OAKVILLE, ON (November 12, 2012) - Tim Hortons today announced it has opened its first restaurant in the Sultanate of Oman, making it the second market in the Gulf Cooperation Council (GCC) to welcome the brand. The opening marked the 20th Tim Hortons restaurant in the GCC since the company signed a Master License Agreement (MLA) with the Apparel Group last year.
The MLA with Apparel Group includes up to 120 multi-format restaurants over a five-year period in the GCC within the United Arab Emirates (UAE), Qatar, Bahrain, Kuwait and Oman. There are currently 19 Tim Hortons restaurants in the UAE, with the first Oman location now open at the Muscat Grand Mall.
"We're thrilled that the Apparel Group has reached the milestone of 20 restaurants in the GCC, since opening the first location in Dubai in September of 2011," said David Roy, Managing Director, International Operations, Tim Hortons. "With each restaurant, we are able to reach new customers in different communities and countries. We have a unique offering for the Oman market and look forward to bringing the Tim Hortons experience to guests in Oman."
Part of Tim Hortons' four-year strategic plan, that was unveiled in 2010, continues to emphasize the importance of exploring international opportunities and growing the brand outside of North America with a targeted approach. The company will continue to focus on expansion in existing GCC markets, focusing next on Qatar.
"As one of North America's largest restaurant chains and a well-respected brand, Tim Hortons works well for those who are looking for a food offering that blends quality service with value pricing," said Nilesh Ved, Chairman and CEO, Apparel Group. "Since opening its first restaurant on Sheikh Zayed Road last year, the brand has experienced encouraging and consistent customer traffic. Taking into consideration the popularity of the brand in the UAE, the next obvious destination was the neighbouring country of Oman, as we continue our search for additional sites across the GCC."
Apparel Group is a global fashion and lifestyle brand based out of Dubai and operates more than 50 leading brands in 14 countries. Tim Hortons is joined by names such as Tommy Hilfiger, Kenneth Cole, Aldo, Aeropostale, Nine West and Cold Stone Creamery in the impressive list of Apparel Group brands.
ABOUT TIM HORTONS INC.
Tim Hortons is one of the largest publicly-traded restaurant chains in North America based on market capitalization, and the largest in Canada. Operating in the quick service segment of the restaurant industry, Tim Hortons appeals to a broad range of consumer tastes, with a menu that includes premium coffee, espresso-based hot and cold specialty drinks including lattes, cappuccinos and espresso shots, specialty teas, fruit smoothies, home-style soups, fresh Panini and classic sandwiches, wraps, hot breakfast sandwiches and fresh baked goods, including our trademark donuts. As of September 30th, 2012, Tim Hortons had 4,138 systemwide restaurants, including 3,365 in Canada, 755 in the United States and 18 in the Gulf Cooperation Council. More information about the Company is available at www.timhortons.com.
SAFE HARBOR STATEMENT
Certain information in this news release, particularly information regarding future economic performance, finances, and plans, expectations and objectives of management, and other information, constitutes forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We refer to all of these as forward-looking statements. Various factors including competition in the quick service segment of the food service industry, general economic conditions and others described as "risk factors" in the Company's 2011 Annual Report on Form 10-K filed February 28th, 2012, and our Quarterly Report on Form 10-Q expected to be filed today with the U.S. Securities and Exchange Commission and Canadian Securities Administrators, could affect the Company's actual results and cause such results to differ materially from those expressed in forward-looking statements. As such, readers are cautioned not to place undue reliance on forward-looking statements contained in this news release, which speak only as to management's expectations as of the date hereof. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to, assumptions about: the absence of an adverse event or condition that damages our strong brand position and reputation; the absence of a material increase in competition within the quick service restaurant segment of the food service industry; cost and availability of commodities; continuing positive working relationships with the majority of the Company's restaurant owners; the absence of any material adverse effects arising as a result of litigation; there being no significant change in the Company's ability to comply with current or future regulatory requirements; and general worldwide economic conditions.
We are presenting this information for the purpose of informing you of management's current expectations regarding these matters, and this information may not be appropriate for any other purpose. We assume no obligation to update or alter any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, except as required by applicable law. Please review the Company's Safe Harbor Statement at www.timhortons.com/en/about/safeharbor.html.
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