1
Exhibit 99.1
Press Release dated April 21, 1998 in relation to the
license agreement between NewCorn Co. LLC and The Sholl
Group II, Inc.
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CONTACT:
EPL Technologies, Inc. [EPL TECHNOLOGIES, INC. LOGO]
Investor Relations Department, Philadelphia
Timothy B. Owen, Secretary and Treasurer
Bruce Crowell, Chief Financial Officer
(610) 521-4400
2 International Plaza, Suite 245
Philadelphia, PA 19113-1507
Tel: 610-521-4400
Fax: 610-521-5985
FOR IMMEDIATE RELEASE
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EPL TECHNOLOGIES, INC. ANNOUNCED TODAY A NEW JOINT
VENTURE TO MARKET FRESH CORN PRODUCTS UNDER THE GREEN GIANT
FRESH(R) BRAND
Philadelphia, PA -- April 21, 1998 -- EPL Technologies, Inc. (NASDAQ:EPTG)
announced today that NewCorn Co. LLC, an entity in which the Company has a 51%
ownership interest ("Newcorn"), has entered into a trademark sublicense
agreement with The Sholl Group II, Inc. ("Sholl"), the exclusive licensee of
the Pillsbury Company's Green Giant Fresh(R) brand name. The agreement grants
NewCorn the right to use the Green Giant Fresh(R) brand name on the Company's
fresh-cut corn products on an exclusive basis in North America. Under this
agreement, Freshcorn LLC, a newly formed joint venture company owned equally by
Newcorn and Sholl ("Freshcorn"), will provide marketing support for the
Company's fresh-cut corn products.
Paul L. Devine, Chairman and CEO stated that: "The Company believes that the
Green Giant Fresh(R) brand will enhance consumer awareness and acceptance of
the Company's fresh-cut corn products and facilitate the development of a
market for branded fresh-cut corn available nationally on a year-round basis."
NewCorn's license expires on December 31, 2020, subject to automatic renewal or
earlier termination in certain events, including termination of Sholl's license
from The Pillsbury Company. NewCorn will pay a royalty to Sholl based on the
number of cases of licensed corn products sold by NewCorn. Additionally,
NewCorn will pay to Freshcorn a fee based on the profitability of NewCorn's
sales of fresh-cut corn products (the "Fee"), against which the royalty
payments to Sholl will be credited. As members of Freshcorn, Newcorn and Sholl
have agreed that, generally, 25% of the Fee in each year will be used to
reimburse expenses incurred by NewCorn for the advertising, marketing and
promotion of the Company's fresh-cut corn products.
EPL Technologies, Inc. develops, manufactures and markets proprietary
processing aids, packaging technologies and scientific and technical services,
which are designed to maintain the quality and integrity of fresh-cut produce.
Certain statements made regarding the potential of the above transaction may be
viewed as forward-looking statements and, as such, actual results may vary
materially. Meaningful factors that may affect such results include, but are
not limited to, the availability of fresh corn and related raw material pricing
considerations, the pace of roll-out of new corn products, the Company's
ability to move such products into national food distribution channels,
consumer acceptance of such products and the associated economies of selling
prices, among other considerations that consequently may have an influence,
including those set forth in EPL's filings with the Securities and Exchange
Commission. EPL expressly disclaims any obligation to update these
forward-looking statements.
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