FOR IMMEDIATE RELEASE
CONTACT: Damon Testaverde
The Damon Group
718-317-7746
DATE: June 5, 2000
DELICIOUS BRANDS COMPLETES SALE OF ASSETS TO PARMALAT
Des Plaines, Illinois, June 5, 2000. Delicious Brands, Inc. (OTCBB:
DBSI) announced today that it has completed the sale of substantially all of its
assets to BF USB, Inc., a subsidiary of Parmalat Canada Ltd. This transaction
was completed only after receiving the approval of a majority of the
shareholders of Delicious, as well as early termination of the Hart Scott Rodino
waiting period. Delicious received an opinion, as filed with the SEC in its
recent 14C Definitive Information Statement, from its financial advisor,
Valuemetrics, Inc., that the consideration received by the Company is fair from
a financial perspective.
The Company also announced that the majority of shareholders of
Delicious Brands, Inc. approved the name change of the Company to "Next
Generation Technology Holdings, Inc." at present. The Company indicated that its
Board of Directors is considering and evaluating a new line of business to enter
into, but that the Board has not yet approved any new line of business at the
present time. Information will follow regarding a new ticker symbol of the
Company as a result of the name change.
Delicious Brands, Inc. previously marketed branded cookie and cracker
products. Its list of established proprietary brand names included Salemo(R),
Delicious (R), Mama's(R), and Frookies(R). The Company's stock trades on the OTC
Bulletin Board.
Parmalat's bakery division brands include Colonial, Mrs. Allison's and
General Henry. BF USB Inc. is an indirectly held subsidiary of Parmalat Canada
Ltd. The Group holding company, Parmalat Finanziaria S.p.A., is listed on the
Milan Stock Exchange (PRFI.MI), and is one of the world's leading food group
companies with headquarters in Parma, Italy. Parmalat generates over $6 Billion
in total sales and has operations in 27 countries employing over 40,000 people.
# # #
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, which are intended to be
covered by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainty including, without
limitations, the ability of the Company to consummate the transaction, the
ability to fund continuing losses and market and develop its products. Although
the Company believes that the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions could be
inaccurate, and therefore, there can be no assurance that the forward-looking
statements included in this press release will prove to be accurate. In light of
the significant uncertainties inherent in the forward-looking statements
included herein, the inclusion of such information should not be regarded as
representation by the Company or any other person that the objectives and plans
of the Company will be achieved.
