[GALAXY NUTRITIONAL FOODS LOGO]
FOR IMMEDIATE RELEASE: CONTACT:
June 2, 2003 Xxxx X. Xxxxxx, Investor Relations
Galaxy Nutritional Foods, Inc.
(000) 000-0000
GALAXY NUTRITIONAL FOODS ALIGNS WITH STRATEGIC PARTNER,
FROMAGERIES BEL S.A.
COMPANY ENTERS INTO MASTER DISTRIBUTION AND LICENSING AGREEMENT;
FROMAGERIES BEL'S SENIOR V.P. OF MARKETING JOINS GALAXY'S BOARD OF DIRECTORS
ORLANDO, Florida (June 2, 2003) - Galaxy Nutritional Foods (AMEX: GXY), the
leading producer of nutritious plant-based dairy alternatives for the retail and
foodservice markets, today announced that they have entered into a master
distribution and licensing agreement with Fromageries Bel S.A.
Under the terms of the agreement, Fromageries Bel has the exclusive rights to
distribute certain Galaxy products to the fifteen European Union States and to
more than twenty-one other European countries and territories. The two companies
will share key learnings and marketing strategies and Fromageries Bel will
create and support commercial plans for the development and distribution of
these products within their exclusive territories.
The Company also announced the appointment of Mr. Xxxxxxx X. X. Xxxxxxxx, the
Senior Vice President of Marketing for Fromageries Bel S.A., to the Company's
Board of Directors. Xx. Xxxxxxxx has been a senior executive with Fromageries
Xxx since joining them in 1990. His various positions include: Vice President of
Strategic Marketing and New Product Development; Vice President of Natural
Cheese Division; Vice President in charge of marketing and sales of Bel's
European Division; and Vice President of Bel's International Worldwide Division.
He has also served as a director of Fromageries Bel since 1990. From 1969 to
1989, Xx. Xxxxxxxx was a senior marketing executive for the Unilever Company.
Xxxxxxx Xxxxxxxx commented, "The company, Fromageries Bel, which has been
traditionally focusing its activity on milk-based products with very strong,
branded properties, is seeking to be present in the fast growing market of which
Galaxy has acquired a strong expertise and significant market share".
Xxxxxxxxxxx X. Xxx, Galaxy's CEO, stated, "We are very pleased to have developed
this exciting strategic partnership with Fromageries Bel. Not only have they
invested in our future through the private placements, which we also announced
today, but they have also demonstrated a strong belief and confidence in the
position of Galaxy's products by entering into this distribution agreement. Our
management team is anxious to share knowledge with Xxx's well-respected and
winning team and we expect that both companies will benefit greatly from this
relationship,"
Xxxxxxx X. Xxxxxx, Galaxy's Chairman of the Board stated, "We enthusiastically
welcome Xxxxxxx Xxxxxxxx to our Board of Directors. He brings a wealth of
knowledge and experience in branded cheese marketing and sales to Galaxy and
will undoubtedly provide us with great marketing insight for both the U.S. and
international markets. Xxxxxxx's background will be a terrific complement to the
expertise of Galaxy's other outside Directors, who are some of the foremost
experts in their fields," Xx. Xxxxxx concluded.
ABOUT FROMAGERIES BEL S.A.
Fromageries Bel, with sales of approximately $2.3 billion, is the number one
branded cheese company in Europe. They are a family-owned company, and leading
producer of innovative branded cheeses that are sold in nearly one hundred
countries throughout the world. Their portfolio of more than twenty
international and domestic brands includes Mini Babybel, The Laughing Cow,
Kaukauna, Bonbel, Kiri, Port-Salut,Sylphide, and the recently acquired
Leerdammer. Bel/Kaukauna Cheese U.S.A., is a leader in the refrigerated cheese
spreads category and has recently added Connoisseur brand, an upscale line of
spreadable European-style cheeses. Fromageries Bel, operates twenty-two
production plants throughout the world, produces 235,000 tons of branded cheese,
and has a workforce of approximately 9,300 persons.
ABOUT GALAXY NUTRITIONAL FOODS(R), INC.
Galaxy Nutritional Foods(R) is the leading producer of health-promoting
plant-based dairy and dairy-related alternatives for the retail and foodservice
markets. An exclusive, new and technologically advanced, safer "hot process" is
used to produce these phytonutrient-enriched products, made from nature's best
grains - soy, rice and oats. Veggie products are low fat and fat free (saturated
fat and trans-fatty acid free), cholesterol and lactose free, are growth hormone
and antibiotic free, and have more calcium, vitamins and other minerals than
conventional dairy products. Because they are made with plant proteins, the
products are more environmentally friendly and economically efficient than dairy
products derived solely from animal proteins. Galaxy's products are part of the
healthy and natural foods category, the fastest growing segment of the retail
food market. Galaxy brand names include: Galaxy Nutritional Foods(R); Veggie(R);
Nature's Alternative(TM); Veggie Lite Bakery(TM); Veggie Cafe(TM); Soyco(R);
Soymage(R); Wholesome Valley(R); Lite Bakery(R); and formagg(R). For more
information, please visit Galaxy's website at: xxx.xxxxxxxxxxx.xxx.
This press release contains "forward-looking" statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties, or other factors
which may cause actual results, performance or achievements of the company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Readers are cautioned
not to place undue reliance on those forward-looking statements, which speak
only as of the date hereof. The company undertakes no obligation to release
publicly any revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect unanticipated events or
developments.
