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Romana Food Brands Corp.(Romana) Signs Letter of Intent to Acquire Michelis Egidio SNC di Michelis C.M.M. (Michelis) - A Globally Expanding, Premium Authentic Italian Cuisine Producer
Romana Food Brands Corp.(Romana) Signs Letter of Intent to Acquire Michelis Egidio SNC di Michelis C.M.M. (Michelis) - A Globally Expanding, Premium Authentic Italian Cuisine Producer.
About this update from Romana Food Brands Corp
[{"type":"text","content":"\n\n\n\nRomana Food Brands Corp.(Romana) Signs Letter of Intent to Acquire Michelis Egidio SNC di Michelis C.M.M. (Michelis) - A Globally Expanding, Premium Authentic Italian Cuisine Producer\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nRomana Food Brands Corp.(Romana) Signs Letter of Intent to Acquire Michelis Egidio SNC di Michelis C.M.M. (Michelis) - A Globally Expanding, Premium Authentic Italian Cuisine Producer\nPR Newswire\nOAKVILLE, ON, Jan. 16, 2018\n\n\n\nWith A Distinctive \"Made in Italy\" Savory Signature, Michelis Brings Romana Quality, Authenticity, and Annual Revenues in the Range of 19 Million Dollars\n\n\n\nOAKVILLE, ON, Jan. 16, 2018 /PRNewswire/ - Romana Food Brands Corp. (OTC Markets: RFBC) announced today the signing of a binding letter of intent to acquire the northern Italian based specialty artisanal producer Michelis Egidio SNC di Michelis C.M.M. (\"Michelis\"). This strategic acquisition will add $19 million USD in Annual Revenue to the corporation.\n\n\n \n \n\n \nRomana will acquire 100% of Michelis, which was founded in 1919 and specializes in the production of fresh, dried and frozen pasta, baked goods and a line of desserts. According to the letter of intent, the company will proceed with a formal due-diligence, and expects to sign a definitive agreement within the next month and close the acquisition on or before April 30, 2018. \n\nMichelis supplies numerous restaurants and vendors, including the distinguished global Eataly Italian marketplace; an establishment comprised of a variety of restaurants, bakeries, retail merchandise vendors and cooking schools. Eataly delivers to the most discerning palates for fine Italian cuisine from New York to Tokyo, and will soon be opening in Toronto.\n\n\"The integration of Michelis branded products within our distribution channels makes this a perfect match\" said Morrie Fogelbaum, Chairman of Romana. \"Our objective of becoming the new Italian food leader is becoming a reality thanks to our Mergers and Acquisitions strategy bringing one acquisition and integr...