Brazil Fast Food Announces Results of Annual Stockholder Meeting
Brazil Fast Food Corp. (OTC Bulletin Board: BOBS) (“Brazil Fast Food”, or the “the Company”), the second largest fast-food restaurant chain in Brazil with 781 points of sale, operating under (i) the Bob’s brand, (ii) KFC and Pizza Hut São Paulo as franchisee of Yum! Brands, and (iii) Doggis as franchisee of Grupo de Empresas Doggis S.A., today announced the results of its 2011 annual stockholder meeting held on June 30, 2011 at Brazil Fast Food’s corporate headquarters in Rio de Janeiro, Brazil.
At the 2011 annual stockholder meeting, five directors were elected to serve on the Company’s Board until the annual meeting of shareholders in 2012, as set out in Brazil Fast Food's definitive proxy statement. Specifically, Guillermo Héctor Pisano, Gilberto Tomazoni, Gustavo Alberto Villela Filho, Marcos Rocha, and Marcos Gouvêa de Souza were reappointed to the Board.
The Board also designated the composition of its standing audit and compensation committees. Mr. Rocha and Mr. Pisano will serve on the Company's Audit Committee, and Mr. Villela Filho, Mr. Gouvêa de Souza and Mr. Pisano will serve on the Company's Compensation Committee.
Also at the 2011 annual stockholder meeting, the Company’s Audit Committee recommended and the Board approved the appointment of KPMG Auditores Independentes, a unit of KPMG International, as the Company’s independent auditor. The Company’s previous independent auditor, BDO Auditores Independentes, a unit of BDO International Ltd., was acquired by KPMG Auditores Independentes in March 2011.
"We are pleased to announce the reelection of five directors to our Board, which this year was reduced from seven to five members," stated Ricardo Bomeny, Brazil Fast Food's Chief Executive Officer. "Our Board members provide Brazil Fast Food with an invaluable range of industry experience, expertise and insight, and I look forward to continuing to work with each of them to strengthen our industry leading brands and to best position the Company for continued profitable growth.”
About Brazil Fast Food Corp.
Brazil Fast Food Corp. owns and operates, both directly and through franchisees, the second largest fast-food restaurant chain in Brazil. The Bob’s trade name is used by Venbo Comércio de Alimentos Ltda., a subsidiary of Brazil Fast Food holding company, BFFC do Brasil Participações Ltda (formerly 22N Participações Ltda.). The “KFC” trade name is used by CFK Comércio de Alimentos Ltda. (formerly Clematis Indústria e Comércio de alimentos e Participações Ltda.), also a holding company subsidiary. The “Pizza Hut” trade name is used by Internacional Restaurantes do Brasil (“IRB”), also a 60% subsidiary of Brazil Fast Food holding company, BFFC do Brasil Participações Ltda. Recently, Company entered into an agreement with Grupo de Empresas Doggis S.A (“GED”) to cross-franchise the Bob’s and Doggis brands in Chile and Brazil, respectively. Brazil Fast Food will control the Doggis master franchise in Brazil and GED will control the Bob’s master franchise in Chile.
Safe Harbor Statement
This press release contains forward-looking statements within the meanings of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known or unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those expressed or implied by such forward looking statements. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the disclosures in the Company's filings with the Securities and Exchange Commission, including the risk factors contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission on February 16, 2011.
Brazil Fast Food Corp.
Ricardo Figueiredo Bomeny, CEO
Phone: +1-55-21-2536-7501 (Brazil)
CCG Investor Relations Inc.
Kalle Ahl, CFA
Phone: +1-646-833-3417 (New York)