Press release from CNW Group
MTY completes the acquisition of SushiGo
Monday, June 03, 2013
MTY completes the acquisition of SushiGo11:51 EDT Monday, June 03, 2013
TSX Trading Symbol: "MTY"
MONTREAL, June 3, 2013 /CNW Telbec/ - MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY) announced today that pursuant to the announcement made on April 30, 2013, its wholly-owned subsidiary MTY Tiki Ming Enterprises Inc. has completed the acquisition of SushiGo for a consideration of $1.05 million paid from MTY's cash on hand. The transaction is effective June 1st, 2013.
At closing, the chain operates five stores, including two corporately-owned ones. The system has generated $2.3 million in sales during the most recent fiscal period.
SushiGo is a «counter shop» concept specialized in the preparation and the selling of sushi, meal soups and Asian meal salads, whether it is to go or to eat on location. At SushiGo, tea and sushi are in harmony. SushiGo offers more than twenty natural teas of superior quality by the cup and in loose-leaf bulk.
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 or by email at email@example.com, or visit our website: www.mtygroup.com or SEDAR's website at www.sedar.com under the Company's name.