"This is a great acquisition for MTY as it gives them a National Brand with a great history and huge opportunity for further development. Donato is pleased that MTY operates with similar core values and beliefs that will ensure the continued success of this Brand and all those involved" say Nick Veloce, Vice President & Chief Operating Officer of Donato Food Corporation.
The closing of the acquisition is subject to the completion of certain conditions, and closing of the acquisition is scheduled to be within the next 60 days. The proposed acquisition does not represent a reverse take-over or change in business of the Company.
The Company is also very pleased to announce that Mr. Brian Worts, ex-President and CEO of Manchu Wok Restaurants, will be joining Matoyee, as Vice President and COO of Mrs. Vanelli's, in-charge of the Mrs. Vanelli's operations, to ensure the achievement of the business plans and objectives of the Company. Upon the completion of the acquisition, Matoyee will expand its operational office presently located in Concord, in North Toronto, Ontario.
The acquisition of Mrs. Vanelli's and its most recent acquisition of "La Cremiere" on December 10, 2001, "Croissant + Plus" on September 1, 2002, and "Cultures" on May 2, 2003 represents Matoyee's fourth acquisition during the past two and a half years. This acquisition will complement and expand Matoyee's existing quick service franchise operations, and bring Matoyee's restaurant system-wide annual sales to over $100 million, with over 400 outlets in operations.
On Behalf of the Board of Directors of MTY Food Group Inc.
Stanley Ma, Chairman of the Board
This news release was prepared by management who takes full responsibility for its contents. The TSX Venture Exchange neither approves nor disapproves the contents of this news release.