Net Revenues for June and the second quarter 2007 were $341,100 and $1,067,132, respectively. The sales for quarter represent the best quarter ever in the company's four year history and a 33% increase for the quarter over the second quarter 2006 sales. The Wholefood Farmacy's wholly-owned subsidiary, Think Again, Inc., was in a Chapter 11 reorganization from December 8, 2004 until June 19, 2007, and the company emerged from bankruptcy on June 19, 2007, with no dilution of stock, new management as of December 8, 2004, and increased average sales to almost five times its pre-petition record month.
Having successfully emerged from bankruptcy on June 19, 2007, we are now able to focus on accelerating the growth of the company. Wholefood Farmacy CEO Steven L. Tilton, stated, "The company has filed an application for certification as a processor of organic foods within the meaning of the National Organic Program which is administered by the United States Department of Agriculture. Certification as an organic food processor will position our company in the fastest growing sector of the food industry. According to the Organic Trade Association's Manufacturer's Study, the U.S. organic food market grew over 16% in 2005 for total organic sales of over $13 billion. For the next three years we expect the demand for organic food to exceed the capacity of the current suppliers of organic food." By comparison, during the first half of the current decade, sales for the traditional food industry grew at approximately 2-3% per year. (Organic Food Sales See Healthy Growth, website article at MSNBC [CNBC] Dec 3, 2004.)
The company is also revising and updating its corporate financial statements to reflect the company's emergence from bankruptcy including the acquisition of its real estate, successful dispute of some of its debt, and the net retirement of over five million shares as part of its approved plan and final decree. The company expects to release those updated financial statements before September 1 via various news release outlets including www.mn1.com and www.pinksheets.com.
Forward-Looking Statement
This Press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.
CONTACT: Wholefood Farmacy Corp., +1-423-921-7848; or Brokers and Analysts