Cuisine Solutions Announces That It Anticipates a Profitable Second Quarter Fiscal Year 2004.Business Editors ALEXANDRIA, Va.--(BUSINESS WIRE)--Dec. 5, 2003 The Company anticipates a profitable second quarter Fiscal Year 2004 despite the announcement of one of the Company's major distributors for the On Board Services channel to immediately liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the its operations and freeze any payments for product already received from its suppliers. "This could result in the total write-off of approximately $295,000 for product shipped to the distributor," says Stanislas Vilgrain, President and 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. . The doubtful receivable will be reserved during the second quarter of Fiscal Year 2004, however, the Company will make all efforts to recuperate re·cu·per·ate v. To return to health or strength; recover. the amount owed by the customer but there can be no assurance with regards to any recuperation recuperation /re·cu·per·a·tion/ (-koo?per-a´shun) recovery of health and strength. recuperation, n the process of recovering health, strength, and mental and emotional vigor. . "Despite this possible write-off of bad debt, the Company anticipates a modestly profitable quarter which continues the positive trend from our first quarter results. We anticipate further steady growth for our business during this fiscal year," says Stanislas Vilgrain. Headquartered in Alexandria, VA, Cuisine Solutions is an award-winning innovator of chef-created, high quality entrees and sauces. With production facilities in Europe, North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , the company provides quality solutions worldwide to the banquet, transportation, restaurant and retail industries. The Company is publicly held and listed on the OTC-BB at CUIS CUIS Cumberland Island National Seashore (US National Park Service) CUIS Cardiff University Islamic Society (United Kingdom) .OB. Visit Cuisine Solutions online at www.cuisinesolutions.com. This news release contains statements (including certain projections and business trends) accompanied by such phrases as "believes," "estimates," "expect(s)," "anticipates," "will," "intends" and other similar expressions, 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 may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to economic and political changes in international markets where the Company competes, such as currency exchange rates, inflation rates, recession, foreign ownership restrictions and other external factors over which the Company has no control; demand for and market acceptance of new and existing products, including levels of capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in industrial markets; successful development of advanced technologies; competitive product and pricing pressures; future terrorist attacks; epidemics; and the uncertainties of 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. , as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's Securities and Exchange Commission filings. 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. This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Those statements reflect the intent, belief or current expectations of the company and members of the management team. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements reflecting changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. |
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