Franchise Bancorp Inc. Provides Update

BRAMPTON, ON, Jan. 16, 2017 /CNW/ - Franchise Bancorp Inc. (TSXV: FBI) (the "Corporation") announced today that it will be applying to the TSX Venture Exchange (the "Exchange") to voluntarily delist its common shares from the Exchange and will be applying to the securities regulatory authorities to cease to be a reporting issuer. 

With the successful completion of the takeover bid of WTF Holdings Inc. ("WTF") to purchase all of the common shares ("Common Shares") of the Corporation, other than Common Shares owned by WTF and its affiliates and associates, for $2.13 per Common Share (the "Offer"), WTF and its affiliates and associates now beneficially own, directly and indirectly, an aggregate of 8,539,406 Common Shares, representing approximately 99.01% of the outstanding Common Shares and 100% of the Corporation's Class A Preference Shares and Class B Preference Shares.

Upon completion of WTF's compulsory acquisition to acquire the Common Shares not deposited to the Offer, WTF and its affiliates associates will own 100% of the Corporation's Common Shares.

WTF is a corporation owned and controlled by the management of the Corporation.  In particular, Dino Fragaglia (the Vice President of Global Pet Food Stores Inc., a subsidiary of the Corporation), Paul Thomson (the President of the Corporation) and James Walker (the President of Global Pet Food Stores Inc., a subsidiary of the Corporation), directly or indirectly, own WTF.

With the expiry of the Offer on January 13, 2017, the directors of the Corporation's independent committee have fulfilled their duties and have resigned.  The Corporation would like to thank Philip Barnes, Ronald Saint-Martin and Michael Campbell for their contributions during their respective tenures.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements.  Actual developments may differ from those contemplated by these statements depending upon, among other things, decisions made by regulators.  The forward-looking statements contained in this press release represent the Corporation's views and expectations as of the date of this release and should not be relied upon as representing its views and expectations at any subsequent date.

SOURCE Franchise Bancorp Inc.

For further information: Paul Thomson, President, Toll Free: 1-866-463-4124, Email: paul@franchisebancorp.com

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