Business
MTY enters into an agreement to acquire the assets of The Works
MTY enters into an agreement to acquire the assets of The Works Canada NewsWire ...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY enters into an agreement to acquire the assets 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, May 8, 2017\n\n\n\nTSX Trading Symbol: \"MTY\"\n\n\n\nMONTREAL, May 8, 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 The Works Gourmet Burger Bistro (www.worksburger.com) (\"The Works\") for an estimated consideration of $8.0 million. \n\nThe Works' network currently has 27 restaurants in operation, 4 of which are corporately-owned.  All of the The Works restaurants are located in Ontario.  In the last twelve months, the network has generated approximately $35 million in sales.\n\nStanley Ma, Chairman of the Board and Chief Executive Officer of MTY, said: \"MTY is proud to add another young and dynamic brand to its portfolio.  The Works has great growth potential for the future and will solidify MTY's presence in the gourmet burger market.\"\n\nThe transaction is expected to close within 45 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. Bruce Miller, The Works' current president, will continue to lead the brand following the transaction.  MTY expects to maintain the The Works headquarters 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 ...