Global Food Technologies, Inc. Announces Signing of Letter of Intent With Baroque Corporation
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.
# # #
Source : http://www.prweb.com/releases/2004/12/prweb190200.htm