MONCTON, NB, July 30, 2013 /CNW/ - Imvescor Restaurant Group Inc. (the "Corporation" or "Imvescor") (TSX: IRG) announced today that Arnaud Ajdler and David Head have
each been appointed to the Board of Directors of the Corporation (the "Board") and that François Gauvin and Joe Marsilii have each tendered their
resignations as directors of the Corporation. Arnaud Ajdler and David
Head have been proposed by Engine Capital L.P. ("Engine") and their appointment follows discussions with various major
shareholders of the Corporation. The Corporate Governance, Human
Resources and Compensation Committee (the "CGHRC Committee") of the Board has been tasked with the identification and evaluation
of candidates for the appointment of three additional independent
directors who shall each be unanimously recommended by the CGHRC
Committee members. One of these directors will be proposed by Engine.
Robb Chase, the Chairman of the Board said: "We recently engaged in a
dialogue with Engine and other major shareholders, and the result of
these discussions was a collaborative effort that culminated in the
appointment of two new directors that bring significant experience and
knowledge to the Board, adding to our expertise and ability to support
our management team."
"The Board wishes to take this opportunity to heartily thank Mr. Gauvin
and Mr. Marsilii for their important contributions during their tenure
with Imvescor" added Mr. Chase.
Arnaud Ajdler, Managing Partner of Engine Capital, said on behalf of the
new directors "Imvescor is a terrific company and we are looking
forward to working with the rest of the board and management to create
As a result of the announced changes to the Board, the CGHRC Committee
is now comprised of Mr. Ajdler, Mr. Head and Mr. Chase.
Arnaud Ajdler is the Managing Partner of Engine Capital L.P., a
value-oriented special situations fund that invests both actively and
passively in companies undergoing change. Prior to that, Mr. Ajdler was
a partner at Crescendo Partners. Mr. Ajdler is currently the Chairman
of Destination Maternity and was a board member of Charming Shoppes,
O'Charley's, Topps Corp. and Hill International.
David Head has significant experience in the restaurant industry. He is
currently the President and CEO of Primanti Bros, a private
equity-owned restaurant chain based in Pittsburgh. Prior to that, he
was the President and CEO of O'Charley's (343 company-owned locations),
the President and CEO of Captain D's LLC (285 company and 254
franchised locations) and the President and CEO of Tony Roma's (22
company, 90 domestic franchised and 120 international franchised
About Imvescor Restaurant Group Inc.
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group owns
franchised and corporate stores throughout Canada, under four brands:
Pizza Delight® operates primarily in Atlantic Canada, where it
dominates the family/mid-scale segment. Mikes® and Scores® restaurants
operate primarily in Quebec in the family and casual dining segments
and the take-out and delivery segments. Bâton Rouge® operates in
Quebec, Ontario, Alberta and Nova Scotia in the casual dining segment.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release regarding the Company,
including, but not limited to, the Company's business objectives,
strategies and priorities, and other statements that are not historical
facts, are "forward-looking statements" within the meaning of
applicable securities laws. Forward-looking statements involve known
and unknown risks, uncertainties and other factors outside the
Company's control referenced in the Company's continuous disclosure
filings which are available on SEDAR at www.sedar.com. Although the forward-looking statements contained herein are based
upon what the Company believes to be reasonable assumptions on the date
of this press release, the Company cannot assure investors that actual
results will be consistent with these forward-looking statements. The
Company assumes no obligation to update such forward-looking statements
to reflect new information, future events or otherwise, except as
required by applicable securities laws.
SOURCE: Imvescor Restaurant Group Inc.
For further information:
Chief Financial Officer and Interim Chief Executive Officer
Imvescor Restaurant Group Inc.
For more information about our brands:
Pizza Delight®: http://www.pizzadelight.com
Bâton Rouge®: http://www.batonrougerestaurants.com