Fresh Harvest Products to acquire assets of Organic Chef
Published:13-April-2009
By Datamonitor staff writer
To base the purchase price on the value of Organic Chef's assets
Fresh Harvest Products, a US-based distributor of organic food products and beverages, has signed a letter of intent to acquire the assets, including the intellectual property, of Organic Chef, a supplier of organic and natural beverages in Brooklyn, New York.
The letter of intent, which is subject to completion of due diligence by the parties and their execution of a definitive acquisition agreement, contemplates Fresh Harvest issuing common stock only as consideration for the acquisition.
The letter of intent tentatively schedules a closing on or before July 3, 2009. Fresh Harvest will base the purchase price on the value of Organic Chef's assets. Included in the assets to be purchased are several additional organic beverages that are completing development and should be ready for market during the balance of 2009.
Michael Friedman, president and chief executive officer of Fresh Harvest, said: "We believe that this truly is a step in the right direction for Fresh Harvest's future. We believe this will enhance our shareholders' value as we seek to grow and expand on our existing line of organic products."
