Armanino Raises Approximately $2.6 Million from Warrant Exercises; $6.1 Million in Cash Now Available.HAYWARD Hayward, city (1990 pop. 111,498), Alameda co., W Calif.; settled 1851, inc. 1876. It is an important commercial and distribution center for farm products. Manufactures include wire, plastics, metal and paper products, textiles, machinery, and motor vehicles. , Calif.--(BUSINESS WIRE)--April 30, 1996--Armanino Foods of Distinction, Inc. (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 : ARMF ARMF Advanced Reactivity Measurement Facility ) today announced that the Company raised net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $2.6 million from the exercise of outstanding warrants. "We are extremely pleased with the positive support of our investors as demonstrated by the exercise of over 99% of outstanding warrants for the purchase of our common stock," said William Armanino, President and Chief Executive Officer. "I believe this support is well justified given our five-year track record of consistent 30% plus growth in revenue and corresponding solid growth in net earnings" said Armanino. "The receipt of funds from the exercise of warrants is another step in our strategic plan to continue the growth of Armanino into the 21st century. "Given our earnings outlook, performance of our management team and the strong cash position we currently enjoy, we intend to continue to be aggressive in making the moves necessary to expand our business," said Armanino. The company reports that as of April 15, 1996, its unaudited financials show cash-on-hand of over $6.1 million after the exercise of the warrants. Armanino Foods of Distinction, Inc. is a national specialty food company that markets frozen pesto sauces, filled pasta While the only basic difference between these names is the shape of the pasta, each pasta is typically matched with a particular sauce based on cooking time, consistency, ability to hold sauce, ease of eating, etc. products and meatballs to the retail, foodservice, club stores, and industrial food industries. CONTACT: Armanino Foods of Distinction, Inc. William Armanino, 510/441-9300 (President & 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. ) |
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