Galaxy Nutritional Foods Retains Goldman, Sachs to Pursue Strategic Alternatives for the Enhancement of Shareholder Value
01 October 2005 - 8:00AM
PR Newswire (US)
ORLANDO, Fla., Sept. 30 /PRNewswire-FirstCall/ -- Galaxy
Nutritional Foods, Inc. (AMEX:GXY), a leading producer and marketer
of nutritious plant- based dairy alternatives for the retail and
foodservice markets, today announced that its Board of Directors
has been working with Goldman, Sachs & Co. to explore strategic
alternatives for the enhancement of shareholder value, including
the possible sale of the Company. On September 29, 2005, the Board
of Directors authorized Goldman, Sachs & Co. to contact
prospective purchasers and provide such information as determined
to be necessary and/or appropriate. However, there can be no
assurances that the Company will be able to consummate a sale or
other strategic alternative. "During the past several months,
management has been working diligently on several fronts to
position our Company for a return to profitability and a
realization of the inherent value that we believe exists in
Galaxy's strong brand names and distribution relationships," stated
Michael Broll, Chief Executive Officer of Galaxy Nutritional Foods,
Inc. "We believe our previously announced agreement to outsource
our manufacturing to Schreiber Foods will play a key role in
restoring profitability, and we are pleased with the progress, to
date, in the implementation of this relationship. Our ultimate goal
is, of course, to maximize shareholder value, and one of the
alternatives that must be considered involves the possible sale of
the Company to a third party. For this reason, the Board of
Directors has authorized Goldman, Sachs to investigate the
potential of such a transaction as an integral part of our
considerations." About Galaxy Nutritional Foods, Inc. Galaxy
Nutritional Foods(R) is the leading producer of health-promoting
plant-based dairy and dairy-related alternatives for the retail and
foodservice markets. An exclusive, new and technologically
advanced, safer "hot process" is used to produce these
phytonutrient-enriched products, made from nature's best grains --
soy, rice and oats. Veggie products are low fat and fat free
(saturated fat and trans-fatty acid free), cholesterol and lactose
free, are growth hormone and antibiotic free, and have more
calcium, vitamins and other minerals than conventional dairy
products. Because they are made with plant proteins, the products
are more environmentally friendly and economically efficient than
dairy products derived solely from animal proteins. Galaxy's
products are part of the healthy and natural foods category, the
fastest growing segment of the retail food market. Galaxy brand
names include: Galaxy Nutritional Foods(R); Veggie(R); Veggie
Nature's Alternative(TM); Veggie Slices(R); Soyco(R); Soymage(R);
Wholesome Valley(R); Lite Bakery(R); and Galaxy Nutritional Foods
Smart Choice Cheese Products(R). For more information, please visit
Galaxy's website at: http://www.galaxyfoods.com/ . THIS PRESS
RELEASE CONTAINS "FORWARD-LOOKING" STATEMENTS WITHIN THE MEANING OF
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. SUCH FORWARD-
LOOKING STATEMENTS INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES,
OR OTHER FACTORS WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR
ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY
FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY
SUCH FORWARD-LOOKING STATEMENTS. READERS ARE CAUTIONED NOT TO PLACE
UNDUE RELIANCE ON THOSE FORWARD-LOOKING STATEMENTS, WHICH SPEAK
ONLY AS OF THE DATE HEREOF. THE COMPANY UNDERTAKES NO OBLIGATION TO
PUBLICLY RELEASE ANY REVISIONS TO THESE FORWARD-LOOKING STATEMENTS
TO REFLECT EVENTS OR CIRCUMSTANCES AFTER THE DATE HEREOF OR TO
REFLECT UNANTICIPATED EVENTS OR DEVELOPMENTS. DATASOURCE: Galaxy
Nutritional Foods, Inc. CONTACT: Dawn M. Robert, Investor
Relations, Galaxy Nutritional Foods, Inc., +1-407-854-0433 Web
site: http://www.galaxyfoods.com/
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