Amira Nature Foods Ltd (the “Company”; NYSE: ANFI), a leading global provider of branded packaged Indian specialty rice, announced today the opening of 8 distribution centers in India in fiscal 2014 to capitalize on the extensive growth opportunities across both traditional and Western-style modern retail locations. These distribution centers were opened in major cities and towns including,
- Zirakhpur in the State of Punjab; and
- Surajpur in the State of Uttar Pradesh.
The Company now has a total of 8 distribution centers and it targets to expand this number to 15 distribution centers by approximately the end of fiscal year 2015.
Karan A. Chanana, Amira’s Chairman and Chief Executive Officer, stated, “Our team continues to execute aggressively on our strategic initiative to strengthen Amira’s distribution footprint in India as we look to further benefit from India’s growing middle class and their increasing desire for branded specialty rice. We added four centers in the fiscal fourth quarter for a total of eight centers opened in fiscal 2014. All eight of these centers are company-managed distribution centers, which we expect will result in greater market penetration and higher margins. We continue to have success in servicing both the traditional trades, including the mom-and-pop stores throughout the countryside in India as well as capitalizing on the evolving and growing Western-style modern retail.”
About Amira Nature FoodsFounded in 1915, Amira has evolved into a leading global provider of branded packaged Indian specialty rice, with sales in over 40 countries today. Amira sells Basmati rice, which is a premium long-grain rice grown only in certain regions of the Indian sub-continent, under their flagship Amira brand as well as under other third party brands. Amira sells its products primarily in emerging markets through a broad distribution network. Amira’s headquarters are in Dubai, United Arab Emirates, and it also has offices in India, Malaysia, Singapore, the United Kingdom, and the United States. For more information please visit www.amira.net. Cautionary Note on Forward-Looking Statements This release may contain forward-looking statements within the meaning of the U.S. federal securities laws. These forward-looking statements generally can be identified by phrases such as that we or our members of management “believe,” “expect,” “anticipate,” “foresee,” “forecast,” “estimate” or other words or phrases of similar import. Specifically, these statements include, among other things, statements that describe our expectations for the growth of our business, expansion into new geographic markets, maintaining and expanding our relationship with key retail partners, the financial impact of new sales contracts on our revenue, our plan to make significant capital expenditure, and other statements of management’s beliefs, intentions or goals. It is uncertain whether any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what impact they will have on our results of operations, financial condition, or the price of our ordinary shares. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those indicated in such forward-looking statements, including but not limited to our ability to penetrate and increase the acceptance of our product in new geographic markets; to perform our agreements with customers and further develop our relationships with key retail partners; our ability to recognize revenue from our contracts; continued competitive pressures in the marketplace; our reliance on a few customers for a substantial part of our revenue; our ability to implement our plans, forecasts and other expectations with respect to our business and realize additional opportunities for growth; and the other risks and important factors contained and identified in our filings with the Securities and Exchange Commission. All forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by these risk factors. Since we operate in an emerging and evolving environment and new risk factors and uncertainties emerge from time to time, you should not rely upon forward looking statements as predictions of future events. Except as required under the securities laws of the United States, we undertake no obligation to update any forward-looking or other statements herein to reflect events or circumstances after the date hereof, whether as a result of new information, future events or otherwise.