BOUCHERVILLE, QC AND VAUGHAN, ON, June 27, 2011 /CNW Telbec/ - Colabor
Group Inc. (TSX: GCL) ("Colabor") and The SKOR Food Group Inc. (TSXV: SKF) ("SKOR") announced today that 2278988 Ontario Inc., a wholly-owned subsidiary
of Colabor (the "Offeror"), has completed, on June 25, 2011, its compulsory acquisition (the "Compulsory Acquisition") of 688,589 common shares of SKOR (the "SKOR Shares") for $1.33 per share pursuant to the notice of compulsory acquisition
made under Section 188 of the Business Corporations Act (Ontario), and mailed to the holder of SKOR Shares who did not accept
its March 30, 2011 offer, by way of a take-over bid, to acquire all of
the issued and outstanding SKOR Shares (the "Offer"). On May 9, 2011, the Offeror acquired 26,040,906 SKOR Shares,
representing approximately 97.4% of the SKOR Shares. The Offeror owns
100% of the issued and oustanding SKOR Shares.
In addition, Colabor and SKOR announced today that the SKOR Shares have
ceased to be listed for trading on the TSX Venture Exchange. Colabor
and SKOR also announced that that SKOR has filed with the applicable
securities regulatory authorities in Canada the necessary documentation
in order to cease to be a reporting issuer in all jurisdictions in
which it is currently.
Colabor is a wholesaler and distributor of food and non-food products
serving the retail market (grocery stores, convenience stores, etc.)
and the foodservice market (cafeterias, restaurants, hotels, restaurant
chains, etc.) in Quebec, Ontario and the Atlantic provinces.
Headquartered in Vaughan, Ontario, SKOR is a vertically integrated full
service wholesale food supplier to the food service and retail
industries. Through its three operating divisions, SKOR Foodservice,
SKOR Wholesale Marketplace, and SKOR Culinary Concepts, SKOR services a
wide range of multi location food service establishments, quick service
restaurant chains, day care facilities, government institutions,
independent food service operators, independent grocery stores as well
as vending operators and convenience stores in Ontario and Quebec. For
the twelve month period ending February 28, 2011, SKOR recorded $138.1
million in sales and $4.7 million in EBITDA. It employs approximately
200 people in its 200,000 square feet warehouse located in Vaughan, its
six "cash & carry" locations and its four other facilities principally
located in Southern Ontario.
This release may contain forward-looking statements reflecting Colabor's
opinions or current expectations concerning Colabor's and SKOR's
business operations and future events. These statements are subject to
risks, uncertainties and assumptions. Actual results or events may
Further information can be found in the disclosure documents to be filed
by Colabor with the securities regulatory authorities, available at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE COLABOR GROUP INC.
For further information:
Colabor Group Inc.
Gilles C. Lachance
President and Chief Executive Officer
Tel. 450-449-0026 ext. 265
Michel Loignon, CA
Vice-President and Chief Financial Officer
Tel. 450-449-0026 ext. 235
The Skor Food Group Inc.
Tel. 905-660-1212 ext. 323