Global Food Technologies, Inc., a Delaware corporation engaged in the development and commercial launch of its proprietary Best system, a food processing technology designed to kill pathogens, such as salmonella, living in poultry, meat and seafood, announced that it has signed a letter of intent to enter into an asset acquisition agreement with Baroque Corporation, a shell company and wholly-owned subsidiary of Quik Pix, Inc. (Pink Sheets: QPIX).
Hanford, CA (PRWEB) December 19, 2004 -- The Letter of Intent set forth the
mechanism for the purchase of all of the assets of Global Food Technology used
or useful in the conduct of its business as now being conducted, in exchange for
shares of Baroque representing approximately ninety-two percent (92%) of the
total issued and outstanding shares of common stock of Baroque on a fully
diluted basis. The Baroque shares to be received by the shareholders of Global
Food Technology will have to be registered at the SEC for distribution to them
following the closing of the acquisition, and certain of the shares retained by
Quik Pix are also intended to be included in that registration statement for
distribution to its shareholders.
The non-binding letter included certain things which must be performed by each party before the closing can occur, including among other things the execution of a definitive asset purchase agreement memorializing the terms contained in the Letter, the completion of a satisfactory due diligence review of the parties, the conclusion of an audit of Global Foods Technology, and the filing by Baroque of certain delinquent reports required to be filed by it under the Securities Act of 1934. Baroque filed an annual report on Form 10-KSB on December 9, 2004, a week before the Letter of Intent was signed, and certain subsequent quarterly reports are intended to be filed prior to the signing of the definitive acquisition agreement.
According to Keith Meeks, Senior Vice President of Global Food Technologies, "Global Food Technologies has been looking for the proper vehicle with which to launch its public listing for several months. The opportunity to integrate with QPI's Baroque subsidiary provides the perfect launch pad for GFT as it reviews its options for listing on a major exchange. The Company will be working closely with QPI management to complete this transaction in an expeditious manner."
About Quik Pix, Inc.
Established in 1982, QPI (Pink Sheets: QPIX - News) is a subsidiary of Dalrada Financial Corporation (OTC Bulletin Board: DRDF - News). The Company is a premier visual marketing support firm. Located in Buena Park, California, QPI provides a spectrum of services to produce fine color visuals, both digital and photographic, using state of the art technology. Its premier product, the patented PhotoMotion images(TM) multi-image transparencies, is a unique color medium that uses existing originals to create the illusion of movement and allows for three to five distinct images to be displayed with an existing lightbox.
Quik Pix produces, develops, manufactures, licenses and distributes high-quality digital imaging, color management and color profiling solutions for everyone from major corporate customers to individuals using the Internet. It serves the worldwide needs of digital imaging with its award winning ColorBlind(TM) products (http://www.color.com).
About Global Food Technologies, Inc.
Global Food Technologies, Inc. (“GFT”) is a private corporation with offices in Hanford and Newport Beach, California and Pocatello, Idaho. GFT is engaged in the development, marketing and commercial launch of its proprietary BESTTM system, a food processing technology designed to kill pathogens, such as salmonella, living in poultry, meat and seafood. Information on the Company is available at its website: http://www.globalfoodtech.com.
For further information, please contact: Keith Meeks, Sr. Vice President of Global Food Technologies, Inc. at 559-589-0100. e-mail protected from spam bots.
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Source : http://www.prweb.com/releases/2004/12/prweb190200.htm