Business
MTY Provides Update on Timing of Release of its First Quarter 2020 Financial Results and Update on Operations
MTY Provides Update on Timing of Release of its First Quarter 2020 Financial Results and U...
About this update from Mty Food Group Inc.
[{"type":"text","content":"\n\n\n\nMTY Provides Update on Timing of Release of its First Quarter 2020 Financial Results and Update on Operations\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\n\n\n\n\n\n\nCanada NewsWire\nMONTREAL, April 6, 2020\n\n\n\nMONTREAL, April 6, 2020 /CNW Telbec/ - MTY Food Group Inc. (\"MTY\" or the \"Company\") (TSX: MTY), franchisor and operator of multiple concepts of restaurants worldwide announces that it intends to rely on exemptions recently granted by Canadian securities regulatory authorities that allow issuers to delay the issue of the financial statements and MD&A. Without the exemptions, the Company would be required to issue and file its quarterly financial statements and MD&A by April 14, 2020. In response to the global Coronavirus (COVID-19) pandemic, securities regulatory authorities in Canada have granted blanket exemptions allowing companies an additional 45 days to complete their regulatory filings, implying a filing deadline of May 29, 2020 for MTY. The Company is making every effort to issue and file the first quarter interim consolidated financial statements and MD&A at the earliest opportunity and currently expects to file no later than May 15, 2020.\nThe Company confirms that management and the Company's insiders remain subject to a trading black out period as per its internal Insider Trading Policy.  MTY also confirms that since the press release issued on February 24, 2020 when the Company filed its annual financial results and March 16, 2020 regarding the measures taken to help the Company's franchisees, there have been material business developments with regards to temporary restaurant closures and restaurants operating in a reduced capacity due to the COVID-19 pandemic.  \nAs of the date of this release, MTY's network had approximately 2,100 restaurants temporarily closed while the rest of the network typically operates in a reduced capacity.  Most of the Company's corporate restaurants are currently closed, with the exception of those operating under the Papa Murphy's brand.\nIn response to the impact of the g...