- Features four varieties with dough made from whole grain
- Strong initial response by customers and consumers
- Company adding whole wheat products to over 2,500 stores nationwide
SALINAS, CA (February 14, 2005) Monterey Gourmet Foods (NASDAQ:PSTA) today announced the introduction of their new fresh whole wheat pasta line under its Monterey Pasta Company brand.
According to Jim Williams, Monterey Gourmet Foods’ President and CEO, the introduction of the new whole wheat line has generated a great deal of interest from both traditional supermarkets and warehouse club stores. Four whole wheat items are now shipping to retail supermarkets, including three ravioli, (Vegetable & Cheese, Tomato, Basil & Mozzarella, and Chicken & Sun Dried Tomato) as well as Classic Italian Cheese Tortellini. Two of the ravioli varieties (Vegetable & Cheese and Basil, Tomato & Mozzarella) are shipping to warehouse cub stores.
Within the first six weeks of introduction, eleven retail chains representing over 2,500 stores, have committed to carry the whole wheat items. These include Safeway, Dominick’s, Ralphs, Jewel, Raleys, Hannaford Bros., Wegmans, Albertsons, Heinens, and Giant Carlisle. Also, a major retail supermarket chain in the southeast just recently committed to adding all of the whole wheat items in their 800+ stores.Additional whole wheat products, such as fresh prepared entrees, are in the planning stages and the Company anticipates introducing these sometime this year.
Commenting on the current whole grain popularity, Jim Williams stated, “Whole grain products are very much in demand as health-conscious consumers become increasingly aware of their dietary benefits. Monterey Gourmet Foods is again the innovative leader in capitalizing on a new trend for the fresh pasta category. Our new line is made with whole wheat flour, is low in saturated fat, has no trans fats, and is a delicious source of dietary fiber.” We are seeing a lot of broad-based excitement for whole grain products, and our Company is happy to report a very strong initial acceptance of our Monterey Pasta whole wheat line”.
Williams summarized, “While Americans are still carb-cautious, they are also becoming more aware of the dietary benefits of ‘good’ carbs and whole grains. Our new whole wheat pasta delivers gourmet flavors, the convenience of traditional fresh pasta, with the health benefits of whole grains. So now health-conscious pasta lovers can have their ravioli - and eat it, too!”
For more detailed information on the entire whole wheat line, visit the Monterey Gourmet Foods website at www.montereygourmetfoods.com.
This press release contains forward-looking statements concerning the effect of Monterey Gourmet Foods’ corporate acquisitions and product innovations on projected sales for future periods by product including without limitation statements including such terms as “committed”, “in the planning stages”, “anticipates”, “capitalizing on a significant new trend”, “strong initial acceptance”, and “are becoming”. These forward-looking statements are based on currently available competitive, financial and economic data and management’s views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Consequently, the Company wishes to caution readers not to place undue reliance on any forward-looking statements. Among the factors that could cause Monterey Gourmet Foods’ actual results to differ from such forward-looking statements are the following: (i) the process associated with the integrations of CIBO Naturals’ operations, processes, and products, (ii) a significant reduction of sales to two major customers currently comprising a majority of total revenues, (iii) the retention of newly acquired customers including achieving volume projections for these new customers, (iv) the Company’s ability to achieve improved production efficiencies in connection with the introduction of its new packaging and new items, (v) the timely and cost-effective introduction of new products in the coming months, (vi) the utilization of the recently-completed plant expansion and the increased fixed costs associated with increased plant capacity, (vii) retention of key personnel and retention of key management, (viii) the risks inherent in food production, (ix) intense competition in the market in which the Company competes and (x) Monterey Gourmet Foods’ ability to source competitively priced raw materials to achieve historical operating margins. In addition, the Company’s results may also be affected by general factors, such as economic conditions, political developments, interest and inflation rates, accounting standards, taxes, and laws and regulations in markets where the Company competes.
The Company has provided additional information regarding risks associated with the business in the Company’s Annual Report on Form 10-K for fiscal 2003, and its Reports of Material Event on Forms 8-K filed February 5, 2004, February 10, 2004, April 12, 2004, May 3, 2004, November 8, 2004 and its Proxy Statement filed June 21, 2004. The Company undertakes no obligation to update or revise publicly, any forward looking statements whether as a result of new information, future events or otherwise.
Monterey Gourmet Foods manufactures USDA inspected, fresh gourmet refrigerated food products at its integrated 143,000 square foot corporate headquarters, distribution, and manufacturing facilities in Salinas, (Monterey County) California, its organic food production facility in Eugene, Oregon and its newly acquired facility in Seattle, Washington. Monterey Gourmet Foods has national distribution of its products in over 9,700 retail and club stores throughout the United States and selected regions of Canada, the Caribbean, Latin America, and Asia Pacific.
