TORONTO, May 18 /CNW/ - Priszm Income Fund (TSX: QSR.UN) ("Priszm" or
the "Company") reported today that the terms of the pending transaction
between the Company and Soul Restaurants Canada Inc. have been amended
pursuant to an amended and restated asset purchase agreement dated May
17, 2011. The aggregate purchase price has been adjusted to $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 now conditional upon (i)
consent to the transaction by Priszm's senior debt holder (ii) consent
to the assignment of franchise agreements by YUM! Restaurants
International and (iii) approval of the Court in Priszm's ongoing CCAA
Proceedings. The transaction is scheduled to close on or before May 31,
2011. The previously reported marketing process to seek buyers for the
remaining restaurant locations continues, with offers due May 25, 2011.
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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