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VITAFORT ANNOUNCES LETTER OF INTENT WITH MAINE PRIDE SALMON AND CONDITIONAL CONTINUED NASDAQ LISTING

 VITAFORT ANNOUNCES LETTER OF INTENT WITH MAINE PRIDE SALMON
 AND CONDITIONAL CONTINUED NASDAQ LISTING
 MILL VALLEY, Calif., May 13 /PRNewswire/ -- Vitafort International Corporation (NASDAQ: VFRT) announced today that it has entered into a letter of intent with Maine Pride Salmon, Inc. ("MPSI"), a company engaged in the salmon farming business. The letter of intent relates to the acquisition by a newly-formed subsidiary of Vitafort of a fish farm facility, live fish and certain related assets for a total consideration of $3,500,000 with terms subject to adjustment based upon an appraisal of the assets acquired. The purchase price will be paid $250,000 at closing, $1,250,000 by a promissory note secured by the acquired assets and $2 million through the issuance of senior convertible preferred stock with a liquidation preference of $2 million. The letter of intent also provides that MPSI will manage the acquired assets on a cost plus 10 percent basis. The transaction is subject to the execution of definitive agreements and other conditions.
 Vitafort'S securities will continue to be included for quotation in the National Association of Securities Dealer's Automated Quotations System (NASDAQ) via an exception from the capital and surplus and the asset requirements.
 While Vitafort failed to meet this requirement as of Dec. 21, 1991, the NASD has granted a temporary exception from this standard subject to Vitafort meeting certain conditions. While the company believes that it can meet these conditions, there can be no assurance that it will do so. If at some future date the company's securities should cease to be quoted on the NASDAQ System, they should continue to be quoted in the over-the-counter market. For the duration of the exception, the company's NASDAQ symbols will be VFRTC for its common stock, VFRWC for its warrants and VFRUC for its units.
 -0- 5/13/92
 /CONTACT: Frank Corsini of Vitafort International, 415-388-3738/
 (VFRT) CO: Vitafort International Corporation; Maine Pride Salmon, Inc. ST: California IN: SU: TNM


SH-OS -- NY067 -- 9746 05/13/92 13:46 EDT
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Publication:PR Newswire
Date:May 13, 1992
Words:336
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