LaSalle Brands Corporation (OTC: LSAL) has completed its acquisition of LaSalle Ice Cream. The Purchase Agreement between the Company and LaSalle Brands, Inc. was executed on January 31, 2008. The Company’s Board of Directors approved the acquisition on January 31, 2008 as well.
Upon closing the Board of Directors appointed Medhat “Tony” Mohamed as the Company’s new President and CEO. Mr. Scott Campbell will remain as the Company’s CFO. As part of the Agreement, three other Board members stepped down from their seats on the Board to make room for new appointments to be announced in the coming weeks.
LaSalle Brands' new President and CEO, Tony Mohamed, was quoted as saying, “This is a great day for LaSalle Ice Cream. The Company will now have the opportunity to move forward in its next stage of growth and ice cream lovers everywhere will soon have the opportunity to enjoy what New Yorkers have tasted for years.” Mr. Mohamed continued by saying, “We are currently negotiating with additional acquisition targets that we anticipate will not only grow LaSalle Brands, but shareholder value as well.”
About LaSalle Brands Inc.:
The LaSalle Brands dream was born in 1972 with the goal to bring the consumer a super premium all natural ice cream at an affordable price and pledge to create a delicious dairy desert using only the finest ingredients available. LaSalle Ice Cream is traditionally sold in pint size containers and is distributed to markets in the five boroughs of New York. LaSalle is the third largest pint brand ice cream in New York City, and outsells many national premium brands in LaSalle’s immediate markets.
In 2005 LaSalle Brands Inc. opened its Premiere Retail location on Third Avenue in New York City offering a variety of distinctive ice cream flavors, gelato, and exceptional fruit sorbets. In addition to ice cream, gelato, and sorbets, LaSalle Brands Inc. also includes fine imported cookies and its own LaSalle brand coffee. LaSalle Brands Corporation intends to use this successful business model as a benchmark for a national chain. The Company has already leveraged some of the best franchising personnel in the business, and are preparing the ground work needed for a very aggressive franchising campaign.
Learn more about LaSalle Brands, Inc. at www.lasalleicecream.com
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including, but not limited to, the sales of franchises, the ability for the Company to raise needed funds to complete the acquisition, and those set forth in the company's report on Form 10-KSB for fiscal year 2006 filed with the Securities and Exchange Commission.