On November 8, 2007, SMK Speedy International Inc. obtained protection under the Companies’ Creditors Arrangement Act.

“This action was necessary to allow the Company the opportunity to complete the franchising of certain remaining corporate owned stores, the sale of others and the reduction of corporate overheads,” said Dorsy Asplund, CEO. “We are now in the process of franchising and selling the remaining stores as quickly as possible. We are confident that a strong franchise operation will emerge from this process. The majority of the Speedy locations have previously been franchised and are continuing to operate on a business as usual basis.” KPMG LLP is the financial advisor to the Company. Mintz & Partners Limited is the monitor appointed by the Superior Court of Justice.

Posted: 11|13|07 at 1:24 pm. Filed under: Press Release.