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Slide #30. MTY Food Group Inc. — assets of Thai Zone
MTY Food Group Inc. (TSE:MTY.CA)
assets of Thai Zone
MTY Food Group Inc. ("MTY" or the "Company") (TSX: MTY), franchisor and operator of multiple concepts of quick service restaurants, announced today that its wholly-owned subsidiary MTY Tiki Ming Enterprises Inc. has entered into a binding agreement to acquire 80% of the assets of 9199-0465 Quebec Inc. and Alimentation ThaZone Inc. ("Tha Zone") (www.thaizone.ca) via a new company to be formed, with balance of the 20% to remain with the existing founders of Thai Zone. Total consideration for MTY's 80% share in the business is expected to be $17.8M and will be paid from MTY's cash on hand and available credit facilities.
MTY Food Group is a franchisor engaged in the quick service food industry. Co.'s activities consist of franchising and operating quick service restaurants under the following banners: Tiki Ming, Sukiyaki, La Cremiere, Caferama, Au Vieux Duluth Express, Carrefour Oriental, Panini Pizza Pasta, Chick 'N' Chick, Franx Supreme, Croissant Plus, Villa Madina, Cultures, Thai Express, Mrs. Vanelli's, Kim Chi, "TCBY", Yogen Früz, Sushi Shop, Koya Japan, Vie & Nam, Tandori, O'Burger, Tutti Frutti, Taco Time, Country Style, Bunsmaster and Valentine. As of Nov 30 2010, Co. had 1,727 stores in operation, of which 1,701 stores were franchised and 26 stores were operated by Co.
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