Appointment of directors and executives confirmed; Trading set to begin
under symbol IRG on October 16
MONCTON, NB, Oct. 14 /CNW Telbec/ - Imvescor Restaurant Group Inc. ("IRG" or the "Company") announced today that the combination transaction between PDM Royalties Income Fund ("PDM"), 7209835 Canada Inc., Imvescor Inc. ("Imvescor"), Imvescor Restaurants Inc. and Imvescor's two shareholders, General Financial Corporation Ltd. and Delighted Guests Ltd. (the "Combination Transaction") successfully closed on October 10, 2009. The shares of IRG are expected to be posted for trading on the Toronto Stock Exchange under the stock symbol IRG on October 16, 2009.
Upon closing of the Combination Transaction, the directors to serve on the board of directors of IRG, announced in a previous news release dated October 8, 2009, have been confirmed. The Company also announced today the appointment of Bernard Imbeault, founder of Imvescor, as Founding Chair Emeritus of the board. This position will allow Mr. Imbeault, to share his deep knowledge and vast experience with the board of directors of IRG.
In order to maintain and increase IRG's leading market position, the Company announced the appointment of Ron Magruder and William R. Lane as Chief Executive Officer and Chief Financial Officer of IRG, respectively. Ron Magruder was formerly Chief Executive Officer of Imvescor, and William R. Lane, formerly occupied the position of Chief Financial Officer of Imvescor. Their deep knowledge of the industry and experience with the company combined with the addition of new high level independent board members will certainly contribute to IRG's new markets developments.
About Imvescor Restaurant Group
IRG was created on October 10, 2009, following the combination of PDM Royalties Income Fund with Imvescor Inc. As successor company of PDM, IRG owns the trademarks and intellectual property for the Pizza Delight(R), Mikes(R), Scores(R), and Baton Rouge(R) brands. Pizza Delight(R) operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge(R) operates in the Province of Quebec and Ontario in the casual dining segment. The shares of IRG are expected to be posted for trading on the Toronto Stock Exchange under the stock symbol IRG on October 16, 2009.
Certain information regarding the Company contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees. Discussion of the various factors that may affect future results is contained in the information circular dated July 29, 2009 in respect of the annual and special meeting of PDM at which the Combination Transaction was approved, which is available at www.sedar.com. The Company assumes no obligation to update such forward-looking statements, except as required by applicable securities laws. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
SOURCE Imvescor Restaurant Group Inc.
For further information: For further information: Mélanie Joly, Cohn & Wolfe Public Relations, (514) 845-2257 ext 247; William R. Lane, CMA, Chief Financial Officer, Imvescor Restaurant Group, (506) 853-8412; Visit our web sites: www.pizzadelight.ca, www.mikes.ca, www.scores.ca or www.batonrougerestaurants.com