The Spice Depot, Inc.

The Spice Depot, Inc.

May 08, 2008 08:00 ET

The Spice Depot Announces Significant Corporate Developments and Changes to its Management and Board of Directors

BURNABY, BRITISH COLUMBIA--(Marketwire - May 8, 2008) - The Spice Depot, Inc. (PINK SHEETS:SDEO) ("Spice Depot" or the "Company"), a provider of all-natural and organic spices and spice products, is extraordinarily pleased to announce changes to its board of directors and management, as well as significant corporate developments.

Since several major shareholders joined Spice Depot's management and board of directors one year ago, the Company has worked diligently to re-organize internally, stabilize its capital structure and re-build its business plan.

Recent executive level changes include the appointment of Mr. Adi Muljo to the position of Chief Executive Officer and Director. Mr. Muljo, a founding Spice Depot shareholder, serves as the Company's President and Director before accepting the office of CEO.

Mr. Danny Ferraro, also a founding shareholder and former Senior Vice President Operations and Director, is Spice Depot's new President, responsible for day-to-day implementation of the Company's new business plan and the procurement of new opportunities.

Of particular significance to the recent and future growth of the Company has been the establishment of a Spice Depot organic-certified processing and packaging facility in Indonesia, the birthplace and centre of the spice trade. Establishing the high-capacity facility to process and package the ever-increasing variety of high-quality spices grown for and sourced by the Company was a necessary supply-chain and cost-control undertaking.

Sourcing and securing dependable manufacture of the specialty, high-quality grinder-top glass bottles Spice Depot has become known for, were priorities in the Company's growth plan. The organic certification was a critical third step.

Major corporate developments in Indonesia were made possible by Mr. Muljo, well known throughout the spice islands as one of the most respected and renowned corporate ambassadors in the country.

Closer to home, Mr. Ferraro leveraged more than 35 years experience in the grocery industry and his reputation as a visionary 'team builder' to re-build the Company's sales and management team, and secure large-scale sales opportunities to fund growth. As necessitated by the company's growth position, Mr. Ferraro wore many hats and shouldered enormous responsibility. His efforts are being rewarded on all fronts and details of those efforts are forthcoming.

"This past year has been one of the most challenging of my career, but also one of the most rewarding," says Ferraro. "I speak on behalf of both Adi and myself when I say that we are extraordinarily pleased with the Company's position currently and very much look forward to sharing details of that position over the coming weeks and months."

Mr. Ferraro is keen to express his gratitude to the major shareholders who stepped up to the plate last year during the re-structuring, and also to all shareholders who held fast in their confidence in spite of the period of quiet. "Spice Depot shareholders should be assured of the Company's commitment to establishing and maintaining a dependable schedule of news and dialogue."

Adi Muljo

Adi Muljo is uniquely suited for the office of CEO of a global spice company. In his position he travels a modern-day spice road that takes him from the Company's distribution centre in Vancouver, British Columbia to Indonesia, Asia, Australia, Europe, Africa, and various ports of call in between.

Mr. Adi Muljo holds a B.A. in Economics and M.B.A. in Finance. Between 1971 and 1998, he held various senior positions with The Astra Group, Indonesia's largest conglomerate, as General Manager of its Xerox Division and Managing Director of Inter Delta, Indonesia's sole distributor for Kodak products and Canon cameras. For many years Mr. Muljo traveled extensively, establishing a world-wide network of valuable contacts that he has maintained to this day. Mr. Muljo's extensive sales experience and knowledge of the spice islands is seen as an invaluable addition to The Spice Depot's executive management team.

Danny Ferraro

Mr. Danny Ferraro has almost four decades experience in the retail and wholesale grocery industries. He has an extensive network of food and grocery industry contacts developed in and around his family-owned grocery business, which at its peak comprised 26 stores. Mr. Ferraro's love for quality food, as well as his knowledge of food science, was instrumental in the development of The Spice Depot's award winning "World's Best Spices / Always Grind Fresh" grinder blends. In addition to the many hats he wears in his position as President of the Company, he conceives and helps develop new and innovative new products.

Forward Looking Statements:

This release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward looking statements". Forward looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Forward looking statements in this action may be identified through the use of words such as "expects", "will", "anticipates", "estimates", "believes", or statements indicating certain actions "may", "could", or "might" occur.

Contact Information

  • The Spice Depot, Inc.
    Danny Ferraro
    Toll Free: 1-800-960-2341
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    Investor Relations