EXHIBIT 99
Viking Capital Brings First Food & Beverage Industry Target Under Letter Of
Intent
DALLAS -December 5, 2003-- Viking Capital Group, Inc. (OTC Bulletin Board: VGCP)
announced today that the Company has signed a Letter of Intent to purchase 100%
of Texamerican Food Marketing, Inc. (Texamerican) of Dallas, TX . Closing is
expected during the first quarter of next year.
With the purchase of Texamerican, Viking will make its first move into the Food
& Beverage Industry. The Company earlier announced its intention to enter the
Food & Beverage Industry in its third quarter report to the SEC.
Texamerican develops and distributes custom breading systems and other coatings,
along with allied seasonings and marinades for the food processing and food
service industries. Unaudited year-to-date sales through November 30, 2003 are
up 20% from the same period last year, increasing from $5.4 million to $6.5
million. Unaudited sales for the year 2002 were $5.9 million versus an estimated
$7.2 million for year 2003. Texamerican is currently profitable, as it has been
since its inception in 1985. Texamerican is controlled and operated by Robin
Sandifer, a director of Viking Capital Group, Inc.
About Viking Capital Group, Inc.
Viking Capital Group, Inc.("Viking" or "Company") is a diversified international
holding company whose mission is to become the recognized leader at creating
extraordinary long-term value for its shareholders through acquisitions and fee
income. During the first quarter of this year, the Company sold all of its
approximately $129,000,000 China holdings and is currently focusing on the Food
& Beverage industry in the US. However, Viking is looking at opportunities in
several industries in an effort to increase stockholders share value. The
Company's financial growth strategy, and target selection criteria, is primarily
based upon expected sales and profits with little weight given to asset size.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release may contain certain "forward-looking" statements as such term
is defined in the Private Securities Litigation Reform Act of 1995 and
information relating to the Company and its subsidiaries that are based on the
beliefs of the Company's management as well as assumptions made by and
information currently available to the Company's management. When used in this
release, the words "plan", "anticipate", "believe", "estimate", "expect", and
"intend" and words or phrases of similar import, as they relate to the Company
or its subsidiaries or Company management, are intended to identify
forward-looking statements. Such statements reflect the current risks,
uncertainties and assumptions related to certain factors including, without
limitations, changes or anticipated changes in regulatory environments,
competitive factors, general economic conditions, customer relations,
relationships with vendors, the interest rate environment, governmental
regulation and supervision, seasonality, distribution networks, product
introductions and acceptance, technological change, changes in industry
practices, onetime events and other factors described herein and in other press
releases to the public or filings made by the company with the Securities and
Exchange Commission, the ability to secure partnership or joint-venture
relationships with other entities, the ability to raise additional capital to
finance acquisitions and expansion, and the risks
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inherent in acquisitions, their management, and product and service
introductions and the entry into new geographic markets. Based upon changing
conditions, should any one or more of these risks or uncertainties materialize,
or should any underlying assumptions prove incorrect, actual results may vary
materially from those described herein as anticipated, believed, estimated,
expected or intended. The Company does not intend to update these
forward-looking statements. For further information, which could cause actual
results to differ from the Company's expectations, as well as other factors,
which could affect the Company's financial statements, please refer to the
Company's report filed with the Securities and Exchange Commission.
Contact:
Viking Capital Group, Dallas
Matthew W. Fossen, (972)386-9996
mfossen@vcgi.com
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