BLUE BELL, Pa., Jan. 27, 2003 (PRIMEZONE) -- Tasty Fries(R), Inc. (OTCBB:TFRY) announced today that it has made the fifth payment of $150,000 to California Food and Vending, Inc. (CFV) as part of the settlement made last year in which Tasty Fries reacquired CFV's royalty rights for the sale of Tasty Fries French fry Vending machines and the sale of potato product. "This payment is significant as it extinguishes California Food and Vending's royalty rights on the sale of each Tasty Fries French fry vending machine. The remaining payments, under the terms of the settlement agreement, will see Tasty Fries reacquire all royalties owned by California Food and Vending, including their royalty right for the sale of potato product," said Edward C. Kelly, President and CEO of Tasty Fries, Inc.
About Tasty Fries:
Tasty Fries has developed a patent-protected vending machine that prepares, cooks and dispenses freshly made French fries with superior dietary attributes, flavor, aroma and texture. Total cooking time is approximately 90 seconds for each order, then under 60 seconds for subsequent orders. The fries are made from top-quality potatoes and are cooked in cholesterol-free oil using state-of-the-art robotics and technology.
Safe Harbor Statement:
Except for the historical information herein, the statements in this press release are "forward-looking" statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the operations of a company.