<PAGE> 1
EXHIBIT 99.1
INTERNATIONAL MENU SOLUTIONS CORPORATION
WELCOMES NEW CHIEF FINANCIAL OFFICER AND EXPANDED BOARD
October 30, 2000 12:01 AM Eastern Time
TORONTO, October 30/PRNEWSWIRE/-- International Menu Solutions Corporation
("MENU") (www.internationalmenu.com) is pleased to announce the following
appointments to its senior management team and Board of Directors.
MENU President and C.E.O. Michael Steele confirmed today that Kevan Crawford has
been appointed the Chief Financial Officer (CFO) of MENU. Mr. Crawford, a
chartered accountant, joins MENU with over 25 years of financial management and
operating experience, most recently as CFO of a publicly traded company which
manages and controls several operating units.
Mr. Steele indicated that given the Company's growth, Mr Crawford's experience
is well suited to the size and growth profile of MENU. Mr. Crawford's immediate
focus will be to assist in the realization of the benefits and synergies of
MENU's recent growth and contribute to the planning, integration and financing
of future growth. The addition of Mr. Crawford is expected to enable Mr. Steele
to continue to seek opportunities for strategic acquisitions and new business
opportunities with major retail customers while dedicating more time to
increasing market awareness and shareholder value.
In conjunction with MENU's management addition, the Company is pleased to
announce the addition of two new board members namely Mr. Reginald Petersen and
Ms. Lynda King both of Southbridge Capital. Southbridge Capital manages the
capital funds of Southbridge Investment Partnership No. 1 which is a principal
shareholder of MENU. In addition, Mr. Petersen has been appointed Chairman of
the Board and Ms. King has been appointed Secretary-Treasurer of MENU.
In 1967, Mr. Petersen founded Versa-Care Limited and sold it in 1997 after
growing it to the largest private nursing/retirement company in Canada. In the
same year, Mr. Petersen founded Southbridge Capital, a venture capital company.
Mr. Petersen serves on several community boards and as a director on other
corporations.
Prior to Ms. King becoming a partner in 1998 with Southbridge Capital, she held
senior financial positions with public and private companies, and was a senior
audit manager at an international accounting firm. Ms. King holds both a CA and
a CMA designation.
Mr. Petersen filled the vacancy on the Board created by the resignation of Mr.
Ted Creber who resigned as a director and officer of MENU. The size of the board
has been increased from three to four directors and Ms. King has been appointed
to fill the additional director position.
IMSC operates in the rapidly growing sector of the food industry known as Home
Meal Replacement (HMR) food preparation and marketing. Since July 1998, MENU has
grown through several acquisitions and sales of its product lines with several
leading food retail chains. The company's clients include many of Canada's
leading retail food supermarket chains such as Sobeys, Safeway, Costco (in
Canada and the US), and A&P, along with several major US supermarket and club
store chains.
<PAGE> 2
Certain statements contained in this press release do not relate strictly to
historical or current facts, are "forward-looking" statements as defined in U.S.
federal law. Forward-looking statements use such words as "plans," "expects,"
"will," "will likely result," "are expected to," "will continue," "is
anticipated," "estimate," "project," "believes," "anticipates," "intends,"
"expects," "may," "should," "continue," "seek," "could" and other similar
expressions. Although the Company believes that its expectations are based on
reasonable assumptions, it can give no assurance that its expectations will be
achieved. The important factors that could cause actual results to differ
materially from those in the forward-looking statements herein (the "Cautionary
Statements") include, without limitation, the ability of the Company to
successfully implement its strategies and business plans, risks associated with
acquisitions and the integration thereof, competitive factors and pricing
pressures; relationships with manufacturers, banks, and distributors; legal and
regulatory requirements; general economic conditions; as well as the other risks
referenced from time to time in the Company's filings with the Securities and
Exchange Commission, including the Company's Annual Report on Form 10-KSB for
the year ended December 31, 1999. All subsequent written and oral
forward-looking statements attributable to the Company or persons acting on its
behalf are expressly qualified in their entirety by the Cautionary Statements.
The Company does not undertake any obligation to release publicly any revisions
to such forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
For further information contact Michael Steele, President, at 416-366-MENU, ext.
236, e-mail: [email protected] or visit our website at
www.internationalmenu.com .
SOURCE International Menu Solutions Corporation
