MISSISSAUGA, ON, June 29 /CNW/ - Second Cup Royalty Income Fund (the "Fund") (TSX: SCU.UN) announced today that its wholly-owned subsidiary completed the acquisition all of the outstanding shares of The Second Cup Ltd. ("Second Cup"). This transaction recombines the business of the Fund with the business of Second Cup as previously set out in the Fund's announcement on May 1, 2009. Second Cup and its management team will continue to operate the Second Cup business as a wholly-owned subsidiary of the Fund.
The Fund also announced the appointment of Stacey Mowbray as Chief Executive Officer of Second Cup. Commenting on the appointment, Michael Rosicki, Chairman, stated "Stacey has provided exceptional leadership since joining Second Cup as President over a year ago and her depth of experience in the food and restaurant industry is an asset to the company. In her role as CEO, Stacey will continue to lead our management team on developing exciting new product initiatives and enhancing the customer experience, all with a view to further strengthening our cafe network and capitalizing on new business opportunities."
Forward Looking Information
Certain statements in this news release may constitute forward-looking statements. Forward-looking statements include words such as "may", "will", "should", "expect", "anticipate", "believe", "plan", "intend" and other similar words. These statements reflect current expectations regarding future events and operating performance and speak only as of the date of this release. These forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not those results will be achieved. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Fund's actual results, performance or achievements, or those of Second Cup cafes, or industry results to be materially different from any future results, performance or achievements expressed or implied by those forward-looking statements.
The Fund
The Fund is an open-ended trust established under the laws of the Province of Ontario. It holds, through an indirect wholly-owned limited partnership, the Canadian trade-marks and other intellectual property and associated rights and the operating company that carries on the business of franchising Second Cup cafes and operating company-owned cafes in Canada and. Second Cup is Canada's largest specialty coffee cafe franchisor and second largest retailer of specialty coffee, as measured by number of cafes. For more information on the Fund please visit www.secondcupincomefund.com.
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