Vita Announces Amendment to Loan Agreement
April 05 2007 - 4:19PM
PR Newswire (US)
CHICAGO, April 5 /PRNewswire-FirstCall/ -- Vita Food Products, Inc.
(AMEX:VSF) announced that it has entered into a ninth amendment to
its loan agreement with LaSalle Bank National Association. Pursuant
to the amendment, the Bank has agreed to extend the termination
date of the revolving loan issued to the Company under the Loan and
Security Agreement dated as of September 5, 2003, as amended (the
"Loan Agreement"), for one year, from April 1, 2007 to April 1,
2008. In addition, the amendment modifies the Company's financial
covenants under the Loan Agreement, although both the Company and
the Bank expect to further modify such covenants shortly. On April
3, 2007, the Company filed a Form 12b-25 with the Securities and
Exchange Commission stating that it requires additional time to
finalize its Annual Report on Form 10-K for the fiscal year ended
December 31, 2006 as a result of continuing negotiations with the
bank related to its revolving loan, as well as the resignation of
the Company's Chief Financial Officer in January 2007. The
Company's Vita Seafood division is a U.S. leader in the herring and
retail packaged salmon markets, and is engaged in several other
food segments, including cream cheese, cocktail sauce, tartar sauce
and horseradish. The Company markets and sells these items under
the Vita(R), Elf(R) and Grand Isle(R) brands. More than 95% of Vita
Seafood's sales are in kosher foods. Vita Specialty Foods, Inc.,
the Company's wholly owned subsidiary, markets and sells honey,
salad dressings, meat enhancements and salsas. The Company markets
and sells these items under the Virginia Brand(R), Oak Hill
Farms(R), Scorned Woman(R), Jim Beam(R) and Budweiser(R) brands.
For more information visit http://www.vitafoodproducts.com/ . The
common stock of Vita Food Products, Inc. is currently traded on the
American Stock Exchange and Chicago Stock Exchange under the ticker
symbol VSF. This release contains forward-looking statements within
the meaning of the "safe-harbor" provisions of the Private
Securities Litigation Reform Act of 1995, including statements
about the Company's financial position and future profitability.
Such statements are based on management's current expectations and
are subject to a number of factors and uncertainties which could
cause actual results to differ materially from those described in
the forward- looking statements. Such factors and uncertainties
include: (i) the possibility that negotiations with the Company's
lender with respect to the revolving loan are unsuccessful; (ii)
the impact of the level of the Company's indebtedness; (ii)
restrictive covenants contained in the Company's various debt
documents; (iii) relationships with key vendors; (iv) general
economic conditions and conditions in the retail environment; (v)
the Company's dependence on a few large customers; (vi)
relationships with retailers; and (vii) fluctuations in the stock
market. DATASOURCE: Vita Food Products, Inc. CONTACT: Clifford
Bolen, CEO, President, of Vita Food Products, +1-312-738-4500, Web
site: http://www.vitafoodproducts.com/
Copyright
Vita FD Products (AMEX:VSF)
Historical Stock Chart
From May 2024 to Jun 2024
Vita FD Products (AMEX:VSF)
Historical Stock Chart
From Jun 2023 to Jun 2024
Real-Time news about Vita Food Products, (American Stock Exchange): 0 recent articles
More Vita FD Products News Articles