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Salton, Inc. (NYSE: SFP) announced today that it has commenced production of the George Foreman(R) "G5" Next Grilleration, the latest in a line of removable plate grills developed by the Company and George Foreman. The grill, which is scheduled to be on retailers' shelves in October, features five interchangeable plates. In addition to grilling, the G5 can be used as a griddle, for baking and making waffles. Suggested retail price is $129.99.
The Grill, which contains many of the popular features that have helped sell over 70 million grills bearing the Boxing Legend's name, contains an 84 square inch cooking surface with "George-tough" coating, including Salton's exclusive scratch-resistant, triple-tough non-stick coating. Plates are removable, and can be put in the dishwasher for cleaning. The Grill has a variable temperature control, allowing consumers to prepare a wide range of foods. A tilt control knob permits cooking flat on a counter top or for grilling at an angle to "knock out the fat". It also includes a George Foreman cleaning sponge and 100-recipe cookbook.
Salton has appointed Mayhew-Breen Productions to produce a 30- minute infomercial starring George Foreman, which is scheduled to air on television beginning in November. JWT of Chicago will also be producing a short-form commercial on the new product, starring George Foreman, to air during the November-December time period.
"I can not think of a better way to commemorate the tenth anniversary of the introduction of the George Foreman grill than through this exciting new product," said Leon Dreimann, Salton's CEO. "What started as a simple grill is now in millions of households worldwide. We look forward to continuing to work closely with George Foreman to continue the growth of this line of popular grills."
To commemorate the tenth anniversary of the Foreman Grill, Salton has introduced a Super Jumbo Size Special 10th Anniversary Limited Edition George Foreman grill, with a 160 square inch cooking surface. The grill is available at key retailers at a special value price to commemorate this event.
About Salton, Inc.
Salton, Inc. is a leading designer, marketer and distributor of branded, high quality small appliances, electronics, home decor and personal care products. Its product mix includes a broad range of small kitchen and home appliances, electronics for the home, tabletop products, time products, lighting products, picture frames and personal care and wellness products. The company sells its products under a portfolio of well recognized brand names such as Salton(R), George Foreman(R), Westinghouse (TM), Toastmaster(R), Mellitta(R), Russell Hobbs(R), Farberware(R), Ingraham(R) and Stiffel(R). It believes its strong market position results from its well-known brand names, high quality and innovative products, strong relationships with its customers base and its focused outsourcing strategy.
Certain matters discussed in this press release are forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. These factors include: Salton's ability to close the sale of its 52.6% ownership interest in AMAP; Salton's ability to repay 10-3/4% Subordinated Notes due December 15, 2005 that remain outstanding after Salton's private exchange offer; Salton's ability to realize the benefits it expects from its U.S. restructuring plan; Salton's substantial indebtedness and restrictive covenants in Salton's debt instruments; Salton's ability to access the capital markets on attractive terms or at all; Salton's relationship and contractual arrangements with key customers, suppliers and licensors; pending legal proceedings; cancellation or reduction of orders; the timely development, introduction and customer acceptance of Salton's products; dependence on foreign suppliers and supply and manufacturing constraints; competitive products and pricing; economic conditions and the retail environment; the availability and success of future acquisitions; international business activities; the risks related to intellectual property rights; the risks relating to regulatory matters and other risks and uncertainties detailed from time to time in Salton's Securities and Exchange Commission Filings.
