MONTREAL, Jan. 17, 2019 /CNW Telbec/ - SPORTSCENE GROUP INC. ("Sportscene" or "the Company") (TSXV: SPS.A) is pleased to announce that the nominees listed in the Company's management proxy circular dated November 22, 2018 (the "Circular") have been elected directors of the Company at its annual and special meeting of the shareholders, held earlier today in Boucherville (the "Meeting"). In addition, the shareholders also approved the proposed share split of the outstanding Class A Shares of the Company on a two-for-one basis (the "Share Split").
Election of Two New Directors
At the Meeting, the shareholders elected two new directors to the Company's board of directors: Ms. Claudine Roy and Mr. Robert Dépatie. Ms. Roy is a corporate director and a member, among others, of the board of directors of Investissement Québec and the Association des restaurateurs du Québec since 2012. She is also President and General Manager of Gestion immobilière Gaspé since 1990. Ms. Roy has extensive experience in the food industry, being the founder and former owner of Bistro Brise-Bise in Gaspé from 1987 to 2015.
Mr. Dépatie is president of Robert Dépatie & associés Inc. and strategic advisor for several companies since 2015. He served as President of Groupe St‑Hubert between February 2015 and June 2015. He also served as President and Chief Executive Officer of Quebecor Inc. and Quebecor Media from May 2013 to April 2014, and as President and Chief Executive Officer of Videotron Ltd. from June 2003 to May 2013. Mr. Dépatie has also held several executive positions in the food distribution industry, including the positions of President of Distributions Alimentaires Le Marquis/Planters and Executive Vice-President of Heinz Canada from 1993 to 1998.
In addition, the Company confirms the re-election of the following directors: Jean Bédard, Charles St-Germain, Nelson Gentiletti, Annick Mongeau, Jean-Marc Léger, Philippe Duval and Marc Poulin.
Appointment to the Retail Division
The Company is also pleased to announce the appointment, effective immediately, of Mr. Jonathan Lauzon as Vice-President of the Retail Division of Sportscene. Mr. Lauzon has more than 10 years of experience with Labatt Breweries of Canada in various positions, such as Vice-President, Sales, Québec, from 2015 to 2018, and Vice-President, Sales, Canada, in the last year. In his new role, Mr. Lauzon will be able to rely on the collaboration of Mr. Leonard Lighter, General Manager of Moishes, in the expansion of Sportscene's Retail Division. The Company acquired Moishes' restaurant and product line sold at grocery stores last December.
Share Split of the Company's Shares
At the Meeting, the Company's shareholders also approved a special resolution authorizing the management to amend the Company's articles of incorporation in order to implement a share split of its Class A Shares. The Share Split will double the number of issued and outstanding Class A Shares, therefore bringing their total number from 4,270,893 to 8,541,786, and is expected to initially reduce the market price of the Class A Shares on a basis proportionate to the subdivision ratio, the whole subject to the approval of applicable regulatory authorities, including the TSX Venture Exchange. The Company intends to file articles of amendment in the coming weeks, and the shareholders will be informed, by way of a press release, of the terms of the Share Split, including with respect to the dates determined for the record date and the payment date of the additional Class A Shares.
Profile
Sportscene Group Inc. is a pioneer and a leader in the ambiance restaurant niche in Quebec. Since 1984, it has been operating the restaurant chain La Cage – Brasserie sportive ("La Cage"), which differentiates itself by its sporting ambiance and food offering made from fresh, local products. Enjoying a strong brand image, the La Cage banner is present throughout the Province and comprises 43 outlets as at the date hereof. In recent years, Sportscene has diversified its restaurant operations through its partnership with the breakfast restaurants L'Avenue, its acquisition of the Moishes steakhouse and Asian cuisine restaurants P.F. Chang's and the development of its catering business at special events, thus becoming a significant player in Quebec's restaurant industry. Besides its restaurant operations, Sportscene is active in the sale of La Cage and Moishes branded products in grocery stores.
This press release contains forward-looking statements relating to the Company. Statements based on management's current expectations contain known and unknown inherent risks and uncertainties. Actual results may vary from expectations. The reader is cautioned not to place undue reliance on forward-looking information. The Company does not undertake any obligation to update or revise any forward-looking statements as a result of new information, future events and other changes, except if required by applicable laws.
Neither 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 Sportscene Group Inc.
For further information: Jean Bédard, Chairman of the Board, President and Chief Executive Officer; François-Xavier Pilon, Vice-President, Finance, 450-641-3011
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