Greenfield Farms Updates Status of Carmela's Pizzeria Transaction

Greenfield Farms Food, Inc. ("Greenfield" or the "Company") (OTC/QB: GRAS) provided an update today on its previously announced definitive agreement to acquire 100% of the equity interest in Ohio-based Carmela's Pizzeria.  Details of the transaction call for all of the equity interests in Carmela's to be acquired by a newly created wholly-owned operating subsidiary of Greenfield in exchange for shares of Greenfield common stock and warrants.  To date there have been no issues identified and the parties are presently working toward an expeditious closing.

 

"We are excited to be moving forward with this transaction and are grateful to be working with the caliber of the executives involved in Carmela's.  We have great confidence in their growth plan and believe it will realize significant future value for our stockholders," stated Henry Fong , President of Greenfield.  "In response to shareholder inquiries, we would like to present the qualifications of the Carmela's team."

 

Darren Dulsky , President and Chief Operating Officer of Carmela's, has been in restaurant industry since 1976.  Mr. Dulsky worked for Friendly Ice Cream for 15 years as Manager, Training Coordinator and District Manager.  He then joined Sbarro, Inc. a publicly traded company in 1991.  Mr. Dulsky held several operations positions during the 13 years prior to being named Sr. VP Operations where he had management oversight for over 130 units covering 17 states.  Mr. Dulsky developed the Carmela's concept and opened the first location in 2004. Carmela's has been noted in Dayton Daily News as one of "The Best Pizzerias" in Dayton.

 

Ronald Heineman , Chairman and CEO of Carmela's is also Managing Director of Diversified Capital, a Venture Capital fund. He has investments in several Service sector companies including Restaurants concepts Wendy's Restaurants, Frisch's Big Boy restaurants and Carmela's Pizzeria's Restaurants.  Mr. Heineman is experienced  as a CEO, CRO and board member of public companies . In addition he is experienced in M&A and capital markets. Prior to his current Venture initiatives, Mr. Heineman, was employed for 23 years as Vice President of HR & Training with Frisch's Restaurants Inc, a public AMEX company operating Big Boy, Golden Coral , hotels and specialty restaurants including company owned and franchise restaurants in the Midwest.  Mr. Heineman has earned bachelors and masters degrees and is an adjunct professor teaching Entrepreneurship and Entrepreneurial Finance at Cedarville University.

 

Closing of this transaction is subject to, among other things, final due diligence by the parties, completion of audited financial statements, preparation of schedules to the definitive agreement, and any final board of director and/or stockholder approvals as necessary.

 

About Carmela's PizzeriaCarmela's presently has three Dayton, Ohio area locations offering authentic New York style pizza including one in the process of moving locations.  Carmela's offers a full service menu for Dine In, Carry out and Delivery as well as pizza buffets in select stores.  Carmela's has been noted in Dayton Daily News as one of "The Best Pizzerias" in Dayton.  Visit the Carmela's website at: www.carmelasohio.com

 

About Greenfield Farms Food, Inc.The Company is a publicly-traded nominally capitalized producer and marketer of "grassfed" beef supplying a North Carolina based grocer on a very limited basis.  The Company is currently seeking other business opportunities to both expand its business and seek greater capitalization in an effort to maximize shareholder value.

 

Safe Harbor for Forward-looking StatementsThis news release may contain forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. While these statements are made to convey to the public the company's progress, business opportunities and growth prospects, they are based on management's current beliefs and assumptions as to future events. However, since the company's operations and business prospects are always subject to risk and uncertainties, the forward-looking events and circumstances discussed in this news release might not occur, and actual results could differ materially from those described, anticipated or implied. For a more complete discussion of such risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission.

 

Contact Information:

 

Greenfield Farms Food, Inc.

Thomas B. Olson, Public Relations

(303) 796-8940

Carmela's Pizzeria

Ron Heineman, Chairman & CEO

(513) 602-3268

 

 

SOURCE Greenfield Farms Food, Inc.

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