Brandevor Enterprises Ltd. Company Update.TORONTO--(BUSINESS WIRE)--Nov. 13, 1997--Brandevor Enterprises (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BVE BVE abbr. Black Vernacular English .) Management of Brandevor Enterprises announced that it had reached agreement in principal with the shareholders of International Menu Solutions Inc. (IMSI IMSI International Mobile Subscriber Identity IMSI International Microcomputer Software, Inc. IMSI International Mobile Station Identity (now International Mobile Subscriber Identity) IMSI Idaho Maximum Security Institution ) to purchase 52.5 percent of the outstanding shares of IMSI for the issue of approximately 32,000,000 common shares in the capital of Brandevor. Such issue will represent approximately 49 percent of the shares outstanding of Brandevor following completion of the transaction, which will be subject to approval by The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. and the shareholders of Brandevor. Brandevor also has acquired, as part of the transaction, an option to purchase the balance of the outstanding shares of IMSI for a cash purchase price of $2,500,000. IMSI owns 100 percent of Prime Foods Processing Inc., a company involved in the development and production of fresh salads and frozen entree meals for the growing home meal replacement market to institutional and food retail channels of distribution for both domestic and foreign market places. Messrs. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. Guinchard and Michael A. Steele are jointly responsible for the operations of IMSI and Prime Foods. Together they have over 20 years of experience in the food industry. Mr. Steele was most recently Sr. Vice President of Cott's private label food division, Destination Products International. Mr. Steele, a principal of IMSI, will join the Brandevor board, with another representative of IMSI. Mr. Glen Varty, President of Brandevor, stated that the proposed acquisition represented a significant expansion in the business of Brandevor in the food service and direct to retail supply industry, and should compliment Not to be confused with Complement. Compliment may be
Mr. Varty also announced that, subject to regulatory approval, the conversion price under the existing $500,000 principal amount of debentures issued by Brandevor had been reduced to $0.07 per share and the conversion price for the accompanying $250,000 principal amount of warrants had been reduced to $0.10 per share. CONTACT: Brandevor Enterprises Ltd. Mr. M. Glen Varty, 416/863-9146 |
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