All American Food Group Restructures Board of Directors as Financial Turnaround Continues.SOUTH PLAINFIELD, N.J.--(BUSINESS WIRE)--Aug. 17, 1998--All American Food Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AAFG) today announced changes in its Board of Directors as the Company continues to make progress in reducing losses. Two news members, Michael Vizziello, the Company's VP of Franchise Development, and Robert Bagnell, CFO See Chief Financial Officer. , were added to the Board. Bagnell, a former senior financial officer at Boston Market, joined AAFG in May of this year. Vizziello, an experienced entrepreneur and franchise executive previously with Cones and Coffee, joined the Company in January, and has re-invigorated the Company's franchising program. Leaving the Board were Anthony Foster, now 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 Franchise Management International; while John Chitvanni resigned for personal reasons. Tom Lisker, principal of LGS LGS Laser Guide Star LGS Lennox-Gastaut Syndrome LGS Leaky Gut Syndrome LGS Langer-Giedion Syndrome LGS Light Gauge Steel (steel frame construction system) LGS Looking Glass Studios (game development company) , the Company's advertising agency, and Andrew Thorburn, Founder and CEO of AAFG, remain on the Board which now stands at four members. All American Food Group, Inc. is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of a financial turnaround which resultedin a 65% reduction in its second quarter loss as compared with its first fiscal quarter. According to CFO Bagnell, this trend continued in the Company's third fiscal quarter which ended July 31, 1998. "We expect to announce our results within the next few weeks, but preliminary numbers indicate that we achieved a further improvement in our operating results." This release contains forward-looking statements as well as historical information. Forward looking statements, which are included in accordance with the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the company's actual results and performance to be materially different from any results or performance suggested by the statements in this release.
CONTACT: All American Food Group, Inc.
Andrew Thorburn, 908/757-3022
or
Starwood Media Group, Inc.
Jack Marks or Larry Erber, 212/732-3800
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