Central Garden & Pet Comments On Destruction of Phoenix Distribution Facility.Business Editors LAFAYETTE, Calif.--(BUSINESS WIRE)--Aug. 3, 2000 Central Garden & Pet Company (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 :CENT) today announced that its Phoenix, Arizona Phoenix /ˈfiːˌnɪks/ (English: Phoenix, Navajo: Hoozdo, lit. "the place is hot", Western Apache: Fiinigis) is the capital and the most populous city of the U.S. lawn and garden distribution center was destroyed by a fire of undetermined origin on the evening of August 2, 2000. The fire also heavily damaged a medical supply distribution center operated by a third party, which is located in an adjoining facility and caused the evacuation of neighboring businesses and residences. The Phoenix facility is one of the Company's smallest distribution centers. The Company maintains insurance coverage against property damage and third party liability which it believes will be adequate to cover most or all of the losses or liabilities to which it may become subject as a result of the fire. Central Garden & Pet Company is a leading manufacturer, supplier, and merchandiser of consumer lawn and garden and pet supply products. Central's proprietary branded products include AMDRO(R), Pennington Seed(R), Kaytee(R), TFH TFH Technische Fachhochschule (German: Engeneering College/University) TFH 24 Hours (Movie) TFH Thread from Hell (newsgroups) TFH Tinfoil Hat TFH Thanks For Helping (R), Nylabone(R), Zodiac(R), Four Paws(R), Island(R), Matthews(R) Four Seasons and Grant's(R). Central offers its retail and branded manufacturing partners a wide array of value-added services proven to increase sales and profitability, including logistics and distribution support, inventory management, advertising and promotional programs, in-store merchandising service, and sales program development. For additional information on Central Garden & Pet, including access to the Company's SEC filings, please visit the Company's website at http://www.centralgardenandpet.com. "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 under 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: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks are described in the Company's Securities and Exchange Commission filings, including, without limitation, the final accounting for all issues between the Company and Pharmacia Corporation (formerly known as Monsanto Company) under the Solaris Agreement, such as the amounts receivable from Pharmacia for cost reimbursements, payments for cost reductions and payments for services; the amounts payable to Pharmacia for inventory; responsibility for obsolete inventory Obsolete Inventory Term that refers to inventory that is at the end of its product life cycle and has not seen any sales or usage for a set period of time usually determined by the industry. This type of inventory has to be written down and can cause large losses for a company. and for non-payment by Solaris' direct sales accounts; and costs associated with the realignment re·a·lign tr.v. re·a·ligned, re·a·lign·ing, re·a·ligns 1. To put back into proper order or alignment. 2. To make new groupings of or working arrangements between. of the Company's lawn and garden distribution operations to reflect anticipated business levels for the fiscal year 2000 and the impact of outstanding or potential litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . |
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