Intercorp Excelle Inc. (Nasdaq: RENE), manufacturer of Canada’s #1 refrigerated salad dressing, Renee’s Gourmet(TM), which now has the highest annualized sales of refrigerated dressings in all of Canada, announced today an outline of its plan to aggressively grow the refrigerated salad dressing, sauces and marinades category in the U.S.
The plan outline, over the next 12-18 months, includes the following:
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1) Increasing the present number of U.S. based food distributors from (5) to (20)
2) Expanding the number of chains carrying the product line from (3) to (12)
3) Expanding the number of total stores carrying the product line from (15) to over (500)
Arnold Unger, Chief Executive Officer stated that, “Canadian consumers have determined for years that our refrigerated dressings are the best on the market. Now our #1 Renee’s Gourmet(TM) product line generates the largest sales revenues nationally here in Canada. We have accomplished this in great part by expanding distribution to cover the entire country and simultaneously enlarging our manufacturing capacity.
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By GlobalData“Our initial success in the U.S. market has been very encouraging, particularly in light of the limited resources committed to date. We are now prepared to put in place the major resources of financial guidance, capital, and personnel to fully develop a physical and marketing presence in the U.S. Our products are tastier and more nutritious than other competitive major brands in the U.S. market, including Marie’s (Dean Foods Co. NYSE:DF) and Marzetti (Lancaster Colony Corp. NASDAQ: LANC). In addition, at level pricing with these competitive brands we will enjoy greater profit margins based in part on the Canadian versus U.S. dollar translation.”
Mr. Unger concluded, “Our planning horizon objective is to achieve the number one position in the refrigerated salad dressing, sauces and marinades category.”
Commenting specifically on Monday’s (October 23) heavy trading day, Fred Burke, Chief Operating Officer, explained that, “We believe that the volume and downward pressure on our stock price was solely related to the recent loss of one of our primary market makers, and initial lead underwriters, Sharpe Capital, Inc., who’s stock positions were being liquidated as an apparent prelude to ceasing brokerage activities altogether, (as quoted last week on CNBC.com.) This is very unfortunate, given the momentum of good results, and new investors getting involved in our stock.”
He continued, “The Company also intends to step up its efforts to meet with the U.S. investment community within the next month and accelerate our communication of major activities and initiatives within North America.”
About Intercorp Excelle Inc.:
Intercorp Excelle Foods Inc. is the market leader in developing, manufacturing, marketing and distributing retail branded, private label and food service salad dressings, sauces, marinades, dips and mayonnaise Canada and is now striving for similar positioning in the U.S. The primary aspect of all products is the undisputed quality and enormous taste appeal. The Company’s primary brand name, Renee’s Gourmet(TM), uses no additives, no preservatives, no MSG, and is suitable for those who are lactose intolerant, diabetic and weight conscious. Renee’s Gourmet(TM) is the number one selling line of refrigerated salad dressings in Canada (AC Neilsen, 2000).
For more information, please refer to Intercorp Excelle Inc.’s web site, www.renees.com.
The information contained in this news release, other than historical information, consists of forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Such statements regarding the timing of acquiring and developing new products, of bringing them on line and of deriving revenues and profits from them, as well as the effects of those revenues and profits on the Company’s margins and financial position, is uncertain because many of the factors affecting the timing of those items are beyond the company’s control. This release and prior releases are available on the KCSA Public Relations Worldwide web site at www.kcsa.com.
