NEW YORK--(BUSINESS WIRE)--International Dispensing Corporation (IDC) (IDND.PK) announced today its founder and chairman, Greg Abbott, has been named Chief Executive Officer. IDC’s former CEO, Gary Allanson, remains as President and Chief Operating Officer and continues to play an important role.
The change reflects the company’s streamlined business model centered on marketing its core intellectual property, and its new branding campaign: Don’t Call It a Tap™ … Call It The Answer™. For more information on recent marketing developments, please log on to IDC’s redesigned website: www.idcdispensing.com.
“We are working with virtually all the major flexible packaging companies while remaining strategically independent,” said Abbott. “We are in continuous discussions with a large number of end-users whom we feel can benefit from The Answer™, and are engaged in several informal alliances to scope out market opportunities domestically and abroad. While strict confidentiality agreements with potential customers and partners prevent us from being more forthcoming, we feel we are positioned so that a single catalyst can propel the company to cash-flow positive. We have signed deals with Steuben Foods and Dale’s Kitchen and we expect their products to be rolled out in 2007. While there are no guarantees, we have good reason to believe that all the years spent developing, patenting, testing, certifying, and commercializing The Answer™ are going to pay off. We continue to believe in the transformational nature of our product and the tremendous upside potential of the large-format flexible packaging category.”
Abbott founded IDC in 1996 and became its chairman in 2004. Before his involvement with IDC, he was chairman and CEO of Ithaca Industries, Inc, a private-label manufacturer of pantyhose, men’s and women’s underwear, and T-shirts. Under his leadership, Ithaca grew from a single customer relationship into the nation’s largest private-label producer in each of its product lines, with over 400 customers. In addition, Abbott was the first major investor in EarthLink, the nation’s second largest Internet Service Provider, and played a key role in securing funding leading to EarthLink’s IPO.
Charles Dale, award-winning chef and co-founder of Dale’s Kitchen, has been named to IDC’s board of directors. Dale’s Kitchen’s flagship product, Stock in a Box™, was conceived and built around The Answer™ technology. Stock in a Box™ has received the endorsement of legendary chef and James Beard Best Restaurateur in America Daniel Boulud. The appointment of Dale reflects the close working relationship between Dale’s Kitchen and IDC, as well as the unique talents and experience Dale brings to bear. To learn more about Dale’s Kitchen, please log on to its website: www.daleskitchen.com.
This release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect IDC’s current views about future events. Risks, which may cause actual results to differ materially, may include, but are not limited to: the lack of acceptance of IDC’s products by potential customers; IDC’s failure to continue to develop its product line or to attract and retain customers; its failure to anticipate and adapt to developing markets and the presence of competition, including potential competitors that are larger than IDC, with greater financial, technical, and marketing resources.