Greenfield Farms Food Inc. (OTCMKTS:GRAS) Completes Targeted Acquisition of Carmela’s Pizzeria

Posted by Michael Korte June 12, 2013 0 Comment 1110 views

Northern, WI 06/11/2013 (GDPInsider) – Greenfield Farms Food Inc. (OTCMKTS:GRAS) started trading today at 0.0011, 0.0001 below its previous close of 0.0012. The stocks slow start prevailed for much of the day and at the end of trading GRAS was down 25.00%. The day’s performance belies quite a lot about GRAS because the stock has been performing rather well of late.

A massive rally which occurred on June 07, 2013 saw GRAS gain 300.00% in market valuation. Today’s decline therefore represents a pullback and is perhaps not an indictment on the gain potential of GRAS, which indecently, has rallied 200% on its 52-week low since June 06, 2013.

Investors have a lot to digest regarding GRAS; not least the recent closing of the company’s targeted acquisition of Carmela’s Pizzeria. The company had signed a definitive agreement in February of this year to acquire Carmela’s and the closing of the deal on June 5, completed the schedule that was initially set. The completed transaction sees GRAS acquiring acquisition of 100% of the equity interests of Carmela’s in a newly created wholly-owned operating subsidiary of Greenfield in exchange for shares of Greenfield common stock and warrants.

Carmela’s operates out of Dayton, Ohio, where there are three locations, each serving up authentic New York style pizza. GRAS’s president, Henry Fong, expressed delight at the new acquisition.

“We are pleased to be completing the acquisition of Carmela’s Pizzeria and to move forward with becoming part of this exciting multi-billion dollar segment of the food industry,” said Fong.

Carmela’s Chairman and CEO, Ron Heineman, believes that the acquisition of his operations will allow it to deliver on its business plan and expand to meet the growing demand for pizza in Ohio.

Investors have certainly been bullish about GRAS and the stock has a RSI of 51.55, indicating that there is plenty room for an appreciation in market valuation and the delivery of more gains. GRAS is trading above its SMA50 of 0.0009 by 22.22%.

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About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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