October 28, 2008
Edgewater Foods International Elects Former Dole Food Executive As New Director of Integrated Shellfish Company
Edgewater Foods International, Inc. (OTCBB: EDWT), the first fully integrated shellfish producer with the largest private marine research hatchery in Canada, announced today that Javier Idrovo, a former executive of the multinational Dole Food Company, has been elected a director of the Company.
Additional board changes announced include the resignations of Ian Fraser, chairman of the compensation committee, and Robert Rooks, who both served on the board for three years. The three changes were effective September 8, 2008.As a result, Edgewater Foods has compressed its board to a total of seven directors to become a more efficient and responsive unit. At the same time, the board gains substantial food industry experience in the person of Mr. Idrovo to help the Company produce and market new products as well as grow its ongoing businesses within current markets.
Mr. Idrovo has been involved in the food industry since 2001 when he became vice president of strategy for Dole Food Company, the world's largest producer and marketer of fresh fruit and vegetables. In 2004, he was promoted to senior vice president of strategy. In 2005, he became Vice President and Chief Financial Officer of Dole Packaged Foods, an operating division of Dole Food Company, and a year later, was named President of Dole Packaged Foods, a position he held until March 2008. Prior to joining the Dole Food Company, he was a management consultant with The Boston Consulting Group, Inc., holding positions of increased responsibility. He received both a Bachelor of Science Degree and Master of Engineering Degree from Harvey Mudd College and a M.B.A. Degree from Harvard Business School.
Commenting on the director changes, Robert Saunders, Chairman and CEO, Edgewater Foods International, said, "Javier Idrovo is an outstanding addition to the board. He brings extensive consumer marketing and branding experience in the food industry to our board, which will become increasingly important as we market and distribute our shellfish products on a wider scale both nationally and internationally."
Mr. Saunders continued, "Ian Fraser and Robert Rooks have made many meaningful contributions to the board over the past three years. Their sound business judgment and experience have brought a valuable prospective to the board and we thank them for their dedication and service to Edgewater Foods."
About Edgewater Foods International, Inc.
Edgewater Foods International Inc., a Nevada Corporation, is the parent company of Island Scallops Ltd. ("ISL"), a Vancouver Island aquaculture company. Established in 1989, ISL has successfully operated a scallop farming and marine hatchery business for almost 20 years. ISL's facilities represent the largest private marine research hatchery and the first fully integrated shellfish producer in Canada.
Edgewater Foods is dedicated to the farming, processing and marketing of high quality, high value marine species: scallops and sablefish. Farmed Pacific scallops are unique to North America, and Edgewater is the predominant producer of live-farmed Pacific scallops.
The Pacific scallop is a hybrid developed by ISL through extensive research and development and proprietary hatchery technology that significantly increases growth yields while resisting disease. It is one of the largest scallops in the world, reaching about 15 cm in size and more than 1 pound in weight. The Company believes there is virtually no existing competition for producing this scallop. Edgewater is committed to rapidly expanding production and profits and financing aggressive growth, while maintaining quality and a healthy respect for a clean, sustainable marine environment.
Scallop farming is inherently a "green," environmentally sustainable industry. Scallops require clean water to grow and can only be harvested from clean waters. No chemicals or food are added to the environment, and cultured scallops are an organic food product. All scallop seed is produced in the Island Scallops' hatchery, so no native populations are exploited.
To learn more about Edgewater Foods International, Inc., please visit the company's Web site at http://www.edgewaterfoods.com. To receive email updates about the company and to be added to Edgewater Foods International Inc. investor lists, please sign up at www.CFSG1.com or contact Adam Brooks at [email protected]
Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results, performance and achievement in the future to differ materially from forecasted results, performance, and achievement. These risks and uncertainties are described in the Company's periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events or changes in the Company's plans or expectations.
Pursuant to an April 1, 2008 contract, Consulting For Strategic Growth 1, Ltd. ("CFSG1") provides Edgewater Foods International, Inc. ("the Company") with consulting, business advisory, investor relations, public relations and corporate development services. Independent of CFSG1's receipt of cash compensation from the Company, CFSG1 may choose to purchase the Company's common stock and thereafter liquidate those securities at any time it deems appropriate to do so.
Contacts: Company Contact: Edgewater Foods International Inc. Rob Saunders Chairman & CEO Tel: 250-757-9811 Fax: 250-757-8370 Website: http://www.edgewaterfoods.com Investor Relations: Stanley Wunderlich, CEO Consulting for Strategic Growth I Tel: 1-800-625-2236 Fax: 1-646-205-7771 Email: [email protected] Web site: http://www.cfsg1.com Media Relations: Daniel Stepanek, EVP CFSG1 Tel: 1-646-205-7767 Fax: 1-646-205-7771 Email: [email protected]
SOURCE: Edgewater Foods International, Inc.