MTY completes acquisition of Mr. Souvlaki Ltd.
TSX Trading Symbol: "MTY"
MONTREAL, Sept. 26, 2012 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY) announced today that pursuant to the binding agreement announced on July 26, 2012, its wholly-owned subsidiary MTY Tiki Ming Enterprises Inc. has completed the acquisition of most of the assets of Mr. Souvlaki Ltd. ("Mr Souvlaki") for a consideration to be paid from MTY's cash on hand.
Since 1997, Mr Souvlaki (www.mrsouvlaki.ca) has provided its customers with a healthy and affordable Greek menu that has become a customer favorite. The chain operates 14 franchised stores in mall locations, 13 of which are located in Ontario and 1 in British Columbia. The franchise system has generated approximately $4.5 million in sales during its most recent completed fiscal year.
"The acquisition of Mr Souvlaki brings an additional Greek meal offering into MTY's portfolio, in geographical areas in which we were not present with this type of menu. The additional stores will further strengthen our presence in mall food court locations and complement the offering to our customers." said Stanley Ma, Chairman, President and CEO of MTY.
Certain information in this News Release may constitute "forward-looking" information that involves known and unknown risks, uncertainties, future expectations and other factors which may cause the actual results, performance or achievements of the Company or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. When used in this News Release, this information may include words such as "anticipate", "estimate", "may", "will", "expect", "believe", "plan" and other terminology. This information reflects current expectations regarding future events and operating performance and speaks only as of the date of this News Release. Except as required by law, we assume no obligation to update or revise forward-looking information to reflect new events or circumstances. Additional information is available in the Company's Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
MTY Food Group Inc.
Stanley Ma, Chairman, President & CEO
SOURCE: MTY FOOD GROUP INC.For further information:
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