Pulmuone Signs an Asset Purchase Agreement with Vitasoy USA to Acquire Nasoya®, America's No.1 Tofu Brand

FULLERTON, Calif., March 24, 2016 /PRNewswire/ -- Pulmuone Foods Co., Ltd. today announced its agreement to purchase substantially all of the assets of Vitasoy USA Inc. which includes acquiring the Nasoya® brand, America's number one tofu brand, and solidifying its position as the world's leading tofu company with strong operations footholds within the global tofu markets of Korea, U.S., Japan and China.

On March 23^rd, Pulmuone Foods Co., Ltd. signed an asset purchase agreement to acquire substantially all of the commercial assets and operations of Vitasoy USA Inc., a soy foods company based in Ayer, Massachusetts.

Pulmuone Foods USA Inc. was established in 1991 and is headquartered in Fullerton, CA. The acquisition of substantially all of the commercial assets of Vitasoy USA Inc., including the NASOYA®, AZUMAYA® and SAN SUI® brands, is highly complementary and synergistic operationally, logistically, as well as within sales and distribution. Through the expanded business scale resulting from this acquisition, Pulmuone expects to continue to strengthen its leadership position within the tofu market and to rapidly expand its category footprint beyond tofu.

Mr. H. Y. Lee, CEO of Pulmuone Foods Co., Ltd. stated, "Pulmuone now has a strong national platform and presence that will not only drive manufacturing and logistics synergies, but will also enable us to leverage a comprehensive sales and distribution infrastructure to further drive availability of our brands and products within the USA."  Mr. Lee went on to say, "This expanded business scale within the USA market will also be the beachhead to drive development and growth of Pulmuone beyond the tofu category."

About Pulmuone Foods USA, Inc.

Pulmuone Foods USA, Inc. is committed to providing authentic wholesome foods featuring the highest quality, all-natural ingredients. A leader in refrigerated all-natural food products, the company's portfolio includes the Monterey Gourmet Foods™ brand, featuring all-natural pastas and sauces, and the Wildwood® brand, offering meat alternatives such as tofu, salsas, hummus and dairy alternatives. Pulmuone Foods USA, Inc. is a wholly owned affiliate of Pulmuone Co., Ltd., a Korea-based holding company with more than 1.8 trillion KRW (approximately USD 1.5 billion) in annual sales. In the US, the company has corporate, sales and food science headquarters in Fullerton, California with manufacturing facilities in California and New York.

About Pulmuone Co., Ltd.

Established in 1984 and committed to providing authentic wholesome food products, Pulmuone Co., Ltd. is a Korea-based holding company with more than 1.8 trillion KRW (approximately USD 1.5 billion) in annual sales. The company is engaged in the management of subsidiaries, primarily in the food manufacturing and food ingredients distribution businesses. Currently the company has 25 affiliates, including Pulmuone Foods USA, Inc. and is a leader in refrigerated all-natural food products. The company's US portfolio includes the Monterey Gourmet Foods™ brand, featuring all-natural pastas and sauces, and the Wildwood® brand, offering meat alternatives such as tofu, salsas, hummus and dairy alternatives. Committed to promoting the health of its customers and to sustaining the environment and society, Pulmuone is a member of the United Nations Global Compact, a policy initiative for businesses committed to aligning their operations and strategies with 10 universally accepted principles in the areas of human rights, labor, environment and anti-corruption.

Pulmuone Foods USA, Inc. Contacts:

- Mr. Doseok Kim (714) 450 - 7871
- Mr. Ross Gatta   (714) 864 - 9729

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SOURCE Pulmuone Foods Co., Ltd.