SOURCE: Overhill Farms, Inc.

Overhill Farms, Inc.

November 11, 2010 16:05 ET

Overhill Farms, Inc. to Launch New Product Line With Major National Retailer

LOS ANGELES, CA--(Marketwire - November 11, 2010) - Overhill Farms, Inc. (NYSE Amex: OFI) announced today that it has been selected to produce a line of 16 private label frozen meals for a major national retailer. For competitive reasons, the customer has asked that its name not be disclosed.

James Rudis, Chairman and Chief Executive Officer of Overhill Farms, said, "We are extremely pleased to be launching our relationship with this industry leader, which is known for the quality and value it delivers to shoppers at over 1,000 stores across the nation."

Mr. Rudis added, "Throughout this difficult economy, our strategy for resuming significant revenue growth has been to attract new national accounts. This new customer relationship, and our new affiliation with Boston Market announced last week, are products of this sustained strategy. It is our hope that these accounts will join the ranks of our flagship customers such as Jenny Craig, Panda Restaurant Group and Safeway."

Mr. Rudis said the multi-year agreement with the national retailer is expected to generate initial annual sales in the range of $7 million, with the opportunity for increased volume over time. Full production is expected to begin in April of 2011. Overhill Farms is already in development on additional product lines for this customer, Mr. Rudis added.

About Overhill Farms

Overhill Farms, Inc. (www.OverhillFarms.com) is a leading value-added supplier of custom high quality prepared frozen foods for branded retail, private label foodservice and airline customers. Its product line includes entrées, plated meals, bulk-packed meal components, pastas, soups, sauces, poultry, meat and fish specialties, as well as organic and vegetarian offerings. The Company's capabilities give its customers a one-stop solution for new product development, precise replication of existing recipes, product manufacturing and packaging. Its customers include prominent nationally recognized names such as Jenny Craig, Inc., Safeway Inc., Panda Restaurant Group, Inc., Pinnacle Foods Group LLC and American Airlines, Inc.

This news release contains disclosures that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations or beliefs and include, but are not limited to, statements about the Company's expectations for initial annual sales of new product lines and its ability to attract new national accounts. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, or which include words such as "grow," "expand," "enhance," "seek," "continue," "efforts," "expects," "anticipates," "intends," "plans," "believes," "estimates," "projects," "forecasts," "strategy," "will," "should," "goal," "target," "prospects," "optimistic," "confident," "likely," "probable," "hope" or similar expressions.

In addition, any statements concerning future financial performance (including future revenues), ongoing business strategies or prospects, expanding and enhancing our product offerings, and possible future Company actions (including adding new national accounts), which may be provided by management, are also forward-looking statements. We caution that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors, including, among others: the uncertainty of customer acceptance of new products and thus the Company's ability to expand and enhance those product offerings; the effects of the national economy and the uncertainty of economic recovery; the effect of competing brands on products the Company offers; and other factors as may be discussed in the Company's Annual Report on Form 10-K for the year ended September 27, 2009, Quarterly Report on Form 10-Q for the quarter ended June 27, 2010 and other reports filed with the Securities and Exchange Commission.

Contact Information

  • For Overhill Farms:

    James Rudis
    Chairman, President and CEO
    Overhill Farms, Inc.
    323-582-9977

    Alexander Auerbach
    Auerbach & Co. Public Relations
    1-800-871-2583
    Email Contact