TOFUTTI BRANDS INC. (Amex: TOF) today announced that its Board of Directors has authorized a stock buy back of up to 250,000 of its shares of common stock from time to time in open market transactions, subject to general market conditions and the price of its common stock. The Company indicated that its Board of Directors will reassess its decision to repurchase the common stock if the market price of the common stock changes materially.
Mr. Steven Kass, Chief Financial Officer of the Company stated, “Tofutti Brands believes that its shares represent an attractive investment for the Company, especially at its current market value. The stock repurchase program reflects management’s confidence in the Company’s long-term prospects and is being implemented to support our public stockholders.”
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TOFUTTI BRANDS INC. is principally involved in the development, production and marketing of TOFUTTI brand soy-based, dairy-free frozen desserts and soy-based, dairy-free food products which contain no butterfat or cholesterol. The Company markets its TOFUTTI® frozen dessert in soft serve form, hard pack pints, half gallons, and bulk cans, TOFUTTI CUTIES, TOFUTTI TOO-TOOS, TOFUTTI FRUTTI® stick novelties, TEDDY FUDGE POPS® and CHOCOLATE FUDGE TREATS, TOFUTTI CRUMB CAKE BARS and MONKEY BARS(TM), and CUTIE PIES. Frozen food items include PIZZA PIZZAZ, PIZZA BAGELS, MINTZ’S BLINTZES, POTATO PANCAKES, and QUIT BEEF’N® VEGGIE BURGERS and VEGGIE CHEESEBURGERS. The Company also produces and sells BETTER THAN CREAM CHEESE® a non-dairy cream cheese; SOUR SUPREME®, a non-dairy sour cream; AMERICAN VEGGIE SOY CHEESE SLICES; and EGG WATCHERS®, a fat-free whole egg replacement product. The Company also has a cookie product line, Mintz’s Homemade Cookies, and a flatbread product line, SOY LAVASCII®. The Company has also launched TOFUTTI ULTRA SOY PROTEIN POWER(TM), a pure soy protein nutriceutical supplement. TOFUTTI products are sold in grocery stores, supermarkets, health and convenience stores throughout the United States and in fifteen other countries.
Some of the statements in this press release concerning the Company’s future prospects are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Actual results may vary significantly based upon a number of factors including, but not limited to business conditions both domestic and international, competition, changes in product mix or distribution channels, resource constraints encountered in promoting and developing new products and other risk factors detailed in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 10-KSB.
