Worldwide Cannery and Distribution Inc. acquires packaging and manufacturing plant in Czech Republic

17/04/06 World Wide Cannery and Distribution Inc. has announced the acquisition of 100% of the Seafood Factory, located in Prague, Czech Republic. Last year, the Seafood Factory produced close to 14.5 million Euros in revenue, the equivalent to roughly $17 million in US dollars, by packaging and selling high-end seafood such as King Crab and caviar all over Europe, along with expansion into other parts of the world.

The final numbers are only a fraction of what Factory is capable of producing. The company did not have a distribution center last year and final European Union Certification was not achieved until late 2005. Therefore, the company was only operating at about 20% capacity. With all certifications in place, the Factory will be running at 100% efficiency.

Also, by having a distribution center, the Seafood Factory can now produce the necessary quantity of products to keep up with the overwhelming demand, something it could not do last year. They can also lease out its services and allow other companies to package and distribute their products, with a leasing fee paid to the Factory.

This is the first of many steps for World Wide Cannery and Distribution Inc., who earlier this month announced a major corporate makeover. The company announced plans to move more aggressively in the lucrative food manufacturing and distribution sector and this acquisition is the just the beginning of this new aggressive campaign.

http://www.marketwire.com/mw/release_html_b1?release_id=122506