NEWPORT BEACH, Calif., June 6, 2007 (PRIME NEWSWIRE) -- International Food Products Group, Inc., (OTCBB:IFDG) president Mr. Ketan Mehta, today announced the completion of the required two year audited financial statements which concludes IFPG's due diligence process of the targeted acquisition. The company, which produces value-added products such as shredded, diced, cubed and grated cheeses, achieved growth of 50% in 2006 with revenue increasing to $18-plus million, along with strong earnings and has exceeded forecasted revenues for 2007 by over 15%. Mr. Mehta commented, "The completion of the audit with no material changes is a very significant part of the acquisition process. We now are prepared to conclude the acquisition within the next 45-60 days."
Mr. Mehta added, "Once the new company fully integrates into IFPG's financial and corporate structure, we will immediately begin the acquisition process for a second company, which has already been identified. I am confident that we should be able to show revenues approaching $50-million by the fiscal year 2008. These anticipated revenues, along with solid earnings, should enhance the shareholder equity of IFPG substantially."
About International Food Products Group, Inc.: IFPG is a public company trading on the OTCBB with the ticker symbol "IFDG." The Corporate Offices are at 895 Dove Street, 3rd Floor, Suite 365, Newport Beach, CA, 92660; http://www.goldenchoice.com. IFPG is the manufacturer and marketer of a variety of food products including Golden Choice 100% Colombian Roasted Coffees, Golden Choice Organic Harvest(tm) and Supreme Harvest(tm) lines of Frozen Fruits and Vegetables, and 100% Fresh Squeezed Pure Fruit Juices. Other products include "G.O.T. FRIES(r)," Just Popped(tm), and other fine domestic and imported food products.
Safe Harbor Disclaimer: Certain statements contained herein constitute forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Such statements include, without limitation, statements regarding business and financing plans, business trends and future operating revenues and expenses. Although the Company believes that the expectations reflected in such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate and similar expressions, or which by their nature refer to future events. You should independently investigate and fully understand all risks before investing. These descriptions of the Company contain forward-looking statements that involve risk and uncertainties including, but not limited to, quarterly fluctuations and results, the management of growth, competition and other risks detailed in the company's SEC filings if any. Actual results may differ materially from such information set forth herein.