MONCTON, NB, April 2, 2013 /CNW Telbec/ - Imvescor Restaurant Group Inc.
("Imvescor" or the "Company") (TSX: IRG) announced today that Fairfax
Financial Holdings Limited ("Fairfax") has sold to GMP Securities L.P. ("GMP")
all of the 9,897,509 common shares and 16,334,000 warrants of Imvescor it
holds, representing 23.6% of the common shares of Imvescor on a non-diluted
basis and 45.0% of the common shares of Imvescor on a partially diluted basis.
Each warrant entitles the holder thereof to purchase one common share of
Imvescor at an exercise price of $0.65.
Closing of the sale is expected to occur on or about April16, 2013. The
Company understands that GMP, an investment dealer, intends to resell the
common shares and warrants of Imvescor purchased from Fairfax on a private
placement basis as part of one or more transactions.
Fairfax had initially made a significant investment in Imvescor in connection
with a series of refinancing and recapitalization transactions completed in
December 2011. "Fairfax greatly contributed to position the Company for a
return to long-term growth and profitability. Even though Imvescor did not
represent for Fairfax a significant portfolio investment, its generous advice
and support significantly contributed to grow Imvescor into a stronger
business with vastly increased expertise" said Denis Richard, President and
Chief Executive Officer of Imvescor. "Today's announcement marks the beginning
of a new chapter for Imvescor, and we are confident in our ability to take
advantage of future opportunities as a widely-held, independent company",
added Mr. Richard.
As a result of the sale by Fairfax of all of its common shares and warrants of
Imvescor, Fairfax's designees on the Company's Board of Directors, Bradley
Martin and Ron D. Barbaro, have resigned their positions, effective as of the
closing of the sale. "We wish to sincerely thank Brad and Ron for their
contribution to the Board", said Mr. Richard. The Company intends to fill
vacancies created by the resignation of Messrs. Martin and Barbaro and appoint
a new Chair of the Board of Directors, a position previously held by Mr.
Martin, in the near future.
About Imvescor Restaurant Group Inc.
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group owns
franchised and corporate stores throughout Canada, under four brands: Pizza
Delight® operates primarily in Atlantic Canada, where it dominates the
family/mid-scale segment. Mikes® and Scores® restaurants operate primarily
in Quebec in the family and casual dining segments and the take-out and
delivery segments. Bâton Rouge® operates in Quebec, Ontario, Alberta and
Nova Scotia in the casual dining segment.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release regarding the Company, including,
but not limited to, the Company's business objectives, strategies and
priorities, and other statements that are not historical facts, are
"forward-looking statements" within the meaning of applicable securities laws.
Forward-looking statements involve known and unknown risks, uncertainties and
other factors outside the Company's control referenced in the Company's
continuous disclosure filings which are available on SEDAR at www.sedar.com.
Although the forward-looking statements contained herein are based upon what
the Company believes to be reasonable assumptions on the date of this press
release, the Company cannot assure investors that actual results will be
consistent with these forward-looking statements. The Company assumes no
obligation to update such forward-looking statements to reflect new
information, future events or otherwise, except as required by applicable
Denis Richard President and Chief Executive Officer Imvescor Restaurant Group
Inc. Tel.: 514-341-5544
For more information about our brands:
Pizza Delight®:www.pizzadelight.com Mikes®:www.mikes.ca
Scores®:www.scores.ca Bâton Rouge®:www.batonrougerestaurants.com
SOURCE: Imvescor Restaurant Group Inc.
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CO: Imvescor Restaurant Group Inc.
ST: New Brunswick
NI: RES 2523 FIN
-0- Apr/02/2013 13:10 GMT
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