TSX Trading Symbol: "MTY"
MONTREAL, Oct. 1, 2013 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the
"Company") (TSX: MTY) announced today that pursuant to the announcement
made on August, 2013, its wholly-owned subsidiary MTY Tiki Ming
Enterprises Inc. has completed the acquisition of 80% of the assets of
9199-0465 Québec Inc. and Alimentation ThaïZone Inc. ("Thaï Zone") (www.thaizone.ca), with the balance of the ownership remaining with the seven founders
of Thaï Zone. The total consideration for MTY's 80% share in the
business was $17.7M and was paid from MTY'S cash on hand and available
credit facilities. The transaction is effective September 30, 2013.
At closing, the chain operates 25 stores and 3 mobile restaurants in the
province of Quebec, all of which are franchised. Two of the founders,
Pascal Leclerc and Marie-Christine Martel, will join the newly formed
company and will be responsible for the future development of the brand
and for the day-to-day operations. The brand will be managed from
MTY's Ville St-Laurent offices.
"The acquisition of ThaïZone is in line with MTY's strategy to
consolidate the quick service restaurant industry and be the strongest
player in Canada for ethnic food", said Stanley Ma, CEO of MTY. "This
new and dynamic brand, along with the people behind it, will bring a
lot of energy to MTY. We are very optimistic for the future of this
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:
For more information please contact Eric Lefebvre, Chief Financial Officer at 1-514-336-8885 or by email at firstname.lastname@example.org, or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name.