To reflect management's decision to concentrate on the restaurant and franchising business, the Company is in the process to change its present name to "MTY Food Group Inc.".
Also, the Company is pleased to announce that the Company's wholly owned subsidiary Matoyee Enterprises Inc. (the "Matoyee") has entered into a five years, with an option to renew for a further five years, master franchise agreement with AMSA FRANCHISE (CANADA) FZCO of Saudi Arabia (the "Master Franchisee") to operate & to sub-franchise retail restaurant outlets under the banners of "CAFERAMA", "SUKIYAKI" and "LA CREMIERE".
The agreement is applicable for Jeddah, Riyadh, Khobar & Dharan of Saudi Arabia, Cairo, Sharm El Sheikh of Egypt, Dubai, Sharja, Abu Dhabi of U.A.E., City of Bahrain and Lebanon.
The agreement calls for the opening of a minimum 5 units within the next 2 years period, and 10 units within the next 5 years, and also calls for the payment to Matoyee of master franchise fee, franchise fee, renewal fee, royalties fee at various rates, terms and conditions, as well as reimbursements of all costs to train the staff of Master Franchisee.
Mr. Saoud A. Koraitem and Mr. Amer Abdulwahab are both very successful and respected businessmen in their region, representing a perfect opportunity for Matoyee to establish a presence and accelerate growth abroad.
The Company is excited about entering into this market with a great partner, who shares our commitment in bringing the Matoyee's banners to the Middle East.
On Behalf of the Board of Directors of iNsu Innovations Group Inc.
Stanley Ma, Chairman of the Board
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