MARIFARMS AGREES TO SELL PAN PACIFIC FISHERIES, INC.
MARIFARMS AGREES TO SELL PAN PACIFIC FISHERIES, INC. WOODBRIDGE, N.J., Nov. 11 /PRNewswire/ -- MariFarms, Inc. (AMEX: MRF) announced today that it has agreed to sell Pan Pacific Fisheries, Inc., its tuna processing and specialty fish business, to Pan Pacific Fisheries Holdings, Inc. for a total of $8.3 million, consisting of $7.3 million cash and $1 million of preferred stock. The purchase price, which is subject to a closing date adjustment, is based upon the Sept. 30, 1992, net worth of Pan Pacific, which was approximately $14 million. Pan Pacific Fisheries Holdings, Inc. is owned by a group consisting of the key management of Pan Pacific Fisheries, Inc. and Richard O'R. Dowling, a director of MariFarms. Closing of the transaction is conditional upon completion of financing arrangements and on the assignment of its facilities lease with the Port of Los Angeles. John A. Mistretta, chairman and chief executive officer of MariFarms, stated: "We are confident that the purchaser's vast experience in the tuna and other canning businesses will be of great benefit to the ongoing company, its employees and its customers alike. This sale will complete the repositioning of our company as a major aquaculture business and allow us to focus entirely on our profitable salmon and shrimp aquaculture operations." MariFarms is engaged in salmon and shrimp aquaculture operations and is 47 percent owned by Hanson Industries, the U.S. arm of Hanson PLC. -0- 11/11/92 /CONTACT: Diana E. Burton of MariFarms, 908-750-1122/ (MRF) CO: MariFarms, Inc.; Pan Pacific Fisheries, Inc. ST: New Jersey IN: FOD SU: TNM
TS -- NY016 -- 9630 11/11/92 09:40 EST
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|Date:||Nov 11, 1992|
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