We believe Galaxy Nutritional Foods, Inc. (�Galaxy�, �GXYF� or �the Company�), which is on the threshold of an impressive earnings turnaround, represents a very attractive speculative investment opportunity and one of the few �pure� investment opportunities in the �healthy foods� industry. A restructuring of the Company�s balance sheet, a major litigation settlement, the redemption of a highly-dilutive series of convertible preferred stock, and a strengthened management team, have positioned GXYF for a return to profitability and an acceleration in sales growth in the upcoming fiscal year. When combined with the fact that healthy, natural and organic products represent the fastest-growing segment of the food industry, we believe Galaxy can deliver outstanding value to its shareholders during the next several years.