Reser's to Acquire Vaughan Foods for $18.25M

Reser's Fine Foods, Inc. and Vaughan Foods, Inc. FOOD, today announced that they have entered into an agreement for Reser's to acquire Vaughan Foods for $18.25 million in cash. Vaughan's Board of Directors has unanimously approved the transaction, which is subject to approval from Vaughan's stockholders and other closing conditions, and is expected to close in the early fall 2011. "Our Company is a family-owned business with a rich history of working closely with our employees, customers and suppliers. The synergies between Vaughan Foods, Inc. and Reser's Fine Foods, Inc. will provide our valued customers with a wider range of today's freshest foods. We look forward to partnering together as we move forward," said Mark Reser, President and CEO of Reser's Fine Foods. Herb Grimes, chairman of the board and CEO of Vaughan Foods, said, "We are extremely pleased with the offer from Reser's Fine Foods. We believe the offer benefits our employees, their families and our investors. After 50 years of business, Vaughan Foods has found within Reser's a company that is growing at a strong pace. It is a company that will respect our legacy as a family-operated company that delivers the freshest products throughout the nation."