Colabor Group Announces the Resignation of Mr. Lionel Ettedgui as President and CEO and the Appointment of Mr. Robert Briscoe as Interim President and CEO

Colabor Group Announces the Resignation of Mr. Lionel Ettedgui as President and CEO and the Appointment of Mr. Robert Briscoe as Interim President and CEO

BOUCHERVILLE, Quebec, Aug. 19, 2019 (GLOBE NEWSWIRE) -- Colabor Group Inc. (TSX: GCL) (“Colabor” or the “Corporation”) today announces the resignation of Mr. Lionel Ettedgui as President and Chief Executive Officer effective immediately. Mr. Robert Briscoe has agreed to assume the position of President and Chief Executive Officer on an interim basis.

Mr. Briscoe is an experienced and successful operator in the food industry and a major shareholder in Colabor.  He acted as Executive Vice Chairman of the Board of Directors until February 21, 2019 and continues to sit on the Board of Directors of the Corporation.

“We are happy and confident that Mr. Briscoe will take on this interim role with dedication, indicated Mr. Warren White, Chairman of the Board of Directors of Colabor. We also wish to thank Lionel for his contribution to Colabor and wish him all the best in the next phase of his career,” concluded Mr. White.

The Board of Directors of Colabor plans to hire an executive search firm to assist with the process of hiring the next President and Chief Executive Officer of the Corporation.

Moreover, Colabor announced the postponement of the exercise period of the option to acquire Dubé & Loiselle Inc. to an extended period of 90 days following the hiring of the Corporation’s next President and Chief Executive Officer.  The option to acquire Dube & Loiselle Inc. was granted to Colabor at the time of the recapitalization in October 2016 and was due to expire as of October 13, 2019.

Forward-Looking Statements

This news release contains certain statements that may be deemed to be forward-looking statements reflecting the opinions or current expectations of Colabor Group Inc. concerning its performance, business operations and future events. Such statements are subject to risks, uncertainties and assumptions and the analysis of the debt structure and available alternatives, and risks mentioned in the Corporation’s annual information form found under its profile on SEDAR (www.sedar.com), such as the risk of dilution for existing shareholders. As such, these statements are not guarantees of future performance, and actual results, realities or events may differ materially. Except as required by law, the Corporation assumes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions or other factors change.

About Colabor

Colabor is a distributor and wholesaler of food and related products serving the hotel, restaurant and institutional markets or “HRI” in Quebec, Ontario and in the Atlantic provinces, as well as the retail market (grocery stores and convenience stores). Within its two operating segments, Colabor offers specialty food products such as meat, fresh fish and seafood, as well as food and related products through its Broadline activities.

Further information:

Pierre Gagné
Chief Financial Officer
Groupe Colabor Inc.
450-449-4911 ext. 1308
investors@colabor.com
Danielle Ste-Marie
Ste-Marie Strategy and Communications Inc.
Investor Relations
450-449-0026 ext. 1308
investors@colabor.com