The following was released to shareholders on Feb. 18, 1998:
MIS INTERNATIONAL INC.
145 Traders Blvd. E., #40
Mississauga, Ontario L4Z 3L3
Telephone (905)890-6442
Fax (905)890-6048
Shareholder Update
February 18, 1998
The last few weeks have been very exciting for our company. We have moved further along on our growth and hired
some new staff. Please read below for more information.
New Staff
I am pleased to announce that Glenn May has joined our company as Franchise Development Manager. Glenn has
been in franchising for more than three decades. He introduced Dominos Pizza to Canada and most recently guided
the growth of Work World into a 150-unit franchisor.
Financing
We have been offered $13 million in financing by a financial institution. I signed back the paperwork yesterday. We
have also made arrangements for bridge financing of almost $1 million, part of which has already arrived. This
money will be used to complete the payments required on our acquisitions.
Acquisitions
We are working diligently to complete all three acquisitions. I just completed a visit to Pretzelmaker in Denver.
This is a fine company. The staff is eager, excited and extremely competent. We will merge the support of all our
pretzel operations into Denver for our US operations. Canadian support will still be handled in our offices in
Mississauga. I was very happy to see how much activity in growth is happening at Pretzelmaker. Last year almost
60 new locations opened, this year looks even better.
I spoke to our automotive acquisition yesterday. They are a division of a large multi concept retailer. Due to
internal realignment and other factors they had asked us to keep the details confidential for now. They informed me
that they are still one to two weeks away from completing their internal review and completing our deal. We have
begun to make financial payments to our acquisitions in six figures. We would not be doing this if the deals were
not legally solid and financing was available. There has been some talk that our Letters of Intents are not worth
much. Well, in this case they are binding documents. Some people need to get use to the fact that MIS is a real
company with real acquisitions.
It takes between six and twelve months to begin and complete acquisitions such as we are doing. We began our
automotive deal last summer. Pretzelmaker in the fall and Mr. Twister Pretzels Inc. one year ago. All three should
be complete by mid April. They have a life of their own and we all understand "Murphys Law." We have had to
work through a major retailers realignment and a deceased attorney. Thankfully that is all behind us.
Wholesaling
Our next Cosco location opens in Edmonton shortly. Toronto locations will be open within two to three weeks.
Expect to see our Pretzels popping up all over the place by this summer in movie theatres, cafeterias, supermarkets,
theme parks and so on. Further news to follow.
In conclusion, the next update from me to you will most likely occur after April. At that time we can update you
with items such as our audit, registration, sales/profits of our new MIS after the acquisitions and so on.
Regards,
Dan Masters
President/CEO |
