- Estimated annual savings of $500,000
- Company to receive nearly $200,000 in non-refundable financial
assistance from the Quebec government
MONTREAL, Feb. 13 /CNW Telbec/ - Ranaz Corporation ("Ranaz") (TSX-V: RNZ)
announced today that it will soon transfer production of its nutritional bars
from BarTech in Michigan to its facility in St-Eustache, Quebec.
The Company has taken this decision in light of the economic situation
and financial crisis in the United States, which has prevented it from
expanding the plant as planned last October. This decision will enable Ranaz
to centralize its manufacturing activities under one roof and thus benefit
from synergies and annual savings estimated at $500,000. The integration plan
calls for the start-up of a nutritional bar production line in the second
quarter of 2009.
The Company will receive non-refundable financial assistance of nearly
$200,000 from the Quebec government through a Ministry of Economic
Development, Innovation and Export Trade program.
"In this economic climate, we must optimize our operations as best we
can," said Jean Bourassa-Marineau, President and Founder of Ranaz. "The
transfer of our bar production is in line with the goals we set last October
of improved profitability and sound financial management of our assets. I
would like to thank the Quebec government and its personnel for their
attention and support for this project. We are also awaiting a favourable
decision from the Canadian government regarding additional financial
The Company will continue to enjoy the solid expertise of Joseph
Bachmore, President of BarTech (USA), who will oversee market development for
private labels and other Ranaz products in the United States.
About Ranaz Corporation
Ranaz is a company specializing in the manufacture and marketing of
protein and dietary supplements. Its mission is to design, develop and market
nutritional, protein and dietary supplements under its own corporate brands
and concepts, such as Protidiet and ProtiLife, as well as under private
labels. For more information about the Company, please visit our website at
Certain statements contained in this news release, other than statements
of fact that are independently verifiable at the date hereof, may constitute
forward-looking statements. Such statements, based as they are on the current
expectations of management, inherently involve numerous risks and
uncertainties, known and unknown, many of which are beyond Ranaz's control.
Such risks include but are not limited to: the impact of general economic
conditions, changes in the regulatory environment in the jurisdictions in
which Ranaz does business, stock markets volatility, fluctuations in costs,
and changes to the competitive environment due to consolidation, as well as
other risks disclosed in public filings of Ranaz. Consequently, actual future
results may differ materially from the anticipated results expressed in the
forward-looking statements. The reader should not place undue reliance, if
any, on the forward-looking statements included in this news release. These
statements speak only as of the date made and Ranaz is under no obligation and
disavows any intention to update or revise such statements as a result of any
event, circumstances or otherwise.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
For further information:
For further information: Ranaz Corporation: Martin Vidal, Executive Vice
President and Chief Financial Officer, (450) 491-7106, Ext. 213,
firstname.lastname@example.org; SOLAK Communications: François Kalos, President,
(450) 993-0828, email@example.com