Chiquita Bananas Using Landec's Packaging Technology to Be Sold by Core-Mark International Throughout North America; Goal to Reach More Than 5,000 Outlets by Year-End.MENLO PARK Menlo Park. 1 Residential city (1990 pop. 28,040), San Mateo co., W Calif.; inc. 1874. Electronic equipment and aerospace products are manufactured in the city. Menlo College and a Stanford Univ. research institute are there. 2 Uninc. , Calif. -- Landec Corporation (Nasdaq:LNDC LNDC Lesotho National Development Corporation ), a developer and marketer of technology-based polymer products for food, agricultural and licensed partner applications announced today that Chiquita Brands International, Inc. (NYSE NYSE See: New York Stock Exchange :CQB CQB Close Quarters Battle CQB Close Quarter Battle (Mike Curtis novel) ) and Core-Mark International (NASDAQ:CORE), one of the largest North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distributors to the convenience retail industry, have entered into an arrangement to distribute Chiquita bananas using Landec's patented packaging technology to convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. (C-stores) throughout the Core-Mark network. After successfully concluding tests at more than 200 C-stores, Chiquita and Core-Mark have a goal to expand the reach of premium Chiquita bananas to more than 5,000 retail locations in dozens of states by calendar year-end. "This arrangement is a good example of how we are executing our strategy to better meet consumer needs for convenient, healthy and great-tasting food," said Fernando Aguirre, Chairman and Chief Executive Officer at Chiquita. "Premium single-serve Chiquita bananas meet the consumer's desire for quality and freshness in the convenience store channel. Retailers benefit by being able to offer ready-to-eat healthy snacks with better margins and a longer shelf life. Chiquita benefits because C-store sales provide incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. profitable growth." "We are very excited about the opportunity to partner with Chiquita and provide a premium banana offering to our customers utilizing the new packaging technology," said Mike Walsh Mike Walsh is a common name that could refer to:
v. res·o·nat·ed, res·o·nat·ing, res·o·nates v.intr. 1. To exhibit or produce resonance or resonant effects. 2. with convenience store consumers and will help our customers grow their sales profitably." A joint technology development and supply agreement reached in September 2004 between Chiquita and Landec was a key enabler to this distribution arrangement with Core-Mark. Chiquita is using Landec's patented packaging technology to keep single bananas at the ready-to-eat stage required in immediate-consumption outlets. By extending the shelf life of bananas, new retail locations, such as C-stores, can now offer consistently high-quality Chiquita bananas. "This collaboration between Chiquita and Core-Mark using our banana packaging technology demonstrates that our BreatheWay(TM) packaging technology extends the shelf-life of bananas and allows bananas to be sold nationally through non-traditional banana outlets such as convenience stores. With Chiquita's brand recognition, Core-Mark's distribution capabilities and Landec's proprietary packaging technology, we look forward to further expanding and accelerating our banana packaging program," stated Gary Steele Gary Steele is an British professional wrestler who has competed in European and North American promotions and has been a popular longtime mainstay of NWA UK Hammerlock since the mid-1990s. , Chairman and Chief Executive Officer of Landec Corporation. About Core-Mark International Core-Mark International (www.coremark.com) is one of the largest broad-line, full-service wholesale distributors of packaged consumer products to the convenience retail industry in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Founded in 1888, Core-Mark provides distribution and logistics services as well as marketing programs to approximately 20,000 retail locations in 38 states and five Canadian provinces through 24 distribution centers. Core-Mark services traditional convenience retailers, grocers, mass merchandisers, drug, liquor and specialty stores, and other stores that carry consumer packaged goods Noun 1. packaged goods - groceries that are packaged for sale foodstuff, grocery - (usually plural) consumer goods sold by a grocer plural, plural form - the form of a word that is used to denote more than one . About Chiquita Brands International, Inc. Chiquita Brands International, Inc. (www.chiquita.com) is a leading international marketer and distributor of high-quality fresh and value-added produce, which is sold under the Chiquita(R) premium brand and related trademarks. The company is one of the largest banana producers in the world and a major supplier of bananas in Europe and North America. In June 2005, Chiquita acquired Fresh Express(R), the U.S. market leader in value-added salads, a fast-growing food category for grocery retailers, foodservice providers and quick-service restaurants. About Landec Corporation Landec Corporation (www.landec.com) designs, develops, manufactures and sells temperature-activated and other specialty polymer products for a variety of food, agricultural and licensed partner applications. The Company's temperature-activated polymer products are based on its patented Intelimer(R) polymers which differ from other polymers in that they can be customized to abruptly change their physical characteristics when heated or cooled through a pre-set temperature switch. Except for the historical information contained herein, the matters discussed in this news release 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. that involve certain risks and uncertainties that could cause actual results to differ materially, including such factors among others, as the timing and expenses associated with expanding operations, the ability to achieve acceptance of the Company's new products in the market place, weather conditions that can affect the supply and price of produce, the amount and timing of research and development funding and license fees from the Company's collaborative partners, the timing of regulatory approvals and new product introductions, the mix between pilot production of new products and full-scale manufacturing of existing products, the mix between domestic and international sales, and the risk factors listed in the Company's 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 fiscal year ended May 29, 2005. (See item 7: Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations.) As a result of these and other factors, the Company expects to continue to experience significant fluctuations in quarterly operating results and there can be no assurance that the Company will remain consistently profitable. The Company undertakes no obligation to update or revise any forward-looking statements whether as a result of new developments or otherwise. |
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