POORE BROTHERS ACQUIRES BOULDER NATURAL FOODS
AND BOULDER POTATO COMPANY BRAND POTATO CHIPS
June 8, 2000 -- Poore Brothers, Inc. (Nasdaq: SNAK) announced today that it
has acquired Boulder Natural Foods, Inc. and Boulder Potato Company(TM) brand
totally natural potato chips for approximately $2.3 million, including $1.2
million in common stock, $.8 million in a two-year Note, and $.3 million in
cash. In addition, there is a three-year revenue growth incentive paid in shares
of the Company's common stock.
Mr. Eric J. Kufel, President and CEO, stated "The acquisition of Boulder
Natural Foods and Boulder Potato Company(TM) brand totally natural potato chips
is a positive strategic action for the Company and our shareholders. The Company
is gaining access to the rapidly expanding $28 billion natural food channel and
the Colorado retail grocery marketplace with a well positioned, growing brand
that currently generates approximately $2.3 million in annualized revenues. The
Company also plans to develop and launch innovative new snack food products
under the Boulder Natural Foods(TM) brand name, leveraging the Company's
abundant and unique snack food manufacturing capabilities."
"Our guiding principle is to manufacture and market unique snack food
products to discriminating consumers who demand superior taste, texture,
appearance and brand personality compared to national brands. The Boulder Potato
Company(TM) brand is a perfect strategic fit because its line of totally natural
potato chips epitomizes our strategy of marketing high quality niche snack food
products," continued Mr. Kufel.
Boulder Potato Company(TM) brand totally natural potato chips are kettle
cooked in small batches using high monounsaturated sunflower oil, which is
extremely low in saturated fat. They are currently offered in six totally
natural flavors including Totally Natural, Malt Vinegar and Sea Salt, Jalapeno
Cheddar, Thai, Spicy Barbecue, and Herb & Garlic.
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For further information about Poore Brothers or this release, please
contact Thomas W. Freeze, Vice President and Chief Financial Officer, at (623)
932-6203, or logon to http://www.poorebrothers.com.
Poore Brothers is a rapidly growing unique salted snack food manufacturer,
marketer and distributor based in Goodyear, Arizona with manufacturing
facilities in Goodyear, Arizona and Bluffton, Indiana. The Company's primary
emphasis is manufacturing unique snack food items, including Poore Brothers(R)
brand potato chips, Bob's Texas Style(R) brand potato chips, Tato Skins(R) brand
potato snacks, O'Boisies(R) brand potato crisps, and Pizzarias(R) brand pizza
chips. The Company also manufactures private label potato chips for major
retailers in Arizona and California and operates a direct store delivery
distribution business in Arizona and a snack food merchandising company in
Texas.
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.
