Calavo Growers, Inc. Announces Outcome of 2005 Annual Meeting of Shareholders; 10 Incumbent Directors Re-Elected, Stock Incentive Plan, Accountants Approved.SANTA PAULA Santa Paula (săn`tə pôl`ə), city (1990 pop. 25,062), Ventura co., S Calif., on the Santa Clara River in a fertile valley that yields citrus fruits, avocados, vegetables, flowers, nursery products, and walnuts; laid out 1875, inc. , Calif. -- Calavo Growers, Inc. (Nasdaq:CVGW), the global leader in packing and distributing fresh and processed avocados and other perishable food products, today reported that shareholders overwhelmingly re-elected 10 standing nominees to the company's board of directors at its 2005 annual meeting. Elected to one-year terms were: Calavo Chairman and Chief Executive Officer Lecil E. Cole; George H. Barnes; Fred J. Ferrazzano; Michael D. Hause; John M. Hunt; J. Link Leavens; Dorcas H. McFarlane; Donald M. Sanders; Alva V. Snider; and Scott Van Der Kar. At a meeting of the company's board of directors held shortly after the announcement of ballot results, Sanders tendered his resignation in order to bring Calavo into compliance with a listing-qualification notice received last month from the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. that requires a majority of the company's board be composed of fully independent directors. Based on the recent ruling from Nasdaq and with Sanders' resignation, Calavo now believes that five of its remaining nine directors are independent. Also at the annual meeting, shareholders approved the company's 2005 stock incentive plan and ratified the appointment of Deloitte & Touche LLP LLP - Lower Layer Protocol as Calavo's independent registered accounting firm for the current fiscal year. About Calavo Calavo Growers, Inc. is a worldwide leader in the procurement and marketing of fresh avocados and other perishable foods, as well as the manufacturing and distribution of processed avocado avocado (ä`vəkä`do, ăv`–), tropical American broad-leaved evergreen tree of the genus Persea of the family Lauraceae (laurel family). products. Founded in 1924, Calavo's expertise in marketing and distributing avocados, processed avocados, and other perishable foods allows the company to deliver a wide array of fresh and processed food products to food distributors, produce wholesalers, supermarkets, and restaurants on a global basis. 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. Statement This news release contains statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events and results of Calavo (including certain projections and business trends) that are "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined in 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. Actual results and events may differ from those projected as a result of certain risks and uncertainties. These risks and uncertainties include but are not limited to: increased competition, conducting substantial amounts of business internationally, pricing pressures on agricultural products, adverse weather and growing conditions confronting avocado growers, new governmental regulations, as well as other risks and uncertainties detailed from time to time in the company's Securities and Exchange Commission filings, including, without limitation, the company's Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended October 31, 2004. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. |
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