You beat me to it........
Thursday March 5, 1:45 pm Eastern Time
Company Press Release
SOURCE: MIS International Inc.
MIS International Inc. Announces Major Growth
MISSISSAUGA, Ontario, March 5 /PRNewswire/ -- MIS International Inc. (OTC Bulletin Board: MISM - news) announced today the following activities.
Acquisitions
Closing is scheduled to take place in Denver on April 6, on the acquisition of Pretzelmaker, a Denver-based chain of more than 220 pretzel outlets. The closing for Mt. Twister Pretzels Inc., a 23-unit chain of pretzel outlets based in Florida, is scheduled for March 31. After the closings, pretzel operations for both companies will relocate to Pretzelmaker offices in Denver and MIS offices in Toronto.
MIS expects to announce full details on its automotive acquisition shortly. According to MIS CEO Dan Masters, ''We have been in almost daily communication with the automotive company. The delay in this transaction was mainly due to changes within their parent company. They have worked most of the changes out and should be able to proceed with us in the next week or so.''
MIS has also begun due diligence on a California-based retailer in the entertainment industry. Master states, ''We are looking seriously at adding further concepts and companies to our roster of businesses for the second half of this year. Capital for additional growth after our first three acquisitions has been made available to us. We believe our business plan of 1000 locations within the next few years will be completed ahead of schedule.
Wholesaling
The newest Pretzel Twister Cosco location opened on Monday in Edmonton. Masters states, ''We currently average $4,000 per week per location in Cosco. Our sales so far in Edmonton are 50% ahead of projections. In fact we were so busy on Monday that we ran out of some flavors by mid afternoon.'' A 4am shift has been added at the two Edmonton retail stores to produce the extra pretzels required. Locations in Toronto will open shortly.
Wheel to Wheel
A conversion program has begun for MIS's Wheel to Wheel division. This is a program whereby independent garage owners who meet the criteria can convert into a Wheel to Wheel franchise. MIS is pleased to announce that in its second week, applications with deposits have come in for two conversion locations. According to Masters, ''We can add locations rapidly by identifying quality independent garages and turning them into Wheel to Wheel. Once of our current applicants had more than $700k in sales last year with a 25% profit. They obtain the national pricing, warranties and support in a chain, while we get a proven operator with strong cash flow. Our royalty stream from a conversion will be higher than beginning a new store.''
MIS International Inc. develops and franchises retail concepts on a multi- unit basis. MIS currently has two distinct franchise concepts, Pretzel Twister in the snack food industry and Wheel to Wheel in the automotive repair industry.
SOURCE: MIS International Inc. |
