Business
MTY enters into an agreement to acquire the assets of Dagwoods Sandwichs and Salads
MTY enters into an agreement to acquire the assets of Dagwoods Sandwichs and Salads ...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire the assets of Dagwoods Sandwichs and Salads\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 20, 2017\n\n\n\nTSX Trading Symbol: \"MTY\"\n\n\n\nMONTREAL, June 20, 2017 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY) announced today that one of its wholly-owned subsidiaries has signed an agreement to acquire the assets of Dagwoods Sandwichs and Salads (www.Dagwoods.ca) (\"Dagwoods\") for an estimated consideration of $3.0 million. \n\nThere are currently 23 Dagwoods restaurants in operation (21 franchised and 2 non-traditional), 22 of which are in Quebec and 1 in Ontario.  In the last fiscal year, the Dagwoods network has generated approximately $8 million in sales.\n\nThe transaction is expected to close within 90 days of this announcement and remains subject to multiple conditions, including standard regulatory approvals and other conditions customary for a transaction of this nature. There is no assurance the transaction will be completed as described above or at all, or that the anticipated closing date will materialize.\n\nMr. Spiro Krallis, Dagwoods' current president, will continue with MTY for a three month period to ensure a smooth transition. Mr. Michel Lamontagne will be leading the Dagwoods operations following the closing of the transaction. MTY expects to move the Dagwoods operations to its headquarters in St-Laurent, Quebec.\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 variat...