United Premium Foods Purchases Amboy Group Out of Bankruptcy

Company Plans to Continue Operations, Expand to New Markets

WOODBRIDGE, N.J.–(BUSINESS WIRE)–#Chafia–The Board of Directors of United Premium Foods (“UPF”), a private
investment group based in N.J., today announced the company has
purchased the Amboy Group, a provider of quality meat and food products,
out of bankruptcy. In addition to UPF’s acquisition of Amboy, Amboy
Woodbridge Realty, an entity affiliated with UPF, acquired the real
property and cold storage business.

“The acquisitions include a state-of-the-art meat processing and cold
storage facility, as well as an extremely strong and loyal customer
base,” said Jim Kwon, chairman and acting CEO, UPF. “We are confident
that with additional working capital, supplemental management and a new
operating team, we can improve operating efficiencies while growing the
company’s market share and reach. This investment is affirmation of our
belief in the strong fundamentals of the business and our confidence in
the upside potential of this company.”

As part of the acquisition, officials from UPF also announced that
William Colbert has agreed to join UPF as an integral part of the
management team. Colbert’s expertise in the meat processing industry
spans over 20 years covering all aspects of product development,
manufacturing, marketing and distribution. “Mr. Colbert has been a
tremendous asset to Amboy Group, and we look forward to working with him
as he brings his strong sales and food processing expertise to United
Premium Foods,” Kwon added.

“With the acquisition, United Premium Foods will continue to produce
more than 100 proprietary products, including the Tommy Moloney’s brand,
the leading provider of traditional Irish meat products in the U.S., as
well as maintain a full-service, private label meat processing
business,” Colbert noted. “We will continue our focus on delivering high
quality, fresh and frozen meat products to our customers while
delivering greater cost controls and making high value investments to
expand our product lines and market share.”

United Premium Foods also released its updated Mission Statement, which
reads, “United Premium Foods is committed to preparing delicious
products to meet the highest standards, and to uphold the most humanely
sourced products to protect our planet. We celebrate our valued
employees by providing the safest and most nurturing working conditions.
We always put our customers first and we take pride in giving back to
all the communities we serve.”

About the Processing Facility

Located at 1 Amboy Avenue in Woodbridge, N.J., the 110,000-square-foot
facility is USDA, FDA and SQF 2000 Level 2 certified, which includes a
fully automated, temperature-controlled space that uses advanced,
computer controlled AS/RS and EMS storage technologies. One of the
largest processing/cold storage facilities in the Northeast with 1
million cu. ft. of cold storage capacity, the facility utilizes multiple
ovens to cook and low-pressure steam various products, ranging from
fresh sausage lines to burgers and chicken patties. The plant also is
capable of high-speed deli-slicing, injecting, brining and tumbling, as
well as packaging. The facility is strategically located within 15 miles
of the Port of Newark and is adjacent to the major roadways throughout
the state.

About United Premium Foods

United Premium Foods is a consortium of industry veterans and
specialists with expertise in a breadth of industries, including food &
beverage, manufacturing & logistics, real estate and high tech. Acting
CEO Jim Kwon has founded numerous companies, including Chafia Capital
Partners, a real estate and private equity firm.

To learn more about the company, please call 732-510-5600 or visit www.UnitedPremiumFoods.com.


Chris Daly, media
(703) 435-6293

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