MONCTON, NB, July 30, 2013 /CNW/ - Imvescor Restaurant Group Inc. (the "Corporation" or "Imvescor") (TSX: IRG) announced today that Arnaud Ajdler and David Head have each been appointed to the Board of Directors of the Corporation (the "Board") and that François Gauvin and Joe Marsilii have each tendered their resignations as directors of the Corporation. Arnaud Ajdler and David Head have been proposed by Engine Capital L.P. ("Engine") and their appointment follows discussions with various major shareholders of the Corporation. The Corporate Governance, Human Resources and Compensation Committee (the "CGHRC Committee") of the Board has been tasked with the identification and evaluation of candidates for the appointment of three additional independent directors who shall each be unanimously recommended by the CGHRC Committee members. One of these directors will be proposed by Engine.
Robb Chase, the Chairman of the Board said: "We recently engaged in a dialogue with Engine and other major shareholders, and the result of these discussions was a collaborative effort that culminated in the appointment of two new directors that bring significant experience and knowledge to the Board, adding to our expertise and ability to support our management team."
"The Board wishes to take this opportunity to heartily thank Mr. Gauvin and Mr. Marsilii for their important contributions during their tenure with Imvescor" added Mr. Chase.
Arnaud Ajdler, Managing Partner of Engine Capital, said on behalf of the new directors "Imvescor is a terrific company and we are looking forward to working with the rest of the board and management to create shareholder value."
As a result of the announced changes to the Board, the CGHRC Committee is now comprised of Mr. Ajdler, Mr. Head and Mr. Chase.
Arnaud Ajdler is the Managing Partner of Engine Capital L.P., a value-oriented special situations fund that invests both actively and passively in companies undergoing change. Prior to that, Mr. Ajdler was a partner at Crescendo Partners. Mr. Ajdler is currently the Chairman of Destination Maternity and was a board member of Charming Shoppes, O'Charley's, Topps Corp. and Hill International.
David Head has significant experience in the restaurant industry. He is currently the President and CEO of Primanti Bros, a private equity-owned restaurant chain based in Pittsburgh. Prior to that, he was the President and CEO of O'Charley's (343 company-owned locations), the President and CEO of Captain D's LLC (285 company and 254 franchised locations) and the President and CEO of Tony Roma's (22 company, 90 domestic franchised and 120 international franchised locations).
About Imvescor Restaurant Group Inc.
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group owns franchised and corporate stores throughout Canada, under four brands: Pizza Delight® operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes® and Scores® restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Bâton Rouge® operates in Quebec, Ontario, Alberta 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, strategies and priorities, 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 www.sedar.com. 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 investors that actual results will be consistent with these 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.
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