Perfect Fry Corporation

Perfect Fry Corporation

July 14, 2010 16:20 ET

Perfect Fry Corporation: Sale of All Operating Assets to Middleby Corporation Completed

CALGARY, ALBERTA--(Marketwire - July 14, 2010) - PERFECT FRY CORPORATION (TSX VENTURE:PNM) (the "Corporation"). The Corporation is pleased to announce that the sale to The Middleby Corporation (NASDAQ: MIDD) of all of the operating assets, inventory, certain contractual obligations and entitlements and all of the intellectual property held by Perfect Fry Company Ltd., a wholly-owned subsidiary of the Corporation for a purchase price of $5,000,000, has been completed.

Under the terms of the sale, $4,750,000 has been released to the Corporation and $250,000 has been delivered to an escrow agent appointed by the parties. The escrowed funds may be released to cover any closing adjustments to the purchase price and any remaining amount will be released to the Corporation after 12 months, provided that the representations and warranties of the Corporation specified in the purchase and sale agreement are materially accurate.

The Corporation has changed its name to "Woodrose Corporation" as per approval of the shareholders obtained at the annual general and special meeting held on June 25, 2010.

The common shares of the Corporation will be transferred to the NEX board of the TSX Venture Exchange.

This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Corporation. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances.

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

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