STEWART SANDWICHES BECOMES STEWART FOODS
STEWART SANDWICHES BECOMES STEWART FOODS NORFOLK, Va., Feb. 17 /PRNewswire/ -- Stewart Sandwiches, Inc.
(NASDAQ: STEW), the Norfolk, Virginia-based producer and distributor of frozen and fresh sandwiches and other refrigerated food products, announced today that the stockholders had approved a change in the company's name to Stewart Foods, Inc.
In commenting on the name change, Douglas J. Stanard, president and chief operating officer, said, "For forty years, Stewart Sandwiches has been a leading producer and marketer of specialty sandwiches. Since it invented the away-from-home fast food business with the famous in-fra-red oven in the early 1950s, until today, Stewart has been one of the key players in the specialty sandwich category." With its more than 20 independent franchisees, Stewart serves approximately 25,000 accounts throughout the United States. It serves an area ranging from Brewer, Maine, to Milwaukee, Wisconsin to New Orleans and Miami, and also has franchisees in Portland and San Diego. Stanard said, "Stewart has a proud history, and a long tradition upon which we are building a new and growing business." Standard continued, "While we are proud of our past, at the same time we recognize that what may have been the company's greatest strength, being the specialty sandwich company, may have become a perceived weakness because Stewart became known as only a sandwich company. In fact, our business is much more broadly based from a product and customer point of view. We now offer a full line of frozen and refrigerated take-out products, including, of course, the best in specialty sandwiches, but also burritos, pizzas, hot pocket sandwiches, muffins and other bakery items, and recently we have begun selling and distributing refrigerated juices, desserts, and other refrigerated and frozen items. We also have a growing coffee and coffee service business." Standard said, "Stewart and all of its franchisees provide a unique and important service to convenience stores, schools, concessionaires, grocery stores, and any and every place where refrigerated and frozen single-serve type foods are sold. We offer a unique hands-on merchandising and put-away capability which is of increasing value to our customers." In addition to its route sales and distribution business, Stewart has an extensive institutional food service business offering wholesale sandwiches and beef patties to a variety of customers throughout the United States. Stanard indicated that in light of the breadth of the company's current and planned sales and operations strategies, the name Stewart Foods more accurately reflected the Company's business formula. He said that Stewart Foods now offers "The Best Sandwiches and More!" Stewart Foods, Inc., Norfolk, Virginia, is listed and traded on the over-the-counter market. -0- 2/17/92 /CONTACT: Donna Eller, Stewart Foods, Inc., 804-466-9200/ (STEW) CO: Stewart Foods, Inc. ST: Virginia IN: FOD SU: PDT
DF -- CH001 -- 0571 02/17/92 12:58 EST
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|Date:||Feb 17, 1992|
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