PR Newswire3 months ago
PLANT CITY, Fla., April 16, 2019 /PRNewswire/ -- Paradise, Inc. (PARF) ("we," "our," or "the Company") has entered into a definitive agreement to sell (the "Transaction") to a subsidiary of Seneca Foods Corporation ("Seneca"), substantially all of its assets engaged in the production, manufacture, sale and distribution of glacé fruit product (the "Fruit Business"). The Transaction was unanimously approved by our board of directors and is part of our plan to eventually sell all of our assets. The Transaction will close on satisfaction or waiver of closing conditions set forth in the purchase agreement, principally approval by our shareholders. We will call and hold a shareholders' meeting seeking to obtain this approval. Certain of our officers, directors, and major shareholders, who collectively hold approximately 39.7% of the issued and outstanding shares of our common stock, have entered into a voting agreement with Seneca, agreeing to vote their shares for the Transaction.