SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
September 23, 1998
Date of Report (Date of earliest event reported)
POORE BROTHERS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-14556 86-0786101
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation) Identification No.)
3500 South La Cometa Drive
Goodyear, Arizona 85338
(Address of principal executive offices)(zip code)
(602) 932-6200
(Registrant's telephone number, including area code)
ITEM 5. OTHER EVENTS
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On September 23, 1998, the Registrant issued a press release regarding
the signing of a letter of intent to acquire the business of Tejas Snacks L.P.
The transaction contemplated by the letter of intent is subject to various
contingencies, including the signing of a definitive agreement and approval by
both boards of directors. A copy of the press release is attached hereto as
Exhibit 99.1, which press release is hereby incorporated by reference herein.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
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(c) Exhibits.
99.1 Press release of Poore Brothers, Inc. dated September 23, 1998.
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SIGNATURE
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.
POORE BROTHERS, INC.
(Registrant)
Date: September 29, 1998 By: /s/ THOMAS W. FREEZE
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Thomas W. Freeze
Vice President and Chief Financial Officer
<PAGE>
EXHIBIT INDEX
EXHIBIT NUMBER DESCRIPTION
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99.1 Press Release of Poore Brothers, Inc. dated September 23, 1998
EXHIBIT 99.1
POORE BROTHERS, INC. SIGNS LETTER OF INTENT
TO ACQUIRE BOB'S TEXAS STYLE POTATO CHIPSTM
Goodyear, Ariz. -- September 23, 1998 -- Poore Brothers, Inc. (NASDAQ:
POOR) announced today that it has signed a letter of intent to acquire the
business of Tejas Snacks L.P., including the BOB'S TEXAS STYLE POTATO CHIPS TM
brand and Tejas Distributing for an undisclosed amount of cash and common stock.
Completion of the acquisition is subject to the signing of a definitive purchase
agreement and approval by both boards of directors. The acquisition is expected
to close by October 31, 1998.
Eric J. Kufel, Poore Brothers' President and CEO, stated "This
acquisition--which is expected to positively impact Poore Brothers' operating
results--is an excellent strategic and financial opportunity for both companies
and their shareholders. Tejas Snacks current management team has done an
excellent job building the BOB'S TEXAS STYLE POTATO CHIPS TM brand and
developing an innovative distribution business that is delivering strong sales
growth. This acquisition is expected to increase the Company's annual revenues
by approximately 30%."
The BOB'S TEXAS STYLE POTATO CHIPS TM brand is the leading premium
potato chip brand in the state of Texas, a market with over $100 million in
annual potato chip sales. Tejas Distributing merchandises salted snack products
for major Texas grocery chains. Under the terms of the letter of intent, Tejas
Snacks' current management team will continue to manage the business.
Tom Bigham and Kevin Kohl, Tejas Snacks' management team, commented "We
are extremely excited about the opportunity to be an integral part of a new
premium snack company that is committed to providing Tejas Snacks the additional
financial resources necessary to accelerate our current growth strategy."
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Poore Brothers manufactures ten flavors of batch-cooked potato chips
under the Poore Brothers brand name at its plant in Goodyear, Arizona, along
with private label potato chips for sale by grocery chains. Poore Brothers also
distributes a variety of snack food products manufactured by other companies.
For further information about Poore Brothers or this release, please
contact Thomas W. Freeze, Vice President and Chief Financial Officer, at (602)
932-6200.
Certain statements contained herein may be "forward-looking" statements
(as such 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 could cause results to differ materially from those
expressed or implied by such forward-looking statements include, but are not
limited to, those discussed in filings made by the Company with the Securities
and Exchange Commission.
