DNNC news -
Donini, Inc. Signs Letter of Intent for Merger
Press Release
Source: Donini, Inc.
On 10:02 am EST, Monday December 14, 2009
Buzz up! 0 Print.Companies:Donini Inc New
MONTREAL--(Marketwire - 12/14/09) - Peter Deros, President and CEO of Donini, Inc., (Pinksheets:DNNC - News) announced today that the Company has signed a Letter of Intent (LOI) to merge with Kern Automotive Group, Inc. (Kern)
Kern is a unique automotive dealership based in the Southeastern United States. Kern has access to new car trade-ins from some of the largest national new car dealers through the relationship of its CEO, Mr. Jacob Kern, developed through years of prior transactions. The Company is well positioned to take advantage of the current market for used vehicles and offer financing for its customers. The goal is to provide customers with outstanding customer service and quality pre-owned vehicles at affordable prices. www.kernautomotive.com
No terms of the transaction have been disclosed at this time. However, a definitive agreement is expected by December 31. As part of the transaction, the food related business of Donini will be spun out as a separate entity.
Mr. Deros stated that he is extremely excited about the merger and sees an opportunity to expand into to new business area providing a stronger potential for revenue and profits for Donini shareholders.
About Donini, Inc.
Donini, Inc., a New Jersey Corporation, was established in 2001 when the company acquired control by way of a reverse merger of Pizza Donini, a Canadian company that has been operating and licensing Italian style restaurants specializing in pizza and related products within the Greater Montreal Area in the province of Quebec for over 20 years. The Company has recently completed a consolidation of its operations by establishing two Canadian Subsidiaries, Donini Group Inc. and Pizzacorp DTC Franchises Inc., whose purposes are; respectively, to hold and control the intellectual property of the Company and to license the trademarks and oversee the licensed franchisees of the marks. The Company plans to expand its operations into the United States and the rest of Canada.
