Correcting...RETRANSMISSION Grandma Lee's Inc. - Announces a Profit for the Six Months Ending December 31, 1996.MISSISSAUGA Mississauga (mĭsĭsaw`gə), city (1991 pop. 463,388), S Ont., Canada, 12 mi (20 km) W of Toronto on Lake Ontario. A residential suburb of Toronto and a growing transportation and industrial center, it is one of Canada's fastest-growing , ONTARIO--(BUSINESS WIRE)--March 3, 1997-- Grandma(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). GLI GLI Glider GLI Greater Louisville Inc. (Metro Chamber of Commerce in Louisville, KY) GLI Global Imager GLI Great Lakes Invitational (college hockey tournament) GLI Great Lakes Water Quality Initiative ., NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on GLICF.) Grandma Lee's, a Mississauga based restaurant Franchisor announces a profit for the six months ending December 31, 1996. -0- December 1996 Year ago Revenue $614,102 $836,294 Net Profit 53,025 24,519 Net Profit/Share .01 .01 The Board of Directors wish to report a profit of $53,025 for the six month period ending December 31, 1996, compared with a profit of $24,519 for the prior year. This is an improvement of $28,506. Revenues for the period are $614,102 compared to $836,294 in 1995. Working capital reached $679,430 compared to $232,800 in 1995. Net Shareholders Equity increased to $2,240,356 from $1,519,853 last year. During the quarter Grandma Lee's USA opened a third AT and T restaurant in Atlanta, Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . A prototype Grandma Lee's Bakery Cafe opened in Metropolitan Toronto Metro Council redirects here. For the legislative body of Nashville, Tennessee, see Metropolitan Council (Davidson County). For a governmental body in Minnesota, see Metropolitan Council. , Canada. The restaurant will be utilized as the training center for new Grandma Lee's Franchisees and for the company's research and development of new products and operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. . As previously announced the Company has signed a binding agreement with Dixtor Investments Ltd., a successful real estate investment Company. Dixtor will vend into Grandma Lee's combination of income earning and development properties. These properties will be sold at a time when the maximum proceeds can be achieved. The cash proceeds will be used to fund our new strategic restaurant franchise plan. We are currently seeking regulatory approval for this transaction. Once this approval is obtained, we will call a Special Shareholders Meeting for the final approval. Grandma Lee's Inc. is a major international restaurant chain; capitalizing on 26 years of solid experience. There are 80 restaurants currently open, and 5 units in various stages of development in Canada, the U.S.A. and Australia. CONTACT: Grandma Lee's Inc. Allan R. Biggs, 9905/ 634-4111 905/ 634-1101 (FAX) http:///www.Grandmalee.com |
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