Announces New Chief Executive Officer
|By Marketwired .
|April 23, 2014 07:45 AM EDT
IRVINE, CA -- (Marketwired) -- 04/23/14 -- Glow Holdings Inc. (PINKSHEETS: GLOH) announced today that it signed a binding Letter of Intent ("LOI") with Cedar River Foods LLC calling for a newly-formed subsidiary of Glow to merge with Cedar River Foods' operations. According to Robert Pang, Chairman and Chief Visionary of Glow's Visionary Board, "This is a major milestone for Glow that is taking its first step in executing its strategic plan, using mergers and acquisitions to acquire strategic operations."
Cedar River Foods LLC is a food manufacturer based in Seattle, Washington. Cedar River Foods uses innovative, proprietary technology and expertise to make unique, delicious food products. The Ultimate Pancake Sandwich is the first product launched by Cedar River Foods, and can be found in grocery stores such as Kroger, Thriftway, as well as other specialty retailers.
Cedar River Foods is committed to using only the highest quality ingredients. The company selects 100% natural sausages, real cheddar cheese, and no artificial colors or additives. The products are low in calories and fat, with no trans fats or GMO (genetically-modified organisms) ingredients.
Under the LOI, the plan is for Cedar River Foods to merge with and into a 55%-owned subsidiary of Glow to be called Cedar Foods Corporation (CFC) and the other 45% to be owned by Ambezz Inc., with Cedar Foods Corporation being the surviving entity after the merger. According to the LOI, in the event the merger closes, the membership unit holders of Cedar River Foods LLC and the shareholders of Ambezz Inc., as of immediately prior to the closing of the merger, will receive twenty-five million (25,000,000) newly-issued shares of Glow Common Stock, restricted in accordance with Rule 144, and Glow agrees to invest a minimum of $125,000, between the closing and August 15, 2014, in the new Cedar Foods Corporation for the development of its business.
Additionally, Glow announced the appointment of Robert J. Selfridge as its new Chief Executive Officer as well as Cedar Foods Corporation. Mr. Selfridge is co-founder and Managing Partner of Cedar River Foods LLC. Prior to Cedar River Foods LLC, Selfridge was Senior Adviser to the Chairman of Foodx Globe Co. Ltd., a Japanese Holdings Company operating food services and other retail concepts around the world. Before joining Foodx, Selfridge was Executive Vice President of Tully's Coffee Corp., managing domestic USA operations and international expansion of the specialty coffee retailer into Europe and Asia.
About Glow Holdings Inc.
Glow Holdings Inc. (PINKSHEETS: GLOH) is a diversified holdings company with headquarters to be based in Seattle, Washington. The company is embarking on an accelerated business growth and diversification program, "Grow with GLOW," to increase the valuation of the company's assets with the implementation of the development program. The company's management believes that the fastest way for Glow to grow is through mergers and acquisitions in companies that are strategically placed in industries which have the highest potential. Glow's management team has the right experience, tools, and skills to provide business models and services like marketing, product and brand development, revenue streams strategies, corporate governance, sales strategies, and raising capital funds to provide the means for Glow to generate multiple streams of income, while helping its acquisitions and new start-up companies become successful and profitable. In addition to providing a capital base and know-how, the company plans to invigorate the sales and marketing of each entity through an innovative marketing program, including integrated online sales (e-commerce) channels, platforms, programs and strategies.
"Grow with GLOW"
Forward Looking Statements
This news release contains certain "forward-looking statements." Forward-looking statements are based on current expectations and assumptions and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, and many of which are beyond the company's control. The forward-looking statements are also identified through the use of words such as "believe", "enable", "may", "will", "could", "intends", "estimates", "anticipates", "plans", "predicts", "probable", "potential", "possible", "should", "continue", and other words of similar meaning. Actual results could differ materially from these forward-looking statements as a result of a number of factors. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements and no assurances can be given that such statements will be achieved.
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