Farini Reports Progress.TORONTO--(BUSINESS WIRE)--April 8, 1996--SOLEX CAPITAL INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (CANADIAN DEALING NETWORK Canadian Dealing Network (CDN) The organized OTC market of Canada. Formerly known as the Canadian Over-the-Counter Automated Trading System (COATS), the CDN became a subsidiary of the Toronto Stock Exchange in 1991. :SOLX) The Farini Group Inc. today reported that it has achieved significant progress in terms of manufacturing, sales, implementing cost reduction measures, and strengthening its Board with the appointment of two directors. MANUFACTURING INCREASE During the past few months, to meet increased orders primarily in Ontario, Farini has increased its weekly production from three to four days in the Retail Division and the Food Services food services Hospital services A 24/7 department in a hospital that provides for the nutritional needs of inpatients–eg, those needing special diets, preparing meals and transporting them to the floor and, through the cafeteria, the hospital staff and Division has seen a 30 percent increase in its five day work week. This results in the plant now operating a full eight-hour shift, five days per week. In addition to ongoing business, the company is currently negotiating with a large retail/wholesaler with more than 50 locations in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and with new customers in the food service industry. CONSOLIDATION OF FACILITIES AND PLANT IMPROVEMENTS COMPLETED The company recently completed the consolidation of manufacturing and administrative functions to its 20,000-square-foot facility in Woodbridge, Ontario Woodbridge is a large suburban community (Estimated 2006 pop. 101,170)[1] in the City of Vaughan, just north of Toronto. It was once an independent town before being amalgamated with nearby communities to form the city in 1971. which was acquired in August '95 from Borden Catelli. The reductions in overhead will help to improve profitability during 1996. In addition, the plant improvements necessary to meet the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. requirement have been completed, enabling Farini to begin shipments to the United States. SHIPMENTS TO MAJOR U.S. WHOLESALER TO BEGIN THIS MONTH With the necessary plant upgrades completed, the company will now proceed with shipments through 1996 to fulfill its previously announced US$5.6 million sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. to a major U.S. wholesale food service company. Initial shipments will consist of two entrees, three fresh pastas, and four pasta sauces which will be sold under private label by the customer. Farini has secured a guarantee of about US$400,000 per month for its export receivables for these shipments from the Canadian Government's Export Development Corporation. FORMER BEATRICE FOODS CHAIRMAN JOINS THE SOLEX BOARD Don McCarthy, former Chairman of Beatrice Foods Inc., has been appointed to the Board of Directors of the company. Mr. McCarthy retired from Beatrice Foods in September 1995. Prior to joining Beatrice Foods, he held the positions of President, Food Processing Food processing is the set of methods and techniques used to transform raw ingredients into food for consumption by humans or animals. The food processing industry utilises these processes. Group, George Weston Limited For the Australian food company, see George Weston Foods. George Weston Limited (TSX: WN), often called Weston's or simply Weston, is a Canadian food processing and distribution company, and one of Canada's most recognizable companies. and earlier, President of Nestle (Canada) Ltd. Mr. McCarthy is a member of the Granite Club and of the Young President's Organization. With the addition of Mr. McCarthy and the previously appointed former Procter & Gamble executive, Robert Robertson, Farini's Board now consists of four independent directors and two inside directors. "Since Farini acquired the Borden Catelli fresh pasta plant last September", said Angelo Panza, President and Chief Executive Officer of Farini, "we believe that the company is on track towards achieving profitability in 1996. By consolidating our manufacturing and administrative facilities, we anticipate increased productivity and profitability, and our plant improvements will facilitate sales to the United States. In addition, we are pleased to welcome Mr. McCarthy and Mr. Robertson to our Board as their extensive business knowledge and food industry experience will prove invaluable to our company." Solex Capital Inc. (to be renamed The Farini Group Inc.) is a dynamic, fully integrated manufacturer of a proprietary commercial pasta cooker, and producer of fresh pastas and sauces. Farini's operations span every phase of the manufacturing process, including production, marketing and distribution. The company's commitment to quality and innovation is reflected in its distinction as the only North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. pasta cooker manufactured in Canada; its AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. rating from Agriculture Canada; and its recently acquired, Federally inspected Borden Catelli fresh pasta plant. The Farini Group is headquartered in Woodbridge, Ontario. The company trades on the Canadian Dealing Network (symbol SOLX). CONTACT: The Farini Group Angelo Panza, 905/851-5553 Graham Millington, 905/851-5553 or Wertheim + Company Anne Lachance, 416/594-1600 |
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