BLUE BELL, Pa., July 23, 2002 (PRIMEZONE) -- Tasty Fries(r), Inc. (OTCBB:TFRY) today announced that it has made the third installment payment of $150,000 to California Food and Vending, Inc. (CFV) as part of the settlement made earlier this year in which Tasty Fries reacquired CFV's royalty rights for the sale of French Fry vending machines and the sale of potato product.
"We are happy to have made our third installment payment and kept in force the settlement agreement that terminates all of CFV's royalty rights to our business. It has taken a lot of time and money to buy back these royalty rights, but in doing so we have paved the path for a more lucrative future for Tasty Fries and our shareholders," said Edward C. Kelly, President and CEO of Tasty Fries, Inc.
About Tasty Fries:
Tasty Fries has developed a patent-protected vending machine that prepares, cooks and dispenses freshly made French fries with superior dietary attributes, flavor, aroma and texture. Total cooking time is approximately 90 seconds for each order, then under 60 seconds for subsequent orders. The fries are made from top-quality potatoes and are cooked in cholesterol-free oil using state-of-the-art robotics and technology.
Safe Harbor Statement:
Except for the historical information contained herein, the statements in this press release are 'forward-looking' statements that are made pursuant to the safe harbor provisions of the Private Securities Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the operations of a company.