System wide retail sales of TCBY for the 2004 calendar year totalled $8.8 million, and rebates and royalties for the same period were $585,000.
The closing of the acquisition is subject to the completion of certain conditions, a full due diligence review, and the acceptance of the TSX Venture Exchange. Closing of the acquisition is scheduled for August 1, 2005. The proposed acquisition does not represent a reverse take-over or change in business of the Company.
This acquisition will complement and expand Matoyee's existing quick service franchise operations, and bring Matoyee's business to over 525 outlets in operation.
On Behalf of the Board of Directors of
MTY Food Group Inc.
Stanley Ma, Chairman, President and CEO
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.