MONCTON, NB, Jan. 22 /CNW Telbec/ -- Imvescor Restaurant Group Inc. ("IRG") announced today that it will be delayed in filing its annual financial statements, certifications of filings under National Instrument 52-109 - Certification of Disclosure in Issuers' Annual and Interim Filings, related management discussion and analysis ("MD&A") and annual information form ("AIF") for the period ended October 25, 2009 with the securities regulatory authorities beyond the filing deadline of January 22, 2010.
The delay is the result of the accounting complexities created from the combination of the previously existing income trust, PDM Royalties Income Fund (the "Fund") and private operating entity, Imvescor Inc. ("Imvescor"), together with Imvescor's various subsidiaries, and the resulting, post-combination public company, IRG.
As previously announced, the Fund completed a plan of arrangement effective October 10, 2009 together with 7209835 Canada Inc., Imvescor , Imvescor Restaurants Inc. and Imvescor's two shareholders, General Financial Corporation Ltd. and Delighted Guests Ltd. to form a new, publicly traded corporation, IRG (the "Combination"). The Combination was the first conversion of a restaurant royalty income fund to a public corporation in Canada. The Combination gives rise to complex accounting and valuation to address the allocation of the purchase price and the consolidation of the financial results of the various entities involved in the Combination for the pre and post-Combination periods.
IRG's management engaged the assistance of external professional accounting advisors and has been working diligently with those advisors over the last several weeks but has determined that additional time is required to ensure that all results are appropriately reconciled and reported. IRG is committed to filing it audited financial statements, MD&A and AIF as soon as practicable. At this time, IRG anticipates that it will file these materials on SEDAR not later than January 29, 2010.
About Imvescor Restaurant Group
Headquartered in Moncton, New Brunswick, Imvescor Restaurant Group owns franchised and corporate stores throughout Canada, under four brands: Pizza Delight(R) operates primarily in Atlantic Canada, where it dominates the family/mid-scale segment. Mikes(R) and Scores(R) restaurants operate primarily in Quebec in the family and casual dining segments and the take-out and delivery segments. Baton Rouge(R) operates in the Province of Quebec and Ontario in the casual dining segment.
Certain information regarding Imvescor Restaurant Group contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company cautions that actual performance will be affected by a number of factors, many of which are beyond the Company's control, and that future events and results may vary substantially from what the Company currently foresees. The Company assumes no obligation to update such forward-looking statements, except as required by applicable securities laws. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.