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MTY completes the acquisition of The Works
MTY completes the acquisition of The Works Canada NewsWire MONTREAL, June 9, 201...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY completes the acquisition of The Works\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, June 9, 2017\n\n\n\nTSX Trading Symbol: \"MTY\" \n\n\n\nMONTREAL, June 9, 2017 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that pursuant to the announcement made on May 8, 2017, it has acquired all of the assets of The Works Gourmet Burger Bistro (www.worksburger.com)\n\nThe total consideration for the transaction is approximately $8.0 million, of which $6.9 million was paid on closing, $0.8 million was retained as holdback on the transaction and $0.3 in net liabilities were assumed.  The consideration paid on closing was paid in cash, financed from MTY's cash on hand.\n\nAt closing, The Works network operates 23 franchised and 4 corporate restaurants.  One restaurant is under construction at closing, in North London, Ontario.\n\nMr. Bruce Miller will continue to lead the brand from The Works' current offices in Oakville, Ontario.\n\nForward looking information\n\nCertain information in this News Release constitutes \"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 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\" or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved.  In particular, this News Release may contain forward-looking information regarding: the expected system sales of the combined entity; potential growth of the Company's operations; the potential impact of the acquisition on the Company and its shareholders; and the locatio...