• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

G. Willi-Food International Ltd. Announces Closing of $10.0 Million Private Placement

Posted on: Thursday, 5 October 2006, 12:00 CDT

YAVNE, Israel, October 5 /PRNewswire-FirstCall/ -- G. Willi-Food International Ltd. (the "Company" or "Willi-Food"), one of Israel's largest food importers and a single-source supplier of one of the world's most extensive range of quality kosher food products, today announced that it had closed its previously announced $10.0 million private placement of shares of its common stock and warrants to institutional investors. A total of 1,652,893 ordinary shares were sold at a purchase price of $6.05 per share. Warrants to purchase 561,982 additional shares at an exercise price of $8.00 per share were also issued in the transaction. Roth Capital Partners served as the placement agent for the transaction.

After deducting estimated closing costs and fees, the Company received net proceeds of approximately $9.6 million. Zwi Williger, President and COO of Willi-Food commented, "This private placement provides us with the capital to build a new distribution center that will increase our capacity and enable us to progress in our strategy of international expansion. We are targeting the $14 billion kosher market opportunity in the U.S., and we are aggressively pursuing additional distribution channels for our innovative line of kosher products."

"We are committed to delivering value for our investors and are pleased to expand our shareholder base through this transaction." noted Mr. Williger.

Willi Food recently reported a 23% increase in the first half of 2006 revenues to $22.0 million over revenues in the first half of and a 724% increase in first half net income to $5.7 million or $0.66 per share. Net income for first half of 2006 includes $4.0 million as a net one-time unrealized capital gain due to the public listing of the shares of the Company's wholly-owned subsidiary, Gold Frost Ltd. (GLF.L).

The securities issued by G. Willi-Food International Ltd. in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States, absent registration under the Securities Act and applicable state securities laws or an applicable exemption from those registration requirements. G. Willi-Food International Ltd. has agreed to file a registration statement with the Securities and Exchange Commission to register the resale of the ordinary shares issued in the private placement, as well as the ordinary shares issuable upon the exercise of the warrants issued in the private placement.

About G. Willi-Food International, Ltd.

G. Willi-Food International Ltd. is one of Israel's largest food importers and a single-source supplier of one of the world's most extensive ranges of quality kosher food products. It currently imports, markets and distributes more than 400 food products manufactured by some 100 top-tier suppliers throughout the world to more than 1,000 customers. The Company excels in identifying changing tastes in its markets and sourcing high-quality kosher products to address them. For more information, please visit the Company's website at http://www.willi-food.co.il/.

Except for historical information contained herein, the matters set forth in this press release are forward-looking statements that are dependent on certain risks and uncertainties, including such factors, among others, as market acceptance, market demand, pricing, competition, changing economic conditions and other risk factors detailed in the Company's SEC filings.

Contact: G. Willi-Food International Ltd. Gil Hochboim, CFO +972-8-932-2233 gil@willi-food.co.il IR contact: The Global Consulting Group Christopher Chu +1-646-284-9426 cchu@hfgcg.com

G. Willi-Food International Ltd

CONTACT: Contact: G. Willi-Food International Ltd., Gil Hochboim, CFO,+972-8-932-2233, gil@willi-food.co.il. IR contact: The Global ConsultingGroup, Christopher Chu, +1-646-284-9426, cchu@hfgcg.com

Source: PRNewswire-FirstCall

More News in this Category