Inventure Foods Appoints Joel D. Stewart to Board of Directors
January 31 2017 - 7:00AM
Inventure Foods, Inc. (NASDAQ:SNAK) (“Inventure Foods” or the
“Company”), a leading specialty food marketer and manufacturer,
announced the appointment of Mr. Joel D. Stewart as an independent
director on its Board of Directors, effective today. Mr. Stewart
was appointed to the Board to fill the vacancy left by Mr. David L.
Meyers, as previously announced on January 17, 2017.
Mr. Timothy A. Cole, Inventure Foods’ Interim Chairman of the
Board, commented, “I would like to welcome Joel to Inventure Foods
and look forward to his future strategic insights and contributions
to our Board of Directors as we move forward. We remain sharply
focused on creating shareholder value and we believe today’s
actions underscore that commitment.”
Mr. Stewart currently serves as a Vice President of LKCM
Headwater Investments, the private equity arm of Luther King
Capital Management Corporation, an SEC-registered investment
advisory firm (“LKCM”). Mr. Stewart has been with LKCM
since August 2013 and serves as a director and/or advisor to
multiple portfolio companies held by LKCM Headwater Investments and
other LKCM affiliates. Previously, Mr. Stewart served as a
Vice President at The Presidio Group, a San Francisco-based wealth
management, investment and advisory firm, a Principal of 6Pacific
Partners, LLC, a boutique merchant bank focused on the food,
beverage and nutrition industries, and as an investment banker at
JPMorgan.
Mr. Stewart received his Bachelor of Business Administration in
Finance and Economics from Baylor University and his Masters of
Business Administration from the McCombs School of Business at the
University of Texas.
Luther King Capital Management Corporation, an affiliated entity
of LKCM Headwater Investments, reported ownership of approximately
2.24 million shares (or 11.4%) of the Company’s outstanding
capital stock in its Schedule 13D filed with the Securities and
Exchange Commission on January 23, 2017.
About Inventure Foods
With manufacturing facilities in Arizona, Indiana, Washington,
Oregon and Georgia, Inventure Foods, Inc. (Nasdaq:SNAK) is a
marketer and manufacturer of specialty food brands in
better-for-you and indulgent categories under a variety of Company
owned and licensed brand names, including Boulder Canyon Foods™,
Jamba®, Seattle's Best Coffee®, Rader Farms®, TGI Fridays™,
Nathan's Famous®, Vidalia Brands®, Poore Brothers®, Tato Skins®,
Willamette Valley Fruit Company™, Fresh Frozen™, Bob's Texas Style®
and Sin In A Tin™. For further information about Inventure Foods,
please visit www.inventurefoods.com.
Note Regarding Forward-looking Statements
This press release contains forward-looking
statements, including, but not limited to, the Company’s ability to
improve its operational and financial performance, execute its
strategic initiatives and pursue value-enhancing initiatives.
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, general
economic conditions, increases in cost or availability of
ingredients, packaging, energy and employees, price competition and
industry consolidation, ability to execute strategic initiatives,
product recalls or safety concerns, disruptions of supply chain or
information technology systems, customer acceptance of new products
and changes in consumer preferences, food industry and regulatory
factors, interest rate risks, dependence upon major customers,
dependence upon existing and future license agreements, the
possibility that the Company will need additional financing due to
future operating losses or in order to implement the Company's
business strategy, acquisition and divestiture-related risks, the
volatility of the market price of the Company's common stock, and
such other factors as are described from time to time in the
Company's filings with the Securities and Exchange
Commission. All forward-looking statements are based on
information available to the Company as of the date of this news
release, and the Company assumes no obligation to update such
statements.
Contact
Katie Turner, ICR (646) 277-1200
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