MONTREAL -- (Marketwire) -- 09/29/09 -- Peter Deros, President and CEO of Donini Inc. (PINKSHEETS: DNNC), announced today that Jean Vassiliadis has been named President and CEO of its operating Canadian subsidiary Pizzacorp DTC Franchises Inc., effective immediately. Mr. Vassiliadis is currently an owner operator of a Pizza Donini franchise in the greater Montréal area and a member of the Board of Directors of Donini Inc.
Mr. Vassiliadis, age 46, started his food service career with Pizza Donini twenty three (23) years ago, initially working as a cook and pizza delivery person at Pizza Donini's first outlet. He then owned and operated several franchises and ultimately joined the management of Pizza Donini in 2000. Mr. Vassiliadis held positions as Manager of Operations, Director of Food Services and, eventually, the Vice President of Business to Business Development. Following the corporate restructuring and the outsourcing of the Company's manufacturing facilities, Mr. Vassiliadis's position was eliminated, at which time he acquired a Pizza Donini franchise.
Mr. Deros stated that, "Mr. Vassiliadis has proven to be a passionate leader that has the profound desire to see Pizza Donini grow and prosper. He brings a comprehensive focus on cost controls, quality of products and, most important, his positive relationships with existing franchisees and suppliers." Mr. Vassiliadis will be in control of all operations in this newly created position at the Company.
Mr. Deros is confident that Mr. Vassiliadis appointment will have a positive effect on the revenues and potential profitability of the Company and the plans for expansion and raising capital will be achieved. Mr. Deros will now be able to concentrate on the Company's critical strategic expansion plans for the future. No financial terms of the arrangement were disclosed; however Mr. Deros stated that Mr. Vassiliadis will be a shareholder of the subsidiary and he has agreed to defer receiving compensation until the Company's cash flow and revenues increase.
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.
Safe Harbor Statement
Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Pizza Donini, Inc., (the Company) to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or strategic business arrangement to fund expansion plans; (ii) build management, human resources and infrastructure necessary to support growth; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors.
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