TSX Trading Symbol: "MTY"
MONTREAL, Sept. 18, 2015 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY) announced today that pursuant to the announcement made on August 18, 2015, its wholly-owned subsidiaries MTY Tiki Ming Enterprises Inc. has completed the acquisition of 60% of the assets of Big Smoke Burger (www.bigsmokeburger.com). The total consideration for the transaction is $3.0 million, paid from MTY's cash on hand.
At closing, the Big Smoke Burger network operates 17 stores, including 4 corporately-owned stores. Of the 17 stores, 9 are located in Canada and 8 are located in the US or overseas.
In the weeks following the transaction, the operations of Big Smoke Burger will be relocated into MTY's offices in Richmond Hill, Ontario. Mustafa Yusuf, the founder of Big Smoke Burger, will retain a 40% share of the ownership of Big Smoke Burger. He will continue as Senior Vice President of Big Smoke Burger, following the conclusion of the transaction.
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: Eric Lefebvre, Chief Financial Officer at 1-514-336-8885 x 288 or by email at [email protected], or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name