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MISSISSAUGA, ON, Aug. 9, 2019 /CNW/ - The Second Cup Ltd. ("Second Cup" or the "Company") (TSX: SCU) announced today that it has amended the previously-disclosed Investment Agreement, dated July 31, 2017, with (among others) four separate holding companies controlled by Michael Serruya, Aaron Serruya, Jacques Serruya and Simon Serruya (collectively, the "Investors"). The amendment deletes the provision of the Investment Agreement granting the Investors' representative the right to designate two nominees for director of the Company for so long as any Investor (or the Investors collectively) owns 20% of the Corporation's common shares and one nominee if the Investors' collective ownership is below 20% but is greater than or equal to 10%. Michael Serruya and Aaron Serruya were designated as nominees, both of whom are currently serving on the Corporation's board of directors. Second Cup does not expect the amendment of the Investment Agreement to result in any changes to the current composition of its board of directors.
About Second Cup Coffee Co.™
Founded in 1975, The Second Cup Ltd. is a Canadian specialty coffee retailer operating franchised and company owned cafes across Canada. For more information, please visit www.secondcup.com or find the Company on Facebook and Twitter.
Additional information regarding Second Cup including required securities filings are available on our website at www.secondcup.com and on the Canadian Securities Administrators' website at www.sedar.com; the System for Electronic Document Analysis and Retrieval.
FORWARD LOOKING STATEMENTS
This press release may contain forward-looking information that represents internal expectations, estimates or beliefs concerning, among other things, future activities or future operating results and various components thereof. The use of any of the words "anticipate", "continue", "expect", "may", "will", "project", "should", "believe", and similar expressions suggesting future outcomes or events are intended to identify forward-looking information. Forward-looking statements include the Company's expectations with respect to the composition of its board of directors. Statements regarding such forward-looking information reflect management's current beliefs and are based on information currently available to management.
These statements are not guarantees of future performance and are based on management's estimates and assumptions that are subject to inherent risks and uncertainties, which could cause Second Cup's actual performance and financial results in future periods to differ materially from the forward-looking information contained in this press release, including the factors discussed under the heading "Risk Factors" in the Prospectus and in the Company's annual information form available at www.sedar.com. Although the forward-looking information contained in this press release is based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Readers, therefore, should not place undue reliance on any such forward-looking statements.
All forward-looking information in this press release is qualified by these cautionary statements. Forward-looking information in this press release is presented only as of the date made. Except as required by law, Second Cup disclaims any intention or obligation to update or revise any forward-looking statements to reflect subsequent events or circumstances.
SOURCE The Second Cup Ltd.
For further information: please contact: Ba Linh Le, Chief Financial Officer, (905) 362-1827 or [email protected]