Four Crown Foods Corporate Update.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 14, 2000 Four Crown Foods Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCFOF) wishes to announce that upon completion of extensive due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , the company is no longer pursuing the acquisition of J&L Beef. Further review of J&L Beef's financial statements revealed extensive losses and an overall severe financial situation. This additional information led Four Crown Foods to amend our original purchase offer to a lower price reflecting J&L's current financial situation. A tentative purchase agreement was reached with J&L's shareholders on Jan. 5, 2000 that would have saved the jobs of over 150 employees and maintained J&L Beef as a going concern. Despite Four Crown Foods strong efforts, we were not able to finalize fi·nal·ize tr.v. fi·nal·ized, fi·nal·iz·ing, fi·nal·iz·es To put into final form; complete or conclude: "They have jointly agreed ... the purchase. J&L Beef went into receivership receivership In law, state of being in the hands of a receiver, a person appointed by the court to administer, conserve, rehabilitate, or liquidate the assets of an insolvent corporation for the protection or relief of creditors. on Jan. 6, 2000. Four Crown Foods continues to believe in the potential of this business once an extensive restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). with new sound management is put into place. Four Crown Foods Inc. will continue to aggressively pursue new food service acquisitions and e-commerce opportunities with the same fervor that we have shown over this past year and will immediately implement plans to maximize revenues in it's existing core businesses. Certain statements in this news release may constitute "forward-looking" statements within the meaning of section 21E of the securities and Exchange Act of 1934. Such 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. involve risks, uncertainties and other factors, which may cause the actual results, performance, or achievement expressed or implied by such forward-looking statements to differ. |
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