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SOURCE Inventure Foods, Inc.
PHOENIX, May 7, 2014 /PRNewswire/ -- Inventure Foods, Inc. (Nasdaq: SNAK), a leading specialty food marketer and manufacturer, and TGI Friday's, the nation's original casual dining bar and grill, have agreed to terms on a new long-term licensing agreement that will result in further expansion of the successful TGI Friday's snack line (www.tgifsnack.com) to include new product categories and international distribution. The contract extends the licensing partnership through 2024. Detailed terms of the agreement have not been disclosed.
"TGI Friday's has been a valued partner of ours since we first began our licensing relationship in 2000. This new, expanded agreement is great news for fans of great tasting snacks," said Terry McDaniel, President and Chief Executive Officer of Inventure Foods, Inc. "Our original licensing agreement allowed us to develop some of our top-selling snacks to date, yet this new agreement sets the stage for additional growth as it will result in great tasting new products, new product categories and expanded distribution across an international geographic footprint. This is a win for Inventure Foods, TGI Friday's and snack consumers around the world."
The new agreement allows for geographic expansion of the TGI Friday's snack food line into new countries including Canada, Mexico, Belize, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua, Panama, China, Taiwan, Japan, Philippines, United Kingdom, the European Union, Australia, New Zealand, and Saudi Arabia.
Additionally, the new agreement allows Inventure Foods (www.inventurefoods.com) to expand the TGI Friday's snack brand into new snack categories such as popcorn, corn snacks, snack mixes and tortilla chips.
"The TGI Friday's menu provides great inspiration," said Steve Sklar, Senior Vice President and General Manager for Inventure Foods, Inc. "When you take our expertise in innovation and pair it with the original, authentic taste of TGI Friday's, you find the perfect combination for development of delicious, ready-to-eat snacks."
Inventure Foods' line of TGI Friday's snacks first appeared in 2000 as ready-to-eat Potato Skins. The product line has since grown to include Jalapeno Poppers, Cheddar Cheese Crunchy Fries, Onion Rings, Mozzarella Sticks and other menu-inspired snacks. Today, TGI Friday's snack foods are sold at retail outlets nationwide, including club, grocery, value, convenience, mass merchandise and vending channels.
"Our partnership with Inventure is among our successful licensing agreements," said Carl Robie, Vice President Global Strategic Sourcing & Brand Licensing for TGI Friday's. "This new agreement lays the foundation for another decade's worth of great-tasting snack foods that are truly representative of the unique TGI Friday's experience."
About Inventure Foods, Inc.
With manufacturing facilities in Arizona, Indiana, Washington, Georgia and Oregon, Inventure Foods, Inc. (Nasdaq: SNAK) is a marketer and manufacturer of specialty food brands in better-for-you and indulgent categories under a variety of Company owned and licensed brand names, including Boulder Canyon Natural Foods®, Jamba®, Seattle's Best Coffee®, Rader Farms®, T.G.I. Friday's™, Nathan's Famous®, Vidalia Brands®, Poore Brothers®, Tato Skins®, Willamette Valley Fruit Company™ and Bob's Texas Style®. For further information about Inventure Foods, please visit www.inventurefoods.com.
About TGI Friday's
As the original casual dining bar and grill, TGI Friday's offers authentic American food and legendary drinks, served with genuine personal service. Bringing people together to socialize and celebrate the freeing and liberating spirit of "Friday" was the concept's founding premise, from which the brand promise "In Here, It's Always Friday®" was born. To share that social Fridays™ experience all over the world, TGI Friday's proudly serves guests with over 900 restaurants in more than 60 countries. Making every day feel like a Friday wouldn't be possible without creating a place where friends feel free to get together. That's why TGI Friday's takes pride in its nearly 8,000 skilled and knowledgeable bartenders, all of whom for the past twenty years have competed annually for the title of the "World's Greatest TGI Fridays Bartender."
The Fridays guest recognition program, Give Me More Stripes®, gives Fridays' closest friends exclusive insider rewards, special event access, and menu sneak peeks, and is not only the first loyalty program of its kind in the industry, but one of the most progressive.
TGI Friday's believes in having a good time, but also in the importance of drinking responsibly. Additionally, its Responsible Business Program is focused on positively impacting the communities it serves. For more information, visit www.fridays.com.
Note Regarding Forward-looking Statements
This press release contains forward-looking statements, including, but not limited to, our expectations regarding delivering improved financial results and operating margin in fiscal 2014, the ability to strengthen our core brand portfolios and expand our health/natural product portfolios, the ability to capitalize on our growth opportunities in the better-for-you and snack food categories and to generate long-term sustainable growth for stockholders, and the ability to achieve a record performance in 2014 and capitalize on our growth opportunities. Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that may cause actual results to differ from the forward-looking statements contained in this press release and that may affect the Company's prospects in general include, but are not limited to, general economic conditions, increases in cost or availability of ingredients, packaging, energy and employees, price competition and industry consolidation, ability to execute strategic initiatives, product recalls or safety concerns, disruptions of supply chain or information technology systems, customer acceptance of new products and changes in consumer preferences, food industry and regulatory factors, interest rate risks, dependence upon major customers, dependence upon existing and future license agreements, the possibility that we will need additional financing due to future operating losses or in order to implement the Company's business strategy, acquisition and divestiture-related risks, the volatility of the market price of the Company's common stock, and such other factors as are described from time to time in the Company's filings with the Securities and Exchange Commission. All forward-looking statements are based on information available to the Company as of the date of this news release, and the Company assumes no obligation to update such statements.
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