For Immediate Release
December 18, 2007 |
Contact: Monterey Gourmet Foods
1528 Moffett Street, Salinas, CA 93905
831-753-6262
Eric Eddings, CEO, erice@montereygourmetfoods.com
Scott Wheeler, CFO,scottw@montereygourmetfoods.com
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SALINAS, CA – December 10, 2007 – Monterey Gourmet Foods (NASDAQ: PSTA), a leading marketer of refrigerated gourmet food products, announced today that its Board of Directors has authorized the Company to institute a stock repurchase program whereby up to 750,000 shares of its Common Stock may be repurchased. The duration of the repurchase program is open-ended. Under the program, the Company is able to purchase shares of common stock through open market transactions at prices deemed appropriate by management. The timing and amount of repurchase transactions under this program will depend on market conditions and corporate and regulatory considerations. The program may be discontinued at any time by the Board of Directors.
Monterey’s Chairman of the Board Van Tunstall commented, “The repurchase program announced today reflects the Board of Directors’ continued confidence in the Company’s near- and long-term financial and operating performance and commitment to enhancing shareholder value.”
MORE ABOUT MONTEREY GOURMET FOODS (PSTA)
Monterey Gourmet Foods manufactures USDA inspected, fresh gourmet refrigerated food products out of its manufacturing and distribution facilities in Salinas (Monterey County), California, Seattle, Washington, and Eugene, Oregon. Monterey Gourmet Foods has national distribution of its products in over 10,000 retail and club stores throughout the United States and selected regions of Canada, the Caribbean, Latin America, and Asia Pacific. For more information about Monterey Gourmet Foods, visit www.MontereyGourmetFoods.com.
