- The Company has made significant progress toward completing the proposed sale of the Fresh Cut business (formerly “RFG”) and related real property and expects to close in
May 2024 - As previously shared, the expected uses of sale proceeds would include paying down debt and returning cash to shareholders
- The Company's internal investigation into potential Foreign Corrupt Practices Act violations in
Mexico is winding down and the Company will share more with investors when it is able to do so
About
Safe Harbor Statement
This press release contains statements relating to future events and results of Calavo (including financial projections and business trends) that are “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995, that involve risks, uncertainties and assumptions. These statements are based on our current expectations and are not promises or guarantees. If any of the risks or uncertainties materialize or the assumptions prove incorrect, the results of Calavo may differ materially from those expressed or implied by such forward-looking statements and assumptions. The use of words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans” and “believes,” among others, generally identify forward-looking statements. Risks and uncertainties that may cause the proposed sale of the Fresh Cut business and certain related real property to be delayed or not to complete include, but are not limited to, the ability of the parties to reach a binding agreement for the proposed sale, the potential that the price, structure, form of consideration (for example, cash, promissory, equity) and other material terms may be materially different than currently expected, the continuing financial and operating performance of the Fresh Cut business during the negotiation process; the possible effect of the announcement of the sale of the Fresh Cut business on our customer, vendor and supplier relationships, operating results and business generally; and if the Company enters into a binding agreement for the proposed transaction, the occurrence of any event, change or other circumstance that prevents the completion of the sale of the proposed transaction, including the failure to satisfy all closing conditions that are included in such binding agreement. Risks and uncertainties that may cause other results to be materially different from any future results expressed or implied by the forward-looking statements in this press release include, but are not limited to, the incomplete status of the internal investigation into potential FCPA violations in
For a further discussion of these risks and uncertainties and other risks and uncertainties that we face, please see the risk factors described in our most recent Annual Report on Form 10-K filed with the
Investor Contact |
calavo@finprofiles.com |
310-622-8246 |
Source:
2024 GlobeNewswire, Inc., source