SOURCE: Monterey Gourmet Foods

Monterey Gourmet Foods

September 03, 2009 07:00 ET

Monterey Gourmet Foods Achieves New Distribution in SuperTarget Stores

Company to Distribute Five Monterey Pasta Company Branded Products in 250 SuperTarget Stores

SALINAS, CA--(Marketwire - September 3, 2009) - Monterey Gourmet Foods (NASDAQ: PSTA), a manufacturer and marketer of fresh gourmet refrigerated food products, announced that its Monterey Pasta Company Brand has achieved new distribution in SuperTarget Stores. The company will deliver five pasta items for distribution in 250 SuperTarget stores nationwide. The new products, five varieties of Monterey Pasta Company's high-quality filled pastas will begin appearing in stores in late September.

"This new distribution of our innovative and on-trend filled pastas speaks directly to the SuperTarget guest's demand for fresh, restaurant-quality ravioli and tortelloni for home preparation. This new distribution demonstrates the effectiveness of our investments in innovation and branding as well as our initiatives to better communicate the restaurant-quality attributes of our fresh pasta products," said Eric C. Eddings, president and CEO. "With our commitment to innovation, we can deliver the exciting, high-quality choices our retail customers and consumers want, while solidifying our position as a leader in fresh at-home solution categories."

About Monterey Gourmet Foods (NASDAQ: PSTA)

Monterey Gourmet Foods manufactures USDA inspected, fresh gourmet refrigerated food products at its integrated manufacturing facilities in Salinas (Monterey County), CA; and Kent, WA. Monterey Gourmet Foods has national distribution of its products, which are sold under the brands Monterey Pasta Company, CIBO Naturals, Emerald Valley Kitchen and Sonoma Cheese in more than 11,000 retail and club stores throughout the United States and selected regions of Canada, the Caribbean, Latin America, and Asia Pacific. For more information about Monterey Gourmet Foods, visit www.MontereyGourmetFoods.com.

Safe Harbor Statement

This press release contains forward-looking statements concerning unannounced results of operations and projections for future periods including without limitation such phrases and terms as would optimize overall asset utilization and provide more innovation and flexible production runs. Such forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Consequently, the company wishes to caution readers not to place undue reliance on any forward-looking statements. Among the factors that could cause Monterey Gourmet Foods' actual results to differ from such forward-looking statements are the following: (i) the process associated with the integrations of all the company's brands, plants and sales force, (ii) a significant reduction of sales to two major customers currently comprising a majority of total revenues, (iii) the retention of newly acquired customers including achieving volume projections for these new customers, (iv) the company's ability to achieve improved production efficiencies, (v) the timely and cost-effective introduction of new products in the coming months, (vi) the utilization of the recently-completed plant expansion and the increased fixed costs associated with increased plant capacity, (vii) retention of key personnel and retention of key management, (viii) the risks inherent in food production, (ix) intense competition in the market in which the company competes and (x) Monterey Gourmet Foods' ability to source competitively priced raw materials to achieve historical operating margins. In addition, the company's results may also be affected by general factors, such as economic conditions, political developments, interest and inflation rates, accounting standards, taxes, and laws and regulations in markets where the company competes. The company has provided additional information regarding risks associated with the business in the company's Annual Report on Form 10-K for fiscal 2008 as well as other filings with the SEC. These statements are based on information as of August 4, 2009 and the company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact Information

  • Company Contact:
    Monterey Gourmet Foods
    Eric Eddings
    Chief Executive Officer
    Email Contact

    Scott Wheeler
    Chief Financial Officer
    Email Contact
    (206) 622-1016

    Investor Relations Contact:
    Lippert / Heilshorn & Associates
    Amy Gibbons/Jody Burfening
    Email Contact
    (212) 838-3777