MOSCOW, June 28, 2011 /PRNewswire/ --
OJSC «Russian Sea Group» (the «Company» or the «Group»), one of Russia's leading consumer food companies, announces that it has been notified of a change in the ownership of its major shareholder. RS Group, owner of Corsico Limited, the Group's major shareholder, has formed a strategic partnership with the Luxembourg-based investment fund, Volga Resources, to invest into Russia Sea Group.
RS Group and Volga Resources intend to establish a joint company, which will own 60.936% of the Russian Sea Group. 50% of shares in the new company will be owned by RS Group, controlled by Maxim Vorobiev and 50% by the wholly-owned subsidiary of Volga Resources.
The parties expect the deal to be completed within the next two months.
Maxim Vorobiev, owner of RS Group, commenting on the future partnership with Volga Resources, said, "We see tremendous potential in our partnership for the strategic development of the Russian Sea Group. Our new partner's international business experience as well as its financial strength will contribute to rapid, profitable and sustainable growth of the Group. I will continue to be actively involved in the Company, and as Chairman, will remain in charge of the overall development of the Group".
Chlodwig Reuter, Chairman of Volga Resources, added, "The food industry, in particular the fish segment, as well as fast moving consumer goods (FMCG) are young and dynamic sectors of the Russian economy and offer great growth potential. Russian Sea Group is a well run company with a strong and proven management team. We are confident that the management, together with RS Group and Volga Resources, will successfully develop the business and take it to the next level. This acquisition allows us to diversify away from our more traditional sectors of oil & gas. We will continue to look for other opportunities that are undervalued and offer attractive and sustainable investment returns."
CEO of the Russian Sea Group, Dmitry Dangauer, said, "We will be pleased to welcome a new shareholder to the Company. Volga Resources will bring new expertise, strengthen corporate governance and contribute to the further development of the Company. The company's management is ready to meet and exceed the goals and objectives of all our shareholders."
NOTE TO EDITORS
ABOUT THE COMPANY
Russian Sea Group was founded in 1997 and began its operations by importing herring and mackerel from Norway. In 1999, the Company launched production of the ready-to-eat fish products under its core 'Russian Sea' brand and then continued its development as a producer and distributor of fish and fish products. At present, Russian Sea Group comprises two main business divisions, operated respectively by Russian Sea Company, and Russian Fish Company, each a wholly-owned subsidiary of Russian Sea Group.
The 'ready-to-eat' business (Russian Sea Company) produces and sells "ready-to-eat" fish and seafood products under well-recognized brands, such as "Russian Sea","Islandka", "Selyodochka Stolichnaya", "Mediterana", "7 Uzlov" and "Flottika". These products include salted and smoked salmon and trout, red caviar, a wide assortment of herring products, seafood, seaweed products androe spreads. The Group operates a modern fish and seafood production facility in Noginsk, Moscow region (approximately 40 km from Moscow).
The Group's 'chilled and frozen' business (Russian Fish Company) sells and distributes over 60 types of fish and seafood, including, among others, salmon, trout, cod, herring, mackerel, humpback salmon, pollack, flounder, shrimp and squid, to nationwide and regional retail chains, regional distributors and fish processing companies throughout Russia. The chilled and frozen fish and seafood business sources fish from domestic suppliers, as well as foreign suppliers from 18 countries, including, among others, Norway, the UK, the USA, Chile,Iceland,Vietnam and China. Its major international suppliers include Marine Harvest, Shetland Catch and Norway Pelagic. The Company supplies fish and seafood to over 85% of the regions of the Russian Federation.
The Group also operates a fish farming business (Russian Sea Aquaculture) which commenced operations in 2007 following the Group's purchase of a trout farm at Lake Segozero in Karelia, Russia, the entire output of which is currently sold to Russian Fish Company for further distribution.
ABOUT VOLGA RESOURCES
Volga Resources is a Luxembourg registered investment fund. The Fund invests in projects in the oil & gas sector, infrastructure, development and financial services in Central and Eastern Europe, CIS, Russia and Turkey. More information is available at: http://www.volga.lu
Cautionary note concerning forward looking statements
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements are statements other than statements of historical facts. The words "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "plan," "potential," "predict," "projected," "should" or "will" or the negative of such terms or other similar expressions identify forward-looking statements. Forward-looking statements include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; developments of our markets; the impact of regulatory initiatives; and the strength of our competitors.
The forward-looking statements in this press release are based upon various assumptions and estimates based on management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions and estimates were reasonable when made, they are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond our control. Such risks, uncertainties, contingencies and other important factors could cause the actual results of OJSC Russian Sea Group or the industry to differ materially from those results expressed or implied in this press release by such forward-looking statements. Such risks, uncertainties, contingencies and other important factors include, among others: political and social developments; general economic, market and business conditions; trends in the markets in which we operate or plan to operate; our business and growth strategies; planned acquisitions or divestitures; our expansion into other geographic regions or market segments; the effects of legislation, regulation, bureaucracy or taxation on our business; and our anticipated future revenues, capital expenditures and financial resources. Accordingly, such forward-looking statements cannot be relied on, and neither OJSC Russian Sea Group, nor any other person can assure you that projected results will be achieved in the future.
The information, opinions and forward-looking statements contained in this press release speak only as at the date of this press release, and are subject to change without notice. Neither OJSC Russian Sea Group, nor any other person undertakes, nor do they have any obligation, to provide updates or to revise any forward-looking statements except as may be required by applicable law and regulation.
This press release is not an offer for sale of any securities in the United States. Securities may not be offered or sold in the United Sates absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. OJSC Russian Sea Group has not registered and does not intend to register any portion of any offering in the United States or to conduct a public offering of any securities in the United States.
This press release is directed only at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this press release or any of its contents.
Information contained in this press release is not an offer, or an invitation to make offers, sell, purchase, exchange or transfer any securities in Russia or to or for the benefit of any Russian person or any person in Russia, and does not constitute an advertisement of any securities in Russia.
Information contained herein does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption of registration or qualification under the securities laws of any such jurisdiction.
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Russian Sea Group
Russian Sea Group
Tel.: +7-(495)-258-99-28 ext. 3186