Business
Glow Holdings Inc. Announces Binding Letter of Intent to Acquire Cedar River Foods LLC and Announces New Chief Executive Officer
Glow Holdings Inc. Announces Binding Letter of Intent to Acquire Cedar River Foods LLC and Announces New Chief Executive Officer.
About this update from Glow Holdings, Inc.
[{"type":"text","content":"\n \n \n Glow Holdings Inc. Announces Binding Letter of Intent to Acquire Cedar River Foods LLC and Announces New Chief Executive Officer\n \n \nGlow Holdings Inc. Announces Binding Letter of Intent to Acquire Cedar River Foods LLC and Announces New Chief Executive Officer\n \n IRVINE, CA--(Marketwired - Apr 23, 2014) - Glow Holdings Inc. (PINKSHEETS: GLOH) announced today that it signed a binding Letter of Intent (\"LOI\") with Cedar River Foods LLC calling for a newly-formed subsidiary of Glow to merge with Cedar River Foods' operations. According to Robert Pang, Chairman and Chief Visionary of Glow's Visionary Board, \"This is a major milestone for Glow that is taking its first step in executing its strategic plan, using mergers and acquisitions to acquire strategic operations.\"\n Cedar River Foods LLC is a food manufacturer based in Seattle, Washington. Cedar River Foods uses innovative, proprietary technology and expertise to make unique, delicious food products. The Ultimate Pancake Sandwich is the first product launched by Cedar River Foods, and can be found in grocery stores such as Kroger, Thriftway, as well as other specialty retailers.\n Cedar River Foods is committed to using only the highest quality ingredients. The company selects 100% natural sausages, real cheddar cheese, and no artificial colors or additives. The products are low in calories and fat, with no trans fats or GMO (genetically-modified organisms) ingredients.\n Under the LOI, the plan is for Cedar River Foods to merge with and into a 55%-owned subsidiary of Glow to be called Cedar Foods Corporation (CFC) and the other 45% to be owned by Ambezz Inc., with Cedar Foods Corporation being the surviving entity after the merger. According to the LOI, in the event the merger closes, the membership unit holders of Cedar River Foods LLC and the shareholders of Ambezz Inc., as of immediately prior to the closing of the merger, will receive twenty-five million (25,000,000) newly-issued shares of Glow Common Stock, restricted in accordance with Rule 144, and Glow agrees to invest a minimum of $125,000, between the closing and August 15, 2014, in the new Cedar Foods Corporation for the development of its business.\n Additionally, Glow announced the appointment of Robert J. Selfridge as its new Chief Executive Officer as well as Cedar Foods Corporation. Mr. Selfri...