SOURCE: Spicy Gourmet Manufacturing, Inc.

October 26, 2012 17:27 ET

Spicy Gourmet Manufacturing, Inc. (OTCBB: SGOU) Announces the Departure of Directors, Officers and Appointment of New Officers and Directors

DELRAY BEACH, FL--(Marketwire - Oct 26, 2012) - Spicy Gourmet Manufacturing, Inc. (SPICY) (OTCBB: SGOU) today announced that on October 23, 2012 the Board accepted the immediate resignations of:

a. Ali Balaban from his positions of President, CEO, and Director of the company;
b. Mr. Daniel C. Masters from his positions as Secretary, Treasurer and CFO. Mr. Masters will remain a Director of the Company; and
c. Mr. Dinesh Perera as Director of the Company.

The company also announced the appointment of Nick Arroyo as President, Chief Executive Officer and Director. "We look forward to working with Nick in moving the company forward and welcome him to the Board," said SPICY's Director Dan Masters.

"I'm very happy to join the Spicy Gourmet Manufacturing, Inc. team and look forward to developing and implementing a win-win strategy for our shareholders, future customers and employees," said Mr. Arroyo. Nick joins SPICY from WFM Technologies LLC, a provider of a Software-as-a-Service (SaaS) cloud offering workforce management solution, where he was the Managing Director. Prior to WFMT, Mr. Arroyo was the President & CEO of Vault Technologies, Inc., now Eco Ventures Group, Inc. (EVGI). From 2005 to 2006 Mr. Arroyo was Vice President of Global Operations for VoIP Inc., a leading provider of voice over IP services. Throughout his career Mr. Arroyo has held leadership positions in both Accounting/Finance and Sales/Marketing.

The Company also announced the appointment of James M. Palladino as Secretary, Chairman of the Board and Director. Mr. Palladino brings over 17 years financial services experience, starting his career as a retail stock broker on Wall Street where he successfully managed individual as well corporate retail accounts for clients. Mr. Palladino was also instrumental in raising several million dollars for various institutional clients for public and private offerings, while still maintaining his client base. Upon exiting Wall Street he then established himself in the public investor relations arena where he successfully designed and implemented over a dozen digital, print and telephone marketing campaigns, as well as assisted In bringing approximately half of them public, creating shareholder value as well as investor enthusiasm. Over the last 2 years Mr. Palladino has invested in several companies both in the public and private sectors. Mr. Palladino received his technical training and an electronics degree from what is now known as DeVry University in New Jersey.

About Spicy Gourmet Manufacturing, Inc.
Spicy Gourmet Manufacturing, Inc., was organized under the laws of the State of Delaware on December 30, 2010. The Company was established as part of the Chapter 11 reorganization of Spicy Gourmet Organics, Inc. ("SGO"). Under SGO's Plan of Reorganization, as confirmed by the U.S. Bankruptcy Court for the Central District of California, the Company was incorporated to: (1) receive and own any interest which SGO had in the manufacturing of spice mills and similar products; and (2) issue shares of its common stock to SGO's general unsecured creditors, to its administrative creditors, and to its shareholder. The Company has been in the development stage since its formation and has not yet realized any revenues from its planned operations.

If you would like additional information on Spicy Gourmet Manufacturing, Inc., please contact us at:
4731 W. Atlantic Ave., Suite 7
Delray Beach, FL 33445
Tel: (561) 265-5657
Fax: (561) 685-5208

Safe Harbor Statement
 
This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are commonly identified by words such as "would," "may," "will," "expects," and other terms with similar meaning. Forward-looking statements are based on current beliefs, assumptions and expectations and speak only as of the date of this release and involve risks and uncertainties that could cause actual results to differ materially from current expectations. We assume no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason.

Contact Information

  • Spicy Gourmet Manufacturing, Inc.
    4731 W. Atlantic Ave., Suite 7
    Delray Beach, FL 33445
    Tel: (561) 265-5657
    Fax: (561) 685-5208