posted: 85 DAYS 9 HOURS AGO
YAVNE, Israel, September 3 /PRNewswire-FirstCall/ -- G. Willi-Food
International Ltd. (NASDAQ: WILC) (the "Company" or "Willi-Food"), one of
Israel's largest food importers and a single-source supplier of one of the
world's most extensive range of quality kosher food products, announced today
that on September 2, 2009 it had signed an agreement ("Agreement") to sell
all of its holdings in Y.L.W Baron International Trading Ltd. ("Baron"),
kosher food exporters located in Israel, and to assign all of its rights and
obligations under the Founders Agreement from February 2007 to a private
company owned by the Baron Family, who hold, as of the date of the Agreement
the remaining shares in Baron.
In exchange for the sale of shares and the assignment of rights and
obligations, Baron Family agreed to pay US$ 937,500, which was paid to the
Company on the date of execution of the Agreement.
Mr. Zwi Williger, President and COO of Willi-Food commented, "The U.S.
remains a strategic region of interest for Willi-Food, and for now, we are
seeking more U.S. based customers to distribute our products while
diversifying our product base in order to hedge against any single event
impacting our results; customers who wish to grow their volume and diversify
their line of premium kosher products. Our line of products includes over
1,000 food products exclusively distributed by Willi-Food and Shamir Salads.
The dynamics of the industry are driving demand for innovative kosher
products, and we believe that Willi-Food has the infrastructure and
development expertise to deliver. Our strategy is to leverage Willi-Food's
global supplier relationships and expertise in product development to
capitalize on the growing demand for innovative kosher products for both
kosher and health consumers in the U.S. The health benefits of eliminating
animal fats in the 'kosherizing' process, in our dairy products, make our
products attractive to consumers looking for better tasting low-cholesterol
and low-fat alternatives."
About G. Willi-Food International, Ltd.
G. Willi-Food International Ltd. is one of Israel's largest food
importers and a single-source supplier of one of the world's most extensive
ranges of quality kosher food products. It currently imports, markets and
distributes more than 1,000 food products manufactured by some 120 top-tier
suppliers throughout the world to more than 1,500 customers. Willi-Food
excels in identifying changing tastes in its markets and sourcing
high-quality kosher products to address them. The Company also operates two
subsidiaries: its wholly owned subsidiary, Gold Frost Ltd., that develops and
distributes kosher chilled and frozen dairy food products internationally and
Shamir Salads that is a leading international manufacturer and distributor of
pre-packaged chilled Mediterranean dips and spreads. For more information,
please visit the Company's website at http://www.willi-food.co.il.
This press release contains forward-looking statements within the meaning
of safe harbor provisions of the Private Securities Litigation Reform Act of
1995 relating to future events or our future performance, such as statements
regarding trends, demand for our products and expected revenues, operating
results, and earnings. Forward-looking statements involve known and unknown
risks, uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially different
from any future results, levels of activity, performance or achievements
expressed or implied in those forward-looking statements. These risks and
other factors include but are not limited to: changes affecting currency
exchange rates, including the NIS/U.S. Dollar exchange rate, payment default
by any of our major clients, the loss of one of more of our key personnel,
changes in laws and regulations, including those relating to the food
distribution industry, and inability to meet and maintain regulatory
qualifications and approvals for our products, termination of arrangements
with our suppliers, in particular Arla Foods, loss of one or more of our
principal clients ,increase or decrease in global purchase prices of food
products, increasing levels of competition in Israel and other markets in
which we do business, changes in economic conditions in Israel, including in
particular economic conditions in the Company's core markets, our inability
to accurately predict consumption of our products and risks associated with
product liability claims. We cannot guarantee future results, levels of
activity, performance or achievements. The matters discussed in this press
release also involve risks and uncertainties summarized under the heading
"Risk Factors" in the Company's Annual Report on Form 20-F for the year ended
December 31, 2008, filed with the Securities and Exchange Commission. These
factors are updated from time to time through the filing of reports and
registration statements with the Securities and Exchange Commission. We do
not assume any obligation to update the forward-looking information contained
in this press release.
Company Contact:
G. Willi Food International Ltd.
Ety Sabach, CFO
+972-8-932-1000
ety@willi-food.co.il
Investor contact
BPC Financial Marketing
John Baldissera
+1-800-368-1217
SOURCE G. Willi-Food International Ltd