Le Gourmet Chef Completes $5 Million Financing

Friday, Le Gourmet Chef, Inc. announced the completion of an equity investment of $5 million. This commitment entails $3 million immediately and an additional $2 million later in the year. Simultaneous with the closing of this round of financing, the $3.5 million loan investment of May 2005 will also be converted to equity. The new funds will be utilized for working capital purposes and to achieve the strategy set forth for the company this fiscal year.

"We are currently in the process of upgrading our mall stores to a new format which will enhance the shopping experience for customers and enable our stores to be managed more efficiently," said Joe Bryant, Vice President and General Merchandise Manager. "In addition, we have launched a branding effort to establish the Le Gourmet Chef name among our customer base which we anticipate will generate even greater sales volume."
"The company is excited about this new investment in the stores and looks forward to maximizing the performance of our 'easy entertaining' concept for our customers, our vendors and our shareholders," Bryant added.

The current round of investment has been supported by the following venture capital firms: Brand Equity Ventures of Stamford, Conn.; The Walnut Group of New York; Mercantile Capital of New York; and Provender Capital of New York.

Le Gourmet Chef takes a unique approach to retail, emphasizing home entertaining and fun in an engaging environment in which it offering mouth-watering in-store samples and party-planning advice. In addition to a wide variety of popular brands including Calphalon, KRUPS, KitchenAid, Cuisinart, Robert Rothschild and Stonewall Kitchen, Le Gourmet Chef offers its own exclusive brands. Among them are Kerry and Loni's, a collection of unique drink mixes, salsa and party accessories; an exclusive line of Italian gourmet food from Food Network Star Mario Batali; and Le Gourmet Chef's exclusive and patented Tri-Ply stainless steel cookware. Customers can also choose from an assortment of pre-made gift packages or create their own personalized baskets both in-store and online. With headquarters in central New Jersey, Le Gourmet Chef has expanded to more than 75 stores in malls and upscale retail outlet centers nationwide. For store locations or more information, visit www.legourmetchef.com.