Donini Inc. Cancels Letter of Intent With Kern Automotive
December 22 2009 - 5:28AM
Marketwired
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.
Media Contact Contact: Peter Deros Donini, Inc. Phone:
514-956-0005 ext 2 pderos@pizzadonini.com
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