SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report (Date of earliest event reported): June 25, 1998
Terrace Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware 0-27132 65-0594270
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1351 N.W. 22nd Street, Pompano Beach, Florida 33069
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(Address of principal executive offices)
Registrant's telephone number, including area code: 954-917-7272
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Item 5. Other Events
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On June 25, 1998, Terrace Holdings, Inc. (the "Registrant") announced
that it had signed an agreement with Banner Beef and Seafood Co., Inc.
("Banner") in which the Registrant acquired substantially all of Banner's assets
subject to certain liabilities. Banner is a Miami, Florida-based custom value
added processor of meat, seafood and poultry that manufactures and sells food
service products customized to specific needs of its custormers.
A press release dated June 25, 1998, is incorporated by reference and a
copy is attached as Exhibit 99.1.
<PAGE>
Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99.1 A copy of a Press Release dated June 25, 1998.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
TERRACE HOLDINGS, INC.
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(Registrant)
Date: July 8, 1998
By: /s/ Jonathan S. Lasko
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Jonathan S. Lasko
Executive Vice President
Exhibit 99.1
Thursday June 25, 1:30 pm Eastern Time
Company Press Release
TERRACE HOLDINGS ACQUIRES BANNER BEEF & SEAFOOD
Home-Meal Replacement Producer & Value Added Processor
FT. LAUDERDALE, Fla.-(BUSINESS WIRE)-June 25, 1998-Terrace Holdings, Inc.
(NASDAQ:THIS- news) announced the signing of an agreement to purchase Banner
Beef & Seafood Co., a privately-owned custom value-added processor of meat,
seafood and poultry headquartered in Miami. Terms of the acquisition were not
disclosed.
Banner manufactures and sells food service products customized to specific needs
of customers, including: Winn-Dixie, United Airlines, Walt Disney World, Arthur
Treacher's Seafood and other restaurant and large retail chains. With greater
time pressure and the increase in homes with two working people, the demand for
nutritious, high quality home-meal replacements is growing rapidly. This
national trend has led Banner to focus more of its production on items like
stuffed grilled salmon, crabcakes, conch fritters, and mix and eat salads,
home-meal replacements that are currently featured in several large retail
chains.
Banner Beef and Seafood Co., Inc. in business since 1965, operates out of 50,000
square feet encompassing two facilities in Miami with 92 employees, and has
annual revenues of approximately $6.5 million.
Commenting on the acquisition, Jon Lasko, chief operating officer, stated, "The
Banner acquisition is an essential element in our strategy of becoming a major
factor in the high margin value-added food processing industry. Moreover, this
transaction gives us entry into the home-meal replacement market, a segment that
is growing exponentially."
Terrace Holdings, Inc. is a South Florida leader in distribution and processing
of produce, dairy, frozen and other perishable commodities.
Except for historical information, this press release may contain certain
forward looking statements that involve risk and uncertainties which may cause
results to differ materially from the statements made. Such factors include, but
are not limited to, changing market conditions, the establishment of new
corporate alliances, the impact of competitive products and pricing and other
risks detailed from time to time by the company or in its filings with the U.S.
Securities and Exchange Commission.
This release is available on the KCSA Worldwide Public Relations website at
www.kcsa.com.
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Contact:
Terrace Holdings, Inc.
Jonathan Lasko, 954/917-727
or
KCSA Worldwide, New York
Joseph A. Mansi/Adam I. Friedman
212/682-6300, ext. 205/215
