Poore Brothers Names Eric Kufel Chief Executive Officer; Elects Larry Polhill Chairman of Board of Directors; Terminates Shadewe
February 15 2006 - 6:45AM
Business Wire
Poore Brothers (Nasdaq: SNAK) is pleased to announce the
appointments of Mr. Eric J. Kufel as Chief Executive Officer and
Director and Mr. Larry Polhill as Chairman of the Board of
Directors, effective February 14, 2006. The Company also
communicated that the Company terminated its previously announced
letter of intent to acquire certain Mrs. Fields(R) licensing rights
and related assets from Shadewell Grove, LLC. The Company announced
that Mr. Kufel agreed to return to the company as Chief Executive
Officer and will remain a Director of the Company. Mr. Kufel was
President, Chief Executive Officer and a Director of the Company
from February 1997 to August 2004 and Chairman of the Company's
Board of Directors from August 2004 until February 2006. Mr.
Polhill was elected Chairman after serving as a member of the Board
of Directors since August 18, 2004. Mr. Polhill is President, CEO
and Chairman of the Board of Directors of American Pacific
Financial Corporation and a Manager of Capital Foods, LLC, a
private investment company which is the largest shareholder of
Poore Brothers. Mr. Polhill has an extensive background in
corporate finance and mergers and acquisitions. During his over 25
years of business experience, he has been involved as an officer,
director or financier of a wide diversity of businesses, including
companies in the consumer, retail, and food (salted snacks, popcorn
and baked goods) industries. "We are thrilled that Eric has agreed
to return to the Company as Chief Executive Officer," stated Mr.
Polhill. "The Board believes his leadership and strategic abilities
will serve the Company well as we work together to build
shareholder value." Mr. Kufel commented, "I am excited about
leading the Company and look forward to driving positive change in
strategy and discipline, with a focus on improving long-term
shareholder value. Since returning as Interim CEO, we have taken
immediate steps to improve the profitability of the existing
business and have begun actively pursuing acquisition candidates in
a variety of new food and consumer product categories. We plan to
continue developing innovative new brands, though the company will
not make significant investments in their launch until they prove
viable in small-scale test markets. This shift in philosophy is
intended to mitigate the financial risk of launching new products
as unsuccessful launches have erased much of the company's
underlying financial progress over the past several years." The
Company stated that its T.G.I. Friday's(R) brand has continued to
grow since its launch in 2000. In 2006, the Company intends to
focus on profitable growth for its flagship brand by improving the
effectiveness of its marketing programs and strengthening its trade
promotion system to more efficiently and effectively invest in
growth programs. The Company also announced that Mr. Shannon Bard
resigned from the Board. The Company expressed gratitude to Mr.
Bard for his many and significant contributions to the business.
There were no disagreements that led to Mr. Bard's personal
decision to resign. Mr. Kufel concluded, "Looking forward, our 2006
goals include closing one or more strategic acquisitions, returning
the existing business to profitability through disciplined growth
strategies and improved efficiencies, and to test market new brand
concepts. We are dissatisfied with our financial results in 2005
and we are making swift and aggressive actions to return the
business to its historical path of revenue and net income growth."
About Poore Brothers, Inc. With facilities in Indiana and Arizona,
Poore Brothers is a marketer and manufacturer of Intensely
Different(TM) snack foods under a variety of owned or licensed
brand names, including T.G.I. Friday's(R), Cinnabon(R), Tato
Skins(R), Poore Brothers(R), Bob's Texas Style(R), and Boulder
Canyon Natural Foods(TM). For further information about Poore
Brothers or this release, please contact Eric Kufel, Chief
Executive Officer, at (623) 932-6255, or logon to
http://www.poorebrothers.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, the potential need for additional financing,
acquisition-related risks, significant competition, customer
acceptance of new products, dependence upon major customers,
dependence upon existing and future license agreements, general
risks related to the food products industry, and such other factors
as are described in the Company's filings with the Securities and
Exchange Commission.
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