MONTREAL, Feb. 21, 2018 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY) announced today that, pursuant to the announcement made December 12, 2017 regarding its combination with Imvescor Restaurant Group ("IRG"), a special meeting of the shareholders of IRG was held on February 19, 2018 during which the shareholders of Imvescor who voted their shares casted a convincing 92.73% of their votes in favour of the transaction.
On February 15, 2018, MTY and IRG had also received a "no-action" notice from the Commissioner of Competition, which confirmed that the Commissioner does not intend to challenge the amalgamation, thus satisfying the regulatory approval condition contemplated in the combination agreement.
The closing of the transaction is expected to happen on or about March 1st, 2018. Closing of the transaction remains subject to customary conditions. Following the closing Mrs. Marie-Line Beauchamp, who is currently IRG's Chief Operating Officer Mikes/Pizza Delight, will lead the IRG team in replacement of Mr. Frank Hennessey, who will be leaving the company.
On March 1st, 2018, the board of directors of MTY will appoint Mr. Gary O'Connor as an additional director. Mr. O'Connor is a director of Imvescor and currently serves as the Chair and member of the audit and risk committee.
It is expected that the IRG operations will be relocated from their current headquarters to MTY's offices in St-Laurent, Québec in the second half of 2018.
Forward Looking Information
Certain information in this News Release constitutes "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 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" or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this News Release contains forward-looking information regarding: the completion of the IRG acquisition, the potential closing date of the IRG acquisition and the potential impact of the IRG acquisition on the Company's future operations; opportunities, growth and expansion; the suitability of the IRG acquisition by the Company; the effect of the IRG acquisition on IRG stakeholders; the location of MTY's head office and where MTY's operations will be managed; the retention of IRG's management team.
This forward-looking information reflects current expectations and assumptions regarding future events and operating performance and speaks only as of the date of this News Release. These assumptions include, but are not limited to: currency exchange rates used to derive Canadian dollar expectations; market acceptance of the IRG acquisition; the satisfactory fulfilment of all of the conditions precedent to the IRG acquisition; the receipt of all required approvals and consents including regulatory, TSX, shareholder and any other approvals; acceptable financing to complete the IRG acquisition; future results of IRG's business and operations meeting or exceeding historical results; the success of the integration of IRG operations and management team with the Company's operations and business; and market acceptance of potential future acquisitions by the Company. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.
A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in the disclosure documents on the SEDAR website at www.Sedar.com. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this News Release is expressly qualified by this cautionary statement. Except as required by law, the Company assumes no obligation to update or revise forward-looking information to reflect new events or circumstances. Financial outlooks contained in this News Release were approved by management of the Company on February 19, 2018. The purpose of this information is to provide a potential financial outlook of the combined entity and this information may not be appropriate for other purposes. 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: please contact Eric Lefebvre, Chief Financial Officer at 1-514-336-8885 x 288 or by email at [email protected]