BLUE BELL, Pa., June 5, 2002 (PRIMEZONE) -- Tasty Fries(r), Inc. (OTCBB:TFRY) announced today The Honorable John W. Bissell, Chief Judge of the United States District Court for the District of New Jersey, dissolved an "Order to Show Cause with Temporary Restraints" ("OSC") which Silver Leaf, LLC obtained on May 10, 2002 from a New Jersey state court judge. Judge Bissell's ruling allows Tasty Fries, Inc. termination of the February 1, 2002 Master Sales and Marketing Agreement to stand. Judge Bissell also denied Silver Leaf's Motion for a Preliminary Injunction, which sought to keep the OSC in force for the remainder of the litigation. In denying Silver Leaf's Motion, Judge Bissell found that Silver Leaf failed to demonstrate that it had a reasonable likelihood of succeeding on the merits of the case at trial and that Silver Leaf would not be irreparably injured if Tasty Fries terminated the Agreement. Tasty Fries, Inc. terminated the contract on May 10, 2002 after Silver Leaf, LLC failed to provide financial evidence that it was able to pay for its order for thousands of Tasty Fries automated French fry vending machines. Silver Leaf, LLC had sued Tasty Fries, Inc. requesting an injunction preventing the termination of the agreement.
"We entered into the contract because Silver Leaf represented to us it had bank guarantees and cash in place to pay for its order," Edward C. Kelly, Tasty Fries' President stated. "When we asked for the financial assurances necessary to process the order, Silver Leaf refused to provide them. As a result, we terminated the Agreement, and we are pleased that the federal court would not interfere with our termination."
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 second 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 contained 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.