Bravo! Foods International Corp. Reports Updates on SEC Filings and its Senior Convertible Notes Due 2010
21 Août 2006 - 11:10PM
PR Newswire (US)
NORTH PALM BEACH, Fla., Aug. 21 /PRNewswire-FirstCall/ -- Bravo!
Foods International Corp. (OTC:BRVO) (BULLETIN BOARD: BRVO) , a
brand development and marketing company that manufactures, promotes
and distributes vitamin- fortified, flavored milk drinks and other
beverages, announced today that, as a result of the time required
to implement a new valuation model for certain of its derivative
financial instruments, it would not be able to file its Form 10-QSB
for the quarterly period ended June 30, 2006 by August 21, 2006,
the last day of the extended period for filing. The Company had
previously filed a Form 12b-25, disclosing its need for an extended
filing period. The Company is in the process of implementing a more
suitable valuation model for these instruments. The resulting
adjustments will be non-cash and will not impact the operating
results of the Company. As a result of the Company's non-filing of
its Form 10-QSB for the quarterly period ended June 30, 2006, an
event of default has occurred under the terms of the $30 million
Senior Convertible Notes (the "Notes") issued on July 27, 2006 and
the annual interest rate on the Notes was increased from 9% to 14%.
In the event, however, that such event of default is subsequently
cured, interest on the Notes shall revert to the rate of 9% per
annum. In addition, upon the occurrence of an event of default,
holders of the Notes may, upon written notice to the Company,
require the Company to redeem all or any portion of their Notes.
Roy Warren, Chief Executive Officer, commented, "As soon as we knew
of the revaluation issue we contacted our auditors as well as
outside auditing consultants. Both professional groups have been
and will continue to work diligently to address the valuation model
until it is completed and this issue is resolved." About the
Company Bravo! Foods International Corp. develops, brands, markets,
distributes and sells nutritious, flavored milk products throughout
the 50 United States, Great Britain and various Middle Eastern
countries. Bravo!'s products are available in the United States and
internationally through production agreements with regional aseptic
milk processors and are currently sold under the brand names
Slammers(R) and Bravo!(TM). Bravo!'s Slammers(R) products are
available nationwide in popular chains such as: 7-Eleven, A&P,
Dutch Farms, Giant Food Stores, Jewel, Kings, Pathmark, Safeway,
Sam's Club, Shaw's, ShopRite, Speedway, SuperTarget, Unified,
Waldbaums and Walgreens. Many of Bravo! Foods' Slammers(R) lines of
shelf-stable, single-serve milk drinks are co-branded through
exclusive partnerships with Masterfoods, a division of Mars
Incorporated, and MD Enterprises (Moon Pie(R)), providing superior
name recognition packaged with quality, great-tasting drinks. On
November 1, 2005, Coca-Cola Enterprises, Inc. began distribution of
the Slammers(R) Masterfoods line, as well as the Bravo!'s Slim
Slammers(R) and Pro Slammers(TM) products, under a Master
Distribution Agreement with Bravo! For more information, visit:
http://www.bravobrands.com/ . Forward Looking Statements Safe
Harbor under the Private Securities Litigation Reform Act of 1995:
The statements which are not historical facts contained in this
press release are forward-looking statements that involve certain
risks and uncertainties including but not limited to risks
associated with the uncertainty of future financial results,
regulatory approval processes, the impact of competitive products
or pricing, technological changes, the effect of economic
conditions and other uncertainties as may be detailed in the
Company's filings with the Securities and Exchange Commission.
Investor Relations Contact Integrated Corporate Relations Kathleen
Heaney 203-803-3585 Company Contact Jeffrey J. Kaplan, Chief
Financial Officer (561) 625 1411 DATASOURCE: Bravo! Foods
International Corp. CONTACT: Jeffrey J. Kaplan, Chief Financial
Officer, Bravo! Foods International Corp., +1-561-625-1411; or
Investor Relations, Kathleen Heaney, Integrated Corporate
Relations, +1-203-803-3585, for Bravo! Foods Web site:
http://www.bravobrands.com/
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