DALLAS – A letter of intent to purchase Caritas Ranch Barbecue of Boerne, Texas, a national supplier of beef and associated food products for more than 15 years, has been signed and executed by Precious Metals Exchange Corp. (PRMX) Caritas distributes products through retail outlets such as Sam's Club, Costco, HEB food stores and Six Flags Amusement Parks.

"We are pleased to be in a position to enter the food industry with this acquisition, and now have the facility and vehicle to expand the business and grow with the market,” said Mark Ussery, vice-president of PRMX. “We will be selecting a new management team to assist the existing employees and will appoint a seasoned group of professionals to our board to assist in expansion as well as marketing our products via internet and direct sales."

In business since 1996, Caritas recently expanded its USDA-approved, 10,000-sq.-ft. facility to accommodate increasing orders. The property is on 5 acres and the facility has room to expand and grow with the business. The facility now houses eight large commercial cookers, refrigeration and deep freezers, as well as packaging automation.