Poore Brothers, Inc. Shareholders Approve Corporate Name Change to The Inventure Group, Inc.
27 May 2006 - 3:00AM
Business Wire
The Inventure Group, Inc. (Nasdaq: SNAK), a manufacturer and
marketer of innovative snack food brands, today announced that
shareholders approved changing the Company's name from Poore
Brothers, Inc. to The Inventure Group, Inc. at its annual meeting
on May 23, 2006. The Company's recommended slate of five directors
and an amendment to its equity incentive plan to increase the
number of shares of common stock authorized for issuance under the
plan by 500,000 shares were also approved. The name change to The
Inventure Group, Inc. was implemented to create a corporate
identity that reflects the Company's diverse lineup of innovative
consumer brands, including T.G.I. Friday's(R), Poore Brothers(R),
Boulder Canyon Natural Foods(TM), Cinnabon(R), Bob's Texas
Style(R), Tato Skins(R), Clamato(R) and Braids(R) brand snack food
products as well as private label potato chip manufacturing and
snack food distribution operations in Arizona. The Company's shares
will continue to be traded under the symbol SNAK. Since its initial
public offering in 1996, the Company has evolved from a regional
potato chip manufacturer and distributor to a national marketer and
manufacturer of innovative consumer products, with the majority of
the Company's growth coming from acquisitions and new brands,
particularly with licensed brand partners such as T.G.I.
Friday's(R). The Poore Brothers(R) brand currently accounts for
less than ten percent of the Company's annual revenues. The Company
intends to continue growing all facets of its existing business as
well as develop innovative new ventures in pursuit of its long-term
strategic goal of becoming a $200 million marketer of intensely
different(TM) consumer brands. "I would like to thank shareholders
for their overwhelming support as over 99% of shareholders voting
voted in favor of the name change. The name itself is derived from
words that are cornerstones of our culture, including innovation,
intensely different(TM), inventive and entrepreneurial. While we
are proud of our Poore Brothers(R) legacy and intend to celebrate
the 20th anniversary of our founding brand this fall with a variety
of marketing activities and new products, we are pleased to now
have a corporate identity that reflects the diversity of our
product lines and supports our expectation for continued growth
from innovation and intensely different(TM) new ventures,"
commented Mr. Eric Kufel, the Company's President and Chief
Executive Officer. About The Inventure Group, Inc. With facilities
in Indiana and Arizona, The Inventure Group is a marketer and
manufacturer of Intensely Different(TM) snack foods under a variety
of owned or licensed brand names, including T.G.I. Friday's(R),
Cinnabon(R), Tato Skins(R), Poore Brothers(R), Bob's Texas
Style(R), Clamato(R) and Boulder Canyon Natural Foods(TM). For
further information about The Inventure Group or this release,
please contact Eric J. Kufel, President and Chief Executive
Officer, at (623) 932-6255, or logon to
http://www.poorebrothers.com. Statements contained in this press
release that are not historical facts are forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. Because such statements include
risks and uncertainties, actual results may differ materially from
those expressed or implied by such forward-looking statements.
Factors that may cause actual results to differ from the
forward-looking statements contained in this press release and that
may affect the Company's prospects in general include, but are not
limited to, the potential need for additional financing,
acquisition-related risks, significant competition, customer
acceptance of new products, dependence upon major customers,
dependence upon existing and future license agreements, general
risks related to the food products industry, and such other factors
as are described in the Company's filings with the Securities and
Exchange Commission.
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