MONCTON, NB, Nov. 2 /CNW/ - Pizza Delight Corporation Ltd. announced today that it will change its name to Imvescor Inc. effective immediately. Company founder and Executive Chairman of the Board, Bernard Imbeault made the decision to undergo a renaming process to better define the company, which has evolved substantially over the years. The name Imvescor is a combination of Imbeault's surname and the Latin verb "vescor" which means to eat or to feed, a fitting association for the company, which has almost forty years in the restaurant business.
"Imvescor accurately reflects our company today. We are a multi-brand franchisor which owns Pizza Delight, Mikes, Scores and Baton Rouge," said Ron Magruder, President and Chief Executive Officer of Imvescor Inc. "This is the most appropriate name for our company given that it directly references Bernard Imbeault, whose values and vision for the company are central to our success. It was also important that the company name no longer refer to one particular brand but reflect the entire focus of our business, which is full-service restaurants." Magruder added.
In 1968, Pizza Delight(R) was a small pizza take-out operating in Shediac, New Brunswick. Purchased by entrepreneur Bernard Imbeault in 1969, he developed it as a very successful franchise restaurant concept. In 2000, Pizza Delight Corporation Ltd. acquired Mikes(R), Scores(R) in 2005, and Baton Rouge (R) in 2006. This year the four brands are expected to generate $400 million in annual sales and employ 10,000 people in Atlantic Canada, Quebec, Ontario and Alberta.
Imvescor Inc. is a privately owned corporation which operates franchised and corporate restaurants under the brand names Pizza Delight(R), Mikes(R), Scores(R) and Baton Rouge(R). Imvescor is headquartered in Moncton, New Brunswick, and has regional offices in Montreal, Quebec and Mississauga, Ontario.
PDM Royalties Income Fund will not be affected by the name change. The Fund indirectly owns the trade marks and intellectual property for the Pizza Delight(R), Mikes(R), Scores(R) and Baton Rouge(R) brands and has licensed them to Imvescor in consideration for a royalty equal to 4% of system sales for Pizza Delight and Mikes, and 6% for Scores and Baton Rouge.