MarketWatch:
UFood Restaurant Group, Inc. is pleased to report that 96% of the holders of its 8% Senior
Secured Convertible Debentures (“2009 Debentures”), have elected to convert their 2009 Debentures into shares of the Company’s Series A Preferred Stock. The holders of the Series A Preferred Stock shall be entitled to convert their shares into restricted shares of the Company’s common stock, which will be registered upon filing with the US Securities and Exchange Commission.
Commenting on the debt conversion, Chief Executive Officer of UFood Restaurant Group, Mr. George Naddaff said: “Investors’ conversion of their debt into equity reflects a strong confidence in UFood’s future prospects and expansion plan. As we enter the fourth quarter virtually debt free, the Company is now in a strong position to focus on continuing to build market share for its unique healthy fast food concept while continuing to explore a number of opportunities for creating additional shareholder value.”