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Food Integrated Technologies announcement.

BROOKLINE, Mass.--(BUSINESS WIRE)--Dec. 20, 1994--Food Integrated Technologies Inc. (Nasdaq Small Cap Issues: FITT (common); FITW (warrants), today announced that it had reached agreement with Daniel R. Deakins, formerly the company's chairman and chief executive officer, which resolved all outstanding claims between the parties.

The company had announced on Aug. 5, 1994, that Deakins, who founded the company in 1991 and had served as chief executive officer, president and director, had been terminated based on "alleged financial improprieties." Deakins had contested the termination.

The company announced that, as part of the agreement, Deakins would return to the company most of his shares of the company's common stock in repayment of certain personal expenses and that he and the company would exchange releases.

Deakins, who has not been with Food Integrated Technologies Inc. since his termination, will not be rejoining the company. Deakins plans to actively pursue a private wholesome food restaurant concept.

CONTACT: Food Integrated Technologies Inc.

Joseph E. Levangie, 617/275-8842
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Copyright 1994, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 
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Publication:Business Wire
Date:Dec 20, 1994
Words:163
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