MONTREAL -- (Marketwire) -- 12/22/09 -- Peter Deros, President and CEO of Donini, Inc. (PINKSHEETS: DNNC), and Mr. Jacob Kern of Kern Automobile jointly announced that the Letter of Intent announced recently has been cancelled. Both Companies, after further examination, concluded that it would be better for each to pursue their different plans separately.
Mr. Deros stated that he believed Donini would be better able to succeed with its aggressive expansion plans in Canada and the United States by partnering with a company more closely aligned with its core food service business. He concluded by stating that several possible partner prospects are being pursued for implementation during the first quarter of 2010.
Mr. Kern stated that he also is exploring other avenues to secure capital needed to expand and is optimistic about the prospects for the future.
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.
About Kern Automotive Group, Inc.
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.
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 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.
Contact: Peter Deros
Phone: 514-956-0005 ext 2