- Special committee to review strategic alternatives
- Yves Devin appointed Chief Operating Officer
MONCTON, NB, April 28, 2014 /CNW/ - Imvescor Restaurant Group Inc. (the "Company") (TSX: IRG) announced today that its Board of Directors has formed a special committee to review strategic alternatives and make recommendations to the Board on value enhancement. Alternatives could include, without limitation, a merger, sale or privatization of the Company, strategic alliances or divestitures, or other transactions. Denis Richard, the Company's President and Chief Executive Officer, will assist the special committee in its efforts.
In connection with the review process being undertaken, the Company also announced today that Yves Devin has been appointed Chief Operating Officer of the Company. From 2006 to 2012, Mr. Devin was Chief Executive Officer of the Société de Transport de Montréal (STM), a company with approximately 9,800 employees and $1.8 billion in revenue. He was General Manager of the Casino de Montréal from 2002 to 2006, with responsibility over 3,800 employees and a number of restaurant operations, and held various senior management and human resources positions with companies in a number of industries before that. Mr. Devin will report to the Board of Directors.
"Over the past three years, we established a strong financial position, streamlined our operations, and invigorated our brands and franchise networks. Given our current profile, opportunities and industry landscape, we believe that now is the right time to review strategic alternatives," said Denis Richard. "While I will be leading the review of strategic alternatives, Yves Devin will take over daily operations, including franchisee relationships," added Mr. Richard.
There can be no assurance that the review process being undertaken will result in the consummation of a transaction and the Company may ultimately determine that the pursuit of its current business plan is the most appropriate mean to enhance value. The Company does not intend to further comment on the review process or the alternatives considered until such time that disclosure is deemed warranted or is required by law.
About Imvescor Restaurant Group
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 Quebec in the family and casual dining segments and the take-out and delivery segments, and Bâton Rouge®, operating in Quebec, 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, 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 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:
Imvescor Restaurant Group Inc.