Harbour Front Holdings, Inc. and Urbani Holdings, Inc. Have Entered Into A Joint Venture Agreement to Form 'da Rosario LLC' to Market Gourmet Food Products Under the Brand Name, 'da Rosario'
NEW YORK, Jan. 31 /PRNewswire-FirstCall/ -- Harbour Front Holdings, Inc., and Urbani Holdings, Inc., have agreed to enter into a Joint Venture agreement to form "da Rosario LLC" to market gourmet products under the brand name "da Rosario." The companies expect to establish a web site to sell the gourmet products with Harbour Front Holdings providing the following services to the joint venture: (1) marketing, (2) financing the design, hosting and maintenance of the "da Rosario" web site, (3) establishing of joint merchant account and (4) financing of a call center for the initial launch period.
The agreement calls for a 40% membership interest for Harbour Front Holdings, Inc. and a 60% membership interest for Urbani Holdings, Inc.
da Rosario LLC revenues are estimated at $2 million in 2003, $4 million in 2004 and $6 million in 2005.
Urbani Sales have grossed $14.1 million in 2001, $16.8 million in 2000 and $16.9 million in 1999. Harbour Front believes that an alliance with such a strong and financially stable company will allow da Rosario LLC to generate tremendous revenues.
The gourmet marketing site is expected to be running within 30 days. The call center to handle phone orders will be operated out of Orlando, FL, with fulfillment and shipping out of Urbani's facilities in New York State.
Mr. Rosario Safina, President of Urbani stated, "We are delighted about the prospects of joining with Harbour Front Holdings with the infinite possibilities and impact a Joint Marketing effort will have on sales." Mr. Safina further stated, "the website will be under our brand name, 'da Rosario' and will be online within 30 days time."
Ronald J. Bauer, the Chief Executive Officer of Harbour Front Holdings, stated, "We were greatly impressed by the gourmet food items Urbani has to offer and the opportunity to joint venture with a nationally recognized financially stable distribution gourmet food company with consistent sales averaging over $16 million through 2001."
About URBANI HOLDINGS, INC.
Urbani Holdings Inc. is one of the largest importers, packers, and distributors of specialty and gourmet food items in the United States to nationally leading retailers and restaurants. These items include truffles, caviars, and 950 other top quality items such as specialty mushrooms, game meats, infused oils, foie gras, pates, smoked seafood, prepared condiments, sauces and European specialties.
Urbani Sales have grossed $14.1 million in 2001, $16.8 million in 2000 and $16.9 million in 1999.
About HARBOUR FRONT HOLDINGS, INC.
Harbour Front Holdings, Inc. (OTC Bulletin Board: HBRF - News) is a diversified holding company that owns interests in F3 Fitness LLC, owner of http://www.fat-2-fit.com, CaviarUniverse LLC, owner of http://www.caviaruniverse.com, Bauer Forestry Corp., http://www.panama-forest.com, and Bauer Debt Purchasing Corp., owner of a significant consumer debt portfolio.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. The Company takes no obligation to update or correct forward-looking statements.