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Article: Galaxy Foods CEO Morini increases stake in company.
- Article from:
- Business Wire
- Article date:
- October 13, 1995
CopyrightCOPYRIGHT 1995 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ORLANDO, Fla.--(BUSINESS WIRE)--Oct. 13, 1995--Galaxy Foods Co. (NASDAQ:GALX) Chief Executive Officer Angelo Morini increased his stock holding in the company to approximately 42%.
Morini purchased 18 million shares in exchange for a 7% interest bearing promissory note in the amount of $11.5 million that matures in five years.
The share purchase price reflects a 110% average share price quoted on Nasdaq during the preceding 10 day period. Morini also entered into a new five year employment agreement approved by the board of directors.
Morini said: "By making this eleven million dollar commitment, I ...