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GALAXY FOODS COMPANY ISSUES INSURANCE UPDATE

 GALAXY FOODS COMPANY ISSUES INSURANCE UPDATE
 ORLANDO, Fla., June 2 /PRNewswire/ -- Galaxy Foods Company


(NASDAQ: GALX), formerly known as Galaxy Cheese Company, announced today that it has reached a final and complete settlement with its insurance carrier concerning the damages attributable to the fire in June 1991 that caused a complete loss of the company's former manufacturing facility in Pennsylvania.
 The company has reached a total settlement of $11.1 million with its insurance carrier on the company's building, contents, equipment and business interruption coverages. As a result, the company said it expects shortly to receive final payments of $1.35 million from its carrier, from which it has already received $9.75 million directly or on its behalf.
 "This final settlement is an excellent result for Galaxy," said Angelo S. Morini, president and CEO of the company. "We will have received over 93 percent of the total applicable limits of our insurance policies, and we have used the proceeds received to establish a state-of-the-art manufacturing facility that will serve our customers' needs for years to come. The future for Galaxy will indeed be a bright one." The company said it expects to be in a position within the next few weeks to announce its financial results for the fiscal year ended March 31, 1992.
 Galaxy Foods Company manufactures FORMAGG(R), the premier line of cheese alternatives, in over 30 varieties. FORMAGG(R), "the newer, healthier, better way to make cheese," is made from pure skim milk protein and canola and soybean oil. FORMAGG(R) was developed in response to the public's increasing demand for more health-conscious products, and contains no cholesterol, lactose or butterfat. These products are lower in calories and saturated fat, and are higher in vitamins, calcium and other minerals than conventional cheese. Galaxy Foods Company also produces and sells two all-natural soy-based cheese alternatives under the brand names SOYCO(TM) and SOYMAGE(TM).
 -0- 6/2/92
 /CONTACT: Peter J. Perfetti, chief financial officer of Galaxy Foods Company, 407-855-5500/
 (GALX) CO: Galaxy Foods Company ST: Florida, Pennsylvania IN: FOD SU:


DM-MP -- PG004 -- 6075 06/02/92 09:17 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
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