NEW YORK (April 28, 2010 - Business Wire)—Diamond Ranch Foods, Ltd., a meat and poultry processing and foodservice distribution company, is pleased to announce that the Company has executed a 'Letter of Intent' to acquire the business operations and customer accounts of Executive Seafood, Inc., which the Company anticipates to close within 30 days.
Diamond Ranch Foods anticipates a uniquely seamless transition upon concluding the final non-dilutive acquisition terms that establish Executive Seafood as a wholly owned subsidiary of the Company.
Further, the management at Diamond Ranch Foods will look to quickly incorporate the new seafood category into the their existing meat and poultry business, as the Company plans to implement an immediate cross-selling focus on Executive Seafood's products to all Diamond Ranch Foods customers throughout New York, New Jersey and Connecticut.
Executive Seafood, Inc. is a premier wholesaler of the finest, freshest seafood available, with a reputation for the highest quality seafood selections from an unsurpassed variety of fish offered daily.
As one of these select wholesalers, Executive Seafood has distinguished itself by serving many of the most upscale restaurants and country clubs in the tri-state area.
President and CEO for Diamond Ranch Foods, Mr. Louis Vucci, states: "The acquisition of Executive Seafood is certainly a top priority, so we will be working diligently to complete this transaction in a timely manner. Indeed, the successful addition of their seafood operations should markedly increase our annual revenues, and further serve to fortify our double-digit quarterly growth plans. We expect to announce the completion of this acquisition in the next 30 days."