Galaxy Nutritional Foods enters into two agreements with Schreiber Foods
Under the agreements Schreiber would manufacture and distribute Galaxy Products in future.
Under the terms of a definitive agreement (the "Asset Purchase Agreement") signed on June 30, 2005, Galaxy Nutritional Foods, Inc. will sell substantially all of its plant assets to Schreiber Foods, Inc., a $2 billion- plus (sales) global enterprise and the world's largest privately held cheese company. The transaction, which will be subject to approval from the Company's primary lenders and shareholders, is expected to close on or about November 1, 2005.
Under the terms of a definitive agreement (the "Supply Agreement") signed on June 30, 2005, Schreiber Foods has agreed to manufacture and distribute all of the Company's products for an initial period of five (5) years beginning September 1, 2005. The Supply Agreement is renewable at Galaxy's option for up to two additional five-year periods. On or before November 1, 2005, Schreiber will purchase Galaxy's remaining raw materials, ingredients and packaging at the Company's cost.
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