All American Food Group Announces Major Acquisition -- Company to Reach $30 Million in Sales.SOUTH PLAINFIELD South Plainfield, borough (1990 pop. 20,489), Middlesex co., NE N.J.; inc. 1926. It is the seat of several research and consulting firms and has plants that make chemicals, plastics, spices and flavorings, cosmetics, rubber products, pigments, electrical machinery, , N.J.--(BUSINESS WIRE)--June 26 1998--All American Food Group (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : AAFG), parent company of Goldberg's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bagels and Deli, Sammy's New York Bagels, and SoupChef International Gourmet Soups, announced today that it has reached agreement to purchase three operating food companies from CRT (1) (C RunTime) See runtime library. (2) (Cathode Ray Tube) A vacuum tube used as a display screen in a computer monitor or TV. The viewing end of the tube is coated with phosphors, which emit light when struck by electrons. Corporation (NASDAQ Bulletin Board: CRTP CRTP Clinical Research Training Program CRTP Compressed Real-time Transport Protocol (QoS, VoIP) CRTP Compressed Real-time Transport Protocol CRTP Curiously Recurring Template Pattern (C++ programming language) ), a diversified food company based in California, for $11 million in stock. The three operating companies involved are a cheese manufacturer -- Delta Valley Farms -- New World Pizza Company and Safari Yogurt. All three are operating profitably, with combined sales of approximately $18 million. The acquisition will result in a fourfold increase in AAFG's operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. . "This is an excellent opportunity and strategic fit for All American," according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Andrew Thorburn, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of All American Food Group. "By adding substantially to our sales, assets, and bottom line, this purchase will greatly increase the financial strength of All American." AAFG, which has grown from 11 to 35 bagel stores around the country since its initial public offering in December 1996, recently announced greatly improved results for its second quarter ending April 30, 1998. It also recently announced the acquisition of Benny's Bagels, a 25-store bagel chain in Dallas, Texas. "Combined with our acquisition of Benny's Bagels, scheduled to close on July 8," continued Mr. Thorburn, "this transaction will result in a company with nearly $30 million in sales and the potential to earn $1 million during its first operating year." According to Al Reda, president of CRT, "AAFG appears to be solidly on the road to profitability. We feel our management teams complement each other and we are excited about growing with them." The closing is subject to various regulatory conditions, including stockholder and other approvals. In addition, the company also announced that it was interviewed by Stock- line, the stock traders' news network. The interview is scheduled to be broadcast to brokers' offices on Friday, June 26, and the interview can also be heard in its entirety on Stock-line's web site at www.stock-line.com. This press release contains forward-looking statements. The Company's actual performance might differ materially from that projected in such forward- looking statements for numerous reasons, including those contained in the Company's Annual Report on Form 10-KSB and other periodic reports filed with the Securities and Exchange Commission.
CONTACT: All American Food Group, South Plainfield
Andrew Thorburn, 800/776-5940
or
Lisker Gedney Stover, Inc., Yonkers, NY
Tom Lisker, 914/376-6767
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