Essex Angel Capital Inc.

Essex Angel Capital Inc.

January 24, 2012 15:03 ET

Essex Angel Capital Inc.'s Portfolio Company 3Gyros Inc. Expands Ontario Distribution Base

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, is expanding its product distribution to all Sobeys grocery stores in Ontario. The 3Gyros full-flavor zero-calorie, fat-, sugar-, gluten-, and dairy-free, and low-sodium salad dressings have previously been distributed through Sobeys Urban Market and Foodland stores. Beginning in March, 2012, four of 3Gyros' complete line of dressings will be available in a total of 265 Ontario store locations under the Sobeys banner. The four product lines include the two new creamy dressings, Ranch and Caesar, as well as the well-known Italian and Mediterranean flavors.

"We are predicting dramatic sales growth for 3Gyros in 2012, thanks to our expanded relationship with Sobeys," said International Sales Manager Tim Fittler. "This is the first step in our sales plan to eventually have coast-to-coast distribution of 3Gyros dressings in both Canada and the U.S.".

3 Gyros' relationship with Sobeys began as a test in 14 stores in 2010 and grew when the dressings were added to the roster in Foodland and Sobeys Urban Market stores in August, 2011. By March 2012, when they will be distributed in the remaining Sobeys stores, 3Gyros products will be in 102 Sobeys banner stores, 11 Sobeys Urban Market stores, and 152 Foodland stores.

Packaged in a distinctively shaped bottle shrink-wrapped with a bright and attractive label, 3Gyros salad dressings are being well-received by both health-conscious retailers and their increasingly health-conscious customer base, for bringing great-tasting salad dressings to market without compromising dietary goals. The dressings' profile is 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. All nine dressings in the 3Gyros line carry the Health Check™ of the Heart and Stroke Foundation of Canada.

"Ontario is our home base, and we are thrilled to be growing and expanding within this market," said Thanos Zikantas, the President and Chief Executive Officer and 3Gyros. "We are expanding product distribution while developing strong partnerships with retailers throughout North America". Distribution of the 3Gyros product line to Sobeys will be handled by First National Sales and Marketing Inc.

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, for nominal consideration, until July 15, 2019 an aggregate amount 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.

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