NEW YORK, Dec. 12, 2017 (GLOBE NEWSWIRE) -- Since September 2013, ADW Capital Partners L.P. (“ADW Capital”)
had acquired beneficial ownership of 3,491,188 common shares of Imvescor Restaurant Group Inc. (“Imvescor”) (TSX:IRG), representing
approximately 5.8% of the then issued and outstanding common shares of Imvescor. During the period of October 27, 2017 to November
1, 2017, ADW Capital acquired beneficial ownership of 2,562,912 additional common shares of Imvescor (“Additional Acquired
Shares”), representing approximately 4.2% of the issued and outstanding common shares of Imvescor. After giving effect to the
acquisition of the Additional Acquired Shares, ADW Capital controlled and directed 6,054,100 common shares of Imvescor,
representing approximately 10.01% of the issued and outstanding common shares of Imvescor. In addition, on November 8, 2017, ADW
Capital acquired beneficial ownership of an additional 1,211,900 common shares (“Second Tranche Additional Acquired Shares”) of
Imvescor, representing approximately 2.0% of the issued and outstanding common shares of Imvescor. After giving effect to the
acquisition of the Second Tranche Additional Acquired Shares, ADW Capital controlled and directed 7,266,000 common shares of
Imvescor, representing approximately 12.01% of the issued and outstanding common shares of Imvescor.
On December 12, 2017, ADW Capital acquired beneficial ownership of 1,211,900 additional common shares of
Imvescor (“Third Tranche Additional Acquired Shares”), representing approximately 2.00% of the issued and outstanding common shares
of Imvescor. After giving effect to the acquisition of the Third Tranche Additional Acquired Shares, ADW Capital controls and
directs 8,477,900 common shares of Imvescor, representing approximately 14.01% of the issued and outstanding common shares of
Imvescor.
The acquisition of the Third Tranche Additional Acquired Shares occurred through the facilities of the TSX at a
price per Third Tranche Additional Acquired Share of between Cdn$4.02 and Cdn$4.12. The Third Tranche Additional Acquired Shares
were acquired for investment purposes. ADW Capital may dispose of its holdings or acquire ownership of, or control or direction
over, additional securities of Imvescor, depending on market conditions and in compliance with applicable law.
By way of background, ADW Capital is a concentrated, deep value partnership, that employs a long term, high
conviction, and low turnover "buy and hold" strategy. ADW is an investor driven by the fundamentals of the companies in which it is
invested. Additionally, at times, ADW will employ activist/constructivist strategies to help enact change at its portfolio
companies. Since its initial acquisition of Imvescor common shares, ADW Capital has tried, on multiple occasions, to engage with
Imvescor’s senior management to implement strategies designed to maximize shareholder value. Following today’s announcement of the
potential sale of Imvescor’s issued and outstanding common shares at a price of $4.10 per common share, ADW Capital announces its
view that this price grossly undervalues Imvescor and a higher price can be obtained by continuing as a going concern or through a
superior or enhanced offer.
ADW Capital is located at 1133 Broadway, Suite 719, New York, NY 10010, USA.
For further information, please contact Adam Wyden at (646) 684-4086.