iNsu Innovations Group Inc.: Announcement.Business Editors VILLE ST. LAURENT, Quebec--(BUSINESS WIRE)--June 9, 2003 Further to the Company's news release dated April 10, 2003, the Company has completed the sale of its computer and technology division, Gold-Tech Computer Systems Ltd. To reflect management's decision to concentrate on the restaurant and franchising business, the Company is in the process to change its present name to "MTY MTY Monterrey, Nuevo Leon, Mexico - Escobedo (Airport Code) MTY million tons/year Food Group Inc.". Also, the Company is pleased to announce that the Company's wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. Matoyee Enterprises Inc. (the "Matoyee") has entered into a five years, with an option to renew for a further five years, master franchise agreement with AMSA AMSA American Medical Student Association AMSA Australian Maritime Safety Authority AMSA American Moving and Storage Association AMSA Australian Marine Sciences Association AMSA Association of Metropolitan Sewerage Agencies AMSA American Meat Science Association FRANCHISE (CANADA) FZCO FZCO Free Zone Company of Saudi Arabia (the "Master Franchisee") to operate & to sub-franchise retail restaurant outlets under the banners of "CAFERAMA", "SUKIYAKI su·ki·ya·ki n. A Japanese dish of sliced meat, bean curd, and vegetables seasoned and fried together. [Japanese : suki, strip (from suku, to be thin) + yaku, " and "LA CREMIERE". The agreement is applicable for Jeddah, Riyadh, Khobar & Dharan of Saudi Arabia, Cairo, Sharm El Sheikh Sharm el Sheikh or Sharm ash Shaykh: see Sinai. of Egypt, Dubai, Sharja, Abu Dhabi of U.A.E., City of Bahrain and Lebanon. The agreement calls for the opening of a minimum 5 units within the next 2 years period, and 10 units within the next 5 years, and also calls for the payment to Matoyee of master franchise fee, franchise fee, renewal fee, royalties fee at various rates, terms and conditions, as well as reimbursements of all costs to train the staff of Master Franchisee. Mr. Saoud A. Koraitem and Mr. Amer Abdulwahab are both very successful and respected businessmen in their region, representing a perfect opportunity for Matoyee to establish a presence and accelerate growth abroad. The Company is excited about entering into this market with a great partner, who shares our commitment in bringing the Matoyee's banners to the Middle East. On Behalf of the Board of Directors of iNsu Innovations Group Inc. Stanley Ma, Chairman of the Board The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has not reviewed and does not accept responsibility for the adequacy of this release. |
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