Attached files
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8-K - FORM 8-K - UFood Restaurant Group, Inc. | c06679e8vk.htm |
EX-3.1 - EXHIBIT 3.1 - UFood Restaurant Group, Inc. | c06679exv3w1.htm |
EX-3.2 - EXHIBIT 3.2 - UFood Restaurant Group, Inc. | c06679exv3w2.htm |
EX-4.1 - EXHIBIT 4.1 - UFood Restaurant Group, Inc. | c06679exv4w1.htm |
EX-10.1 - EXHIBIT 10.1 - UFood Restaurant Group, Inc. | c06679exv10w1.htm |
EX-10.2 - EXHIBIT 10.2 - UFood Restaurant Group, Inc. | c06679exv10w2.htm |
EX-10.3 - EXHIBIT 10.3 - UFood Restaurant Group, Inc. | c06679exv10w3.htm |
Exhibit 99.1
UFood Grill Converts Long Term Debt Into Equity
Closes $2.8 Million In Funding
BOSTON(BUSINESS WIRE)UFood Restaurant Group, Inc. (OTCBB: UFFC) is pleased to report that 96%
of the holders of its 8% Senior Secured Convertible Debentures (2009 Debentures), have elected to
convert their 2009 Debentures into shares of the Companys Series A Preferred Stock. The holders
of the Series A Preferred Stock shall be entitled to convert their shares into restricted shares of
the Companys common stock, which will be registered upon filing with the US Securities and
Exchange Commission.
Commenting on the debt conversion, Chief Executive Officer of UFood Restaurant Group, Mr. George
Naddaff said: Investors conversion of their debt into equity reflects a strong confidence in
UFoods future prospects and expansion plan. As we enter the fourth quarter virtually debt free,
the Company is now in a strong position to focus on continuing to build market share for its unique
healthy fast food concept while continuing to explore a number of opportunities for creating
additional shareholder value.
Additionally, the Company announces that it has sold $2,795,000 of shares of Series B 8%
Convertible Preferred Stock in connection with the first closing of the offering on October 4,
2010. The Company issued 27,950 Series B Preferred Stock and Warrants to investors participating
in the offering. In this private placement, investors paid $100 for one share of Series B 8%
Convertible Preferred Stock plus 100 warrants.
We are pleased to announce the closing of this funding, said Mr. Naddaff. This capital allows
UFood to focus the Companys growth to capture a massive captive audience, the travel consumer
market, where food options are traditionally limited. The funds generated from this offering are
to be used primarily to support the franchise expansion offering healthy food options in a
convenient and fast food setting.
For the full terms of the debenture conversion and private placement described above, please see
the Form 8-K to be filed by UFood with the Securities and Exchange Commission in connection with
such transactions.
About UFood Restaurant Group, Inc.
Headquartered in Boston, MA UFood Restaurant Group, Inc. is a franchisor and operator of
fast-casual food service restaurants. UFood Grill offers healthy lifestyle alternative to consumers
in the fast-casual restaurant space and is positioned to become a leading player in the
better-for-you quick-serve restaurant category. The Company is led by franchise innovator George
Naddaff, who founded Boston Market and led the
franchising of several companies including Sylvan Learning Center and VR Business Brokers. Mr.
Naddaff has assembled a veteran management team with a successful record in the franchise market.
UFood is currently launching a growth plan to franchise nationwide. To learn more, visit
www.ufoodgrill.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may
cause our actual results or performance to differ materially from those expressed or implied by
these forward-looking statements. These risks, delays, and uncertainties include, but are not
limited to: risks associated with the uncertainty of future financial results, our reliance on our
sole supplier, the limited diversification of our product offerings, additional financing
requirements, development of new products, government approval processes, the impact of competitive
products or pricing, technological changes, the effect of economic conditions and other
uncertainties detailed in the Companys filings with the Securities and Exchange Commission. The
Company undertakes no obligation to update any forward-looking statements.
UFood Restaurant Group, Inc.
Charles A. Cocotas, COO, 617-787-6000
Charles A. Cocotas, COO, 617-787-6000