|FOR IMMEDIATE RELEASE
June 8, 2000
HUDSON VALLEY FOIE GRAS, LLC. ACQUIRES ASSETS OF A.G.Y. CORPORATION
New Company to Expand Production
FERNDALE, NY: June 8, 2000: Hudson Valley Foie Gras, LLC, a newly
formed company, today announced that it acquired substantially all
of the assets of A.G.Y. Corporation. A.G.Y. Corporation dba Hudson
Valley Foie Gras is the leading producer of foie gras in North America.
The company also markets a line of other specialty duck products including
confit, breasts, legs, rendered duck fat and other items.
Michael Ginor, founder and President of A.G.Y. Corporation, and
Izzy Yanay, co-founder and Vice President/General Manager of A.G.Y.
Corporation, and Prospect Partners, L.P. formed Hudson Valley Foie
Gras, LLC for the purpose of recapitalizing and building the growing
A.G.Y. Corporation business. The company’s operations are
currently in two locations in the Ferndale, NY area with its headquarters
offices in Great Neck, NY Mr. Ginor and Mr. Yanay are President
and Vice President/ General Manager, respectively, of the new company
and remain significant investors and shareholders. Mr. Ginor also
joins holding company Gourmand Specialty Foods, Inc. as Vice Chairman
and a director.
"This is a truly exciting development for Hudson Valley,”
said Ginor. “The partnership with Prospect Partners provides
significant financial resources to expand our business and to serve
our loyal customers better in light of the growing demand for foie
gras as it continues to experience a more global acceptance.”
Prospect Partners, LLC of Chicago manages a $105 million private
equity fund focused on management-led leveraged acquisitions and
providing growth capital for lower middle market businesses with
niche strategies. William V. Glastris, Jr., Richard C. Tuttle and
Edward H. Benford will serve as directors of the new company.