TSX Trading Symbol: "MTY"
MONTREAL, Aug. 24, 2011 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the
"Company") (TSX: MTY) announced today that pursuant to the binding
agreement announced on April 27, 2011, its wholly-owned subsidiary MTY
Tiki Ming Enterprises Inc. has completed the acquisition of all of the
assets of Jugo Juice International Inc., Jugo Juice Canada Inc., and
Jugo Juice Western Canada Inc. ("Jugo Juice") for total consideration
of $15.45 million funded through MTY's cash reserves.
Founded in Calgary in 1998, Jugo Juice (www.jugojuice.com) is changing the way people think about fast food through the simple
belief that natural, unprocessed foods are the cornerstone of healthy
living. By offering a delicious menu of smoothies, grilled wraps and
flatbreads, they provide a nutritious alternative to traditional fast
food. The company is best known as the innovator behind the 'smoothie
evolution', offering smoothies with over 5+ servings of real fruit and
absolutely no sorbet or other unnatural fillers. Jugo Juice is
currently operating in 136 locations, of which 134 are franchised and 2
are corporate owned. The transaction will bring MTY's network in Canada
and in the MENA region to 1,872 outlets, not including the recently
announced pending acquisitions of Koryo Korean BBQ and MR. SUB.
"By acquiring a widely recognized brand in a growing segment of the
quick service restaurant industry, along with a skilled, committed and
experienced team, MTY further strengthens its position as one of the
leaders of its industry in Canada. We are confident that the
acquisition of Jugo Juice will be a strategic addition to our existing
concepts and will yield solid value to our shareholders in the long
run", said Stanley Ma, Chairman, President and CEO of MTY.
Derek Brock and Jason Cunningham, both co-founders of Jugo Juice, will
be retained for a period of 90 days from closing to ensure a smooth
transition period. Ms. Kara Claypool, Senior Vice President of Jugo
Juice will continue to lead the Jugo Juice team from Calgary.
Certain information in this News Release may constitute
"forward-looking" information that involves known and unknown risks,
uncertainties, future expectations and other factors which may cause
the actual results, performance or achievements of the Company or
industry results, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking information. When used in this News Release, this
information may include words such as "anticipate", "estimate", "may",
"will", "expect", "believe", "plan" and other terminology. This
information reflects current expectations regarding future events and
operating performance and speaks only as of the date of this News
Release. Except as required by law, we assume no obligation to update
or revise forward-looking information to reflect new events or
circumstances. Additional information is available in the Company's
Management Discussion and Analysis, which can be found on SEDAR at www.sedar.com.
On Behalf of the Board of Directors of
MTY Food Group Inc.
Stanley Ma, Chairman, President & CEO
SOURCE MTY FOOD GROUP INC.
For further information:
For more information please contact Jean-Francois Dube, Investor Relations at 1-450-226-8475 or by email at email@example.com or visits our website: www.mtygroup.com or visit SEDAR's website at www.sedar.com under the Company's name.