Imvescor Restaurant Group announces completion of review of strategic alternatives and appointment of Frank Hennessey as President and Chief Executive Officer

MONCTON, NB, Sept. 8, 2014 /CNW/ - Imvescor Restaurant Group Inc. (the "Company") (TSX: IRG) announced today that it has concluded its previously announced review of strategic alternatives and appointed Mr. Frank Hennessey as President and Chief Executive Officer and as a director, effective today.

The special committee of the Board of Directors (the "Special Committee") has concluded, after careful consideration, exchanges with various interested parties, and receiving the input of its financial and legal advisors, that none of the alternatives considered could reasonably lead to a strategic transaction that would adequately reflect the Company's value and prospects. As such, further to a recommendation of the Special Committee, the Board of Directors has decided to conclude the review process and appoint Mr. Hennessey as President and Chief Executive Officer. The Board intends to review the capital allocation policy of the Company with the input of the new President and Chief Executive Officer. This review will include the assessment of different alternatives to maximize and create value for the Company's shareholders, including the possible establishment of a dividend.

Mr. Hennessey is a restaurant professional with over 27 years of experience in both franchise and corporate environments in both Canada and the United States. Until its recent sale, he was the President & Chief Executive Officer of Bento Sushi, a North American private-equity owned sushi concept with over 400 sushi bars in both Canada and the United States. Prior to his tenure as President & Chief Executive Officer of Bento Sushi, Mr. Hennessey spent 11 years at Cara Operations Limited in different roles, including President of Harvey's Restaurants and Senior Vice-President of Guest Experience, and also worked for 11 years at Darden Restaurants. Mr. Hennessey has a wide range of experience with restaurant operations, product development, food manufacturing, retailing to grocery chains, marketing and supply chain management. Mr. Hennessey holds an undergraduate degree from Western University and a Master of Business Administration from the Rotman School of Management at the University of Toronto.

"Frank has a track record of turning around restaurant and franchise concepts as evidenced by the operational improvements at Bento Sushi and Harvey's Restaurant under his leadership. The Board looks forward to working with him to maximize the potential of Imvescor" said Mr. François-Xavier Seigneur, Chairman of the Corporate Governance, Human Resources and Compensation Committee.

"I am excited and honored to work with Imvescor. I look forward to working with the restaurant owners, management team, employees, board and all our other stakeholders during this exciting time. Imvescor's brands are well established and in my view will return to healthy growth by partnering with our franchisee community to increase value for our guests that will result in increased traffic and higher same restaurant sales" commented Mr. Hennessey.

Mr. Yves Devin, who had been appointed as Chief Operating Officer in connection with the review process, will resign from his position in the near future following a short transition period. The Board of Directors wishes to thank Mr. Devin, who has proven himself as a strategic, disciplined and focused executive during the Company's search for a new President and Chief Executive Officer, and wishes him every success in his future endeavors.

About Imvescor Restaurant Group Inc.

Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group Inc. owns franchised and corporate restaurants throughout Canada under four brands: Pizza Delight®, operating primarily in Atlantic Canada, where it dominates the family/mid-scale segment, Mikes® and Scores®, operating primarily in Québec in the family and casual dining segments and the take-out and delivery segments, and Bâton Rouge®, operating in Québec, Ontario and Nova Scotia in the casual dining segment.

Cautionary Note Regarding Forward-Looking Statements

Certain information in this press release regarding the Company, including, but not limited to, the Company's business objectives, estimates, outlook, strategies and priorities, including statements regarding allocation of capital and return of value to shareholders, and other statements that are not historical facts, are "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements involve known and unknown risks, uncertainties and other factors outside the Company's control referenced in the Company's continuous disclosure filings which are available on SEDAR at Although the forward-looking statements contained herein are based upon what the Company believes to be reasonable assumptions on the date of this press release, the Company cannot assure readers that actual results will be consistent with these forward-looking statements and readers should not place undue reliance on the Company's forward-looking statements. The Company assumes no obligation to update such forward-looking statements to reflect new information, future events or otherwise, except as required by applicable securities laws.

SOURCE: Imvescor Restaurant Group Inc.

For further information:

Stéphane LeBlanc
Chief Financial Officer
Imvescor Restaurant Group Inc.
Tel.: 514-341-5544

For more information about our brands:

Pizza Delight®
Bâton Rouge®


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