Vita Announces Retirement of Subsidiary CEO
August 31 2006 - 2:37PM
PR Newswire (US)
CHICAGO, Aug. 31 /PRNewswire-FirstCall/ -- Vita Food Products, Inc.
(AMEX:VSF) announced that Terry W. Hess has retired from his
position as Chief Executive Officer of Vita Specialty Foods, Inc.,
the Company's wholly- owned subsidiary, effective Friday, August
25, 2006. Mr. Hess will, however, continue to serve as Vice
Chairman of the Company's Board of Directors. He will also remain
at the Company during the transition period. Cliff Bolen, the
Company's President and Chief Executive Officer, stated, "I have
known Terry since the acquisition of Virginia Honey five years ago
and have greatly valued our working relationship and respect him as
a business partner and a committed family man. On behalf of the
entire Company, I wish to acknowledge our deep appreciation for the
significant contributions that Terry has made in operating both
Virginia Honey Company and our Vita Specialty Foods division." Mr.
Hess added, "It has been a privilege to work with such an
outstanding staff and I wish them and the company continued
success. I am looking forward to the next chapter in my life in
building a Family Fun Center with my wife Julie and our four
children." Mr. Hess joined the Company as President of Virginia
Honey Company and a director of the Company in July 2001 when
Virginia Honey, of which he served as President/Owner and a
director since 1997, was acquired by the Company. He became Chief
Executive Officer of Vita Specialty Foods, responsible for the
overall operations with an emphasis on sales and production, in
November 2002, when Virginia Honey merged into Vita Specialty
Foods. Mr. Hess was appointed as Vice Chairman of the Company's
Board in October 2005. He also served as a member of the Office of
the Chief Executive from March 2006 to August 2006. Prior to his
purchase of Virginia Honey, Mr. Hess had an extensive background in
banking for 18 years, including serving as Senior Vice President of
One Valley Bank, responsible for nine offices and a $60 million
consumer loan portfolio. Mr. Hess is on the United Way Board,
American Cancer Board and is a director and member of the loan
committee of Centra Bank, a publicly held entity. Mr. Hess attended
Shepherd College in Shepherdstown, WV and Louisiana State
University Graduate School of Banking. The Company's Vita Seafood
division is a U.S. leader in the herring and retail packaged salmon
markets, and is engaged in several other food segments, including
cream cheese, cocktail sauce, tartar sauce and horseradish. The
Company markets and sells these items under the Vita(R), Elf(R) and
Grand Isle(R) brands. More than 95% of Vita Seafood's sales are in
kosher foods. Vita Specialty Foods, Inc., the Company's wholly
owned subsidiary, markets and sells honey, salad dressings, meat
enhancements and salsas. The Company markets and sells these items
under the Virginia Brand(R), Oak Hill Farms(R), Scorned Woman(R),
Jim Beam(R) and Budweiser(R) brands. For more information visit
http://www.vitafoodproducts.com/ . The common stock of Vita Food
Products, Inc. is currently traded on the American Stock Exchange
and Chicago Stock Exchange under the ticker symbol VSF. This
release contains forward-looking statements about the Company's
future growth, profitability, introduction of new products, and
competitive position. Any such statements are subject to risks and
uncertainties, including changes in economic and market conditions,
industry competition, raw material prices, the success of new
product introductions, management of growth and other risks noted
in the Company's filings with the Securities and Exchange
Commission. Readers are cautioned not to place undue reliance on
forward-looking statements, which reflect management's analysis
only as of the date hereof. DATASOURCE: Vita Food Products, Inc.
CONTACT: Clifford Bolen, CEO, President of Vita Food Products,
Inc., +1-312-738-4500, Web site: http://www.vitafoodproducts.com/
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