Court also approves marketing process for remaining outlets
TORONTO, May 30, 2011 /CNW/ - Priszm Income Fund (TSX: QSR.UN) ("Priszm"
or the "Company") reported today that it successfully obtained an Order
from the Ontario Superior Court of Justice (Commercial Division)
approving the pending transaction between the Company and Soul
Restaurants Canada Inc. to sell most of its operating outlets in
Ontario and BC. The aggregate purchase price for the outlets is $42.8
million, before customary purchase price adjustments, with 200
restaurants located in Ontario and BC and 4 restaurants in Quebec
included in the sale. The transaction is scheduled to close on May 31,
2011. In addition, the Company closed operations in 30
under-performing locations located in Ontario and BC.
The Company has also obtained an Order approving its previously
announced marketing process for the remaining outlets. Offers for the
remaining locations were due and received on May 25, 2011.The Company
is in the process of reviewing the offers and determining the next
steps in the marketing process.
About Priszm Income Fund
Priszm Income Fund (TSX: QSR.UN) holds approximately a 60 per cent
interest in Priszm Limited Partnership, which owns and operates more
than 400 quick service restaurants in seven provinces across Canada.
The KFC, Taco Bell and Pizza Hut restaurants under Priszm serve more
than one million customers a week and employ approximately 6,500
people. Approximately 100 locations are multi-branded, combining two or
more of the Fund's restaurant concepts.
To find out more about Priszm Income Fund (TSX: QSR.UN), visit our
website at http://www.priszm.com.
Certain information in this document may constitute forward-looking
statements within the meaning of securities laws that involve known and
unknown risks, uncertainties, future expectations and other factors
with respect to industry sector performance, business plans,
activities, trends and events anticipated by the Priszm Income Fund
(the "Company") and which may cause the Company's future performance
and results to be materially different from those implied by the
forward-looking information. In some cases, forward-looking statements
can be identified by terminology such as "may," "will," "should,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "continue," or the negative of these terms or other
comparable terminology concerning matters that are not historical
facts. Forward-looking information is based on certain factors and
assumptions regarding, among other things, the number of restaurants,
the renewal of the franchise agreements, ability to meet capital
expenditure requirements, the industry sector performance, business
plans, activities, success of refinancing on commercially viable terms,
trends and events anticipated by the Company. Although the Company
believes that the assumptions underlying such statements are
reasonable, any of the assumptions may prove to be inaccurate and, as a
result, the forward-looking information may prove to be incorrect. The
forward-looking information, assumptions and statements reflect the
views of the Company's management with respect to future events and
outcomes as of the date of this document and there should be no
expectation that such information will be updated, revised and/or
supplemented whether as a result of new information, changing
circumstances, future events or other cause. Actual events or outcomes
may be materially different and cause the performance of the Company to
differ materially from any forward-looking statement.
SOURCE Priszm Income Fund
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