Essex Angel Capital Inc.

Essex Angel Capital Inc.

January 24, 2012 16:11 ET

Essex Angel Capital Inc. Announces National Distribution and Brokerage Agreement Signed by 3Gyros Inc.

WINDSOR, ONTARIO--(Marketwire - Jan. 24, 2012) - Essex Angel Capital Inc. (TSX VENTURE:EXC) ("Essex") is pleased to announce that 3Gyros Inc. ("3Gyros"), one of the companies in the Essex portfolio, has entered into a national distribution and brokerage agreement with I-D Foods Corporation ("I-D Foods") and its sister company, First National Sales & Marketing Inc. ("First National"), based in Laval, Quebec. Commencing in January, 2012, 3Gyros products will have exposure to approximately 10,000 locations across Canada, including 2,500 grocery stores, represented by I-D Foods and First National. 3Gyros produces and markets a complete line of full-flavor zero-calorie, fat-, sugar-, gluten-, and dairy-free, and low-sodium salad dressings. Such notable brands as Pepperidge Farm, Delverde Pasta, Cross & Blackwell, Colavita Oils, Maille Mustards, Volvic Waters, Nature's Path Organic Cereals, and many other top-sellers, are represented in Canada by I-D Foods and First National.

"3Gyros is pleased to announce this new affiliation, which will allow us to steadily increase our presence in retail and grocery chains and mass-market outlets," said Tim Fittler, International Sales Manager for 3Gyros. "I-D Foods is a company with 60 years of experience in grocery sales and marketing, representing major brands, and our alliance with them and First National will accelerate our Canadian sales and distribution plan for 3 Gyros".

According to 3Gyros' President and Chief Executive Officer, Thanos Zikantas, "First National Sales & Marketing's brokers and representatives will give 3Gyros products a presence at the retail store level and with all head office grocery chains and independent grocery, drug, and mass merchandise accounts across Canada."

I-D Foods President Philip Issenman stated, "All of our 100 marketing, key account, and sales people are enthusiastic about representing 3Gyros. We think the salad dressings taste great, and there isn't one of us who doesn't want to lose a few pounds before summer".

3Gyros makes salad dressings that are not only zero-calorie, but also fat-, sugar-, gluten-, and dairy-free, as well as low-sodium, making them suitable for all weight loss, diabetes, celiac disease, heart disease and lactose-intolerance diets. The products are packaged in a distinctively shaped bottle that is shrink-wrapped in the bright 3Gyros label. All nine dressings carry the Health Check™ of the Heart and Stroke Foundation of Canada.

"This distribution arrangement represents increased penetration into the Canadian market," said Rick Galdi, President and Chief Executive Officer of Essex. "A long and profitable relationship between 3Gyros and I-D Foods and First National Sales & Marketing will be an essential factor in increasing the availability of these innovative products to Canadian consumers".

Essex currently holds $500,000 aggregate amount of 2.0% secured subordinated debentures (the "3Gyros Debentures") of 3Gyros, of which $250,000 mature on July 15, 2014 and $250,000 mature on July 15, 2015, and warrants (the "3Gyros Warrants") entitling Essex to acquire until July 15, 2019, for nominal consideration, such number of common shares of 3Gyros (the "3Gyros Shares") equal to 37% of the fully diluted number of 3Gyros Shares on the date of exercise of the 3Gyros Warrants.

This press release contains certain forward-looking statements about the future plans and intentions of companies in the Corporation's portfolio. Wherever possible, words such as "may," "will," "should," "could," "expect," "plan," "intend," "anticipate," "believe," "estimate," "predict," or "potential," or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect Management's current beliefs and are based on information currently available to Management as at the date hereof. Forward-looking statements included or incorporated by reference in this press release include statements with respect to future business activity of 3Gyros.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this press release are based upon what management believes to be reasonable assumptions, the Corporation cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release, and the Corporation assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Contact Information