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.