The Spectra Group of Great Restaurants Inc.
TSX : SPA
TSX : SPA.NV.A

The Spectra Group of Great Restaurants Inc.

April 02, 2007 20:02 ET

The Spectra Group of Great Restaurants Inc. Announces Completion of Sale of the Boathouse Restaurant Business

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 2, 2007) - The Board of Directors of the Spectra Group of Great Restaurants Inc. (TSX:SPA)(TSX:SPA.NV.A) (Spectra) announces that the previously announced sale of Spectra's Boathouse restaurant business to McCormick & Schmick's Seafood Restaurants, Inc. (McCormick's) based out of Portland, Oregon has completed. The transaction was an all cash transaction valued at $16,170,000, plus the assumption of certain working capital assets and liabilities. The Boathouse business included the new restaurant that is under construction in Port Moody.

The transaction was approved by Spectra's shareholders at a special meeting of shareholders held on March 7, 2007.

Spectra will continue to review its continuing businesses with a view to enhancing shareholder value.

Spectra's shares trade on the Toronto Stock Exchange under the symbols "SPA" and "SPA.NV.A".

ON BEHALF OF THE BOARD OF DIRECTORS:

PETER J. BONNER, Chief Executive Officer

The Toronto Stock Exchange has neither approved nor disapproved the form or content of this release.

Contact Information

  • The Spectra Group of Great Restaurants Inc.
    Richard C. Benmore
    Chief Financial Officer
    (604) 714-6500
    (604) 714-6540 (FAX)
    or
    The Spectra Group of Great Restaurants Inc.
    General Investor Information
    (604) 714-6584