Redishred Capital Corp. announces new PROSHRED(R) franchise location in San Diego, California and provides update on complaint
30 Luglio 2010 - 11:30PM
PR Newswire (Canada)
MISSISSAUGA, ON, July 30 /CNW/ -- NEW FRANCHISE LOCATION
---------------------- MISSISSAUGA, ON, July 30 /CNW/ - Redishred
Capital Corp. (TSX.V - KUT) announced today that its subsidiary,
Proshred Franchising Corp. ("PFC"), has entered into an agreement
with a new franchisee to operate a PROSHRED(R) shredding business.
The new PROSHRED(R) franchise office will be located in San Diego,
CA. The company currently has 17 locations and with the addition of
San Diego, CA, PROSHRED(R) continues to develop its footprint
across the United States. Redishred expects it new franchisee to
commence operations in San Diego, CA in early fall of 2010.
Redishred's President John Prittie commented, "We are very pleased
to award our first new franchise for 2010 and our second on the
west coast in the last 12 months. We are looking to establish a
strong presence on the west coast of the United States and have
targeted Los Angeles, San Francisco, San Jose, Portland and Seattle
for future expansion". Mr. Prittie further noted, "The new
franchise will service San Diego and Imperial Counties and augment
our current service in Southern California. Our new franchisees are
well known in the Southern California business community and have
many connections within the commercial real estate and finance
industries." Todd Hoover and Desiree Chiles, the new San Diego
franchises, noted that "we decided to get involved with Proshred
because we think the business model is relevant in today's world of
identity theft. We feel there is solid demand for a "best in class"
service and we believe the Proshred model represents this and will
be well received by our San Diego customers. Proshred is attractive
because it has a solid infrastructure and support system in
addition to a successful base of existing locations. We look
forward to duplicating the Proshred model in San Diego and growing
a sustainable business." COMPLAINT FILED BY FRANCHISEES On June 30,
2010 the Company announced that three franchisees that operate
Proshred franchises filed a complaint with the United States
District Court, Southern District of New York. The complaint has
listed the following causes of action, (1) Breach of contract and
breach of the implied covenant of good faith and fair dealing by
Redishred's subsidiary PFC, (2) fraudulent misrepresentation by
PFC, (3) negligent misrepresentation by PFC, and (4) violation of
various state laws by PFC. These franchisees are located in
Florida, North Carolina and Wisconsin. In addition to the original
three franchisees, one additional franchisee located in New York
State has joined the complaint. Redishred (including its subsidiary
PFC) is strongly of the view that it (1) has not breached any
contracts or agreements with its franchisees and has acted in good
faith with all franchisees, (2) has not made fraudulent
misrepresentations to any franchisees, (3) has not negligently
misrepresented anything to any franchisees, and (4) has complied
with all state laws as well as Federal Trade Commission rules and
regulations regarding franchising. Redishred intends to vigorously
defend against this unwarranted claim. SERVICES -------- Redishred
Capital Corp. is the owner of the PROSHRED(R) trademarks and
intellectual property in the United States. PROSHRED(R) shreds and
recycles confidential documents and proprietary materials for
thousands of customers in the United States in all industry
sectors. PROSHRED(R) is a pioneer in the mobile document
destruction and recycling industry and has the ISO 9001:2000
certification. In addition to the ISO certification, most of our
franchise and corporate locations are NAID certified. It is
PROSHRED(R)'s vision is to be the 'system of choice' and provide
shredding and recycling services on a global basis. Note: The TSX
Venture Exchange has neither approved nor disapproved of the
information contained herein. This news release contains forward
looking statements that reflect the current expectations of
management of Redishred and Redishred's future results,
performance, achievements, prospects and opportunities. Wherever
possible, words such as "may", "will", "estimate", "believe",
"expect", "intend" and similar expressions have been used to
identify these forward looking statements. These statements reflect
current beliefs and are based on information currently available to
management of Redishred. Forward looking statements necessarily
involve known and unknown risks and uncertainties. A number of
factors, including those discussed in the 2008 management
discussion and analysis under "Risk Factors", could cause actual
results, performance, achievements, prospects or opportunities to
differ materially from the results discussed or implied in the
forward looking statements. These factors should be considered
carefully and a reader should not place undue reliance on the
forward looking statements. There can be no assurance that the
expectations of management of Redishred will prove to be correct.
In particular, certain statements in this document discuss
Redishred's anticipated outlook of future events. These statements
include, but are not limited to: (i) The commencement of operations
may be delayed by the franchisees inability to complete initial
training, or their inability to secure the required facilities to
operate a Proshred franchise, (ii) The development of further west
coast locations may not be attained due to negative local economic
circumstances that may limit the number of qualified franchisee
candidates, and (iii) The outcome of the complaint made and any
claims associated with the complaint, which outcomes will depend
upon many factors including future intentions of the parties and
the discretion of any judge hearing the complaint. Readers are
cautioned that such forward looking statements are subject to
certain risks and uncertainties that could cause actual results to
differ materially from these statements. Redishred can give no
assurance that actual results will be consistent with these
forward-looking statements. Redishred Capital Corp. (TSX.V - KUT):
Jeffrey Hasham, CA, Chief Financial Officer, Phone: (416) 849-3469,
Fax: (905) 812-9448, Jeffrey.hasham@redishred.com,
www.redishred.com; Robert Crozier, Chief Executive Officer, Phone:
(902) 429-2437, Fax: (905) 812-9448, Robert.crozier@redishred.com,
www.redishred.com
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