Clarification of Tasty Fries Inc. release of April 30, 1996 - Tasty Fries Inc. announces recent infusion of working capital.BLUE BELL, Pa.--(BUSINESS WIRE)--April 30, 1996--Tasty Fries Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : TFRY), a Nevada corporation A Nevada Corporation is a corporation chartered under the laws of the U.S. state of Nevada. Nevada, like the state of Delaware (See Delaware corporation), is well known as a corporate haven. , announced Tuesday that a private investor has agreed to provide the company with an equity investment of $2,250,000 to be utilized for working capital which shall be funded in three stages: $500,000 on April 30, 1996, $750,000 within 30 days of April 30, 1996 and an additional $1,000,000 on the effective date of a reverse split of the company's common stock approved by a majority of the outstanding shares of the company. At the company's headquarters in Blue Bell, President Edward C. Kelly stated that the funds will provide working capital to further the manufacturing and marketing of the company's proprietary French Fry French fry n. A thin strip of potato fried in deep fat. Often used in the plural. Vending Machine vending machine, coin-operated, automatic device for selling goods. Many vending machines are capable of making change, and some of the more sophisticated ones accept paper money or credit cards. . The funds will be used to: 1) fund necessary production tooling, 2) settlement of trade debt incurred in the research and development of the French Fry Vending Machine, 3) satisfy in full the arbitration award An arbitration award (or arbitral award) is a determination on the merits by an arbitration tribunal in an arbitration, and is analogous to a judgment in a court of law. due to California Food & Vending Co. Inc., the company's distributor for the State of California, and 4) for general working capital purposes. Kelly stated that, "As a result of the 90 day beta test A test of new or revised hardware or software that is performed by users at their facilities under normal operating conditions. Beta testing follows alpha testing. Vendors of packaged software often offer their customers the opportunity of beta testing new releases or versions, and the period of our machines, we have been able to implement certain improvements and complete a cost reduction engineering program to produce manufacturing efficiencies designed to decrease the cost of the machine to our desired level. We expect to have the machines in production by the end of the third quarter of our fiscal year." CONTACT: Tasty Fries Inc., Blue Bell Edward Kelly, 610/941-2109 (TFRY) |
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