Jim Baiseri, secretary and a director of Twister Networks Inc, announced that the company has reached an agreement in principle to acquire all of the stock of Reynaldo's Food Manufacturer Inc. Full details of the acquisition have not been disclosed; however, the transaction is expected to close on or about April 1, 2005, subject to negotiation and execution of definitive transaction documents and standard closing terms and conditions.
In preparation for the closing of the proposed acquisition, Twister Networks Inc has changed its name to Reynaldo's Mexican Food Co Inc. In addition, the board of directors and shareholders approved a 1-for-40 reverse split of common stock. Both of these changes became effective March 4, 2005. The trading symbol for the company was changed to “RYNL,” also effective March 4, 2005.
For more than 20 years, Reynaldo's Food Manufacturer Inc, based in Downey CA, has produced and marketed its frozen burritos, tacos and gorditas, pork rinds, chorizos and Mexican sausages known as longanizas, tortillas, Mexican cheeses and yogurts, rice puddings, and other desserts. It manufactures its food products at seven plants in Southern California and sells them in supermarkets throughout the western United States and in food specialty stores. For the fiscal year ended March 31, 2004, it had net sales exceeding $23 million.
