OAKVILLE, ONTARIO, April 30, 2007 - Tim Hortons Inc. (NYSE:THI, TSX: THI) today announced that SPAR Ireland, Ireland's leading convenience food retailer with over 440 franchised locations, has opened its 50th Tim Hortons coffee and donut self serve kiosk in SPAR Ratoath, Co Meath, Ireland, with plans to make the concept available to SPAR store owners nationwide over the next few years.
The self-serve kiosks, featuring Tim Hortons coffee and a selection of donuts, were tested and introduced over the past few months. The rollout is being managed by Cuisine de France, under license from Tim Hortons, and the kiosks are operated by independent SPAR retailers. Cuisine de France is a leading provider of lifestyle foods in the Irish marketplace and is a subsidiary of IAWS Group, plc, a publicly traded food and agribusiness. At present, the distribution of coffee and donuts through SPAR with respect to these self-serve kiosks is not expected to be a material contributor to Tim Hortons net income, although it will result in incremental warehouse sales and royalties.
"Our decision to partner with Tim Hortons and Cuisine de France was part of a new Food Strategy that we launched at the end of 2005 which featured innovative store layouts, new food and beverage offerings and new partnerships with third-party premium brands such as Tim Hortons. The success of this strategy is evident from the milestone that we have achieved today with the roll-out of our 50th joint offering", said Leo Crawford, Chairman, SPAR Ireland.
Commenting on behalf of Tim Hortons, Paul House, Chairman and CEO of Tim Hortons Inc. said: "The rollout of Tim Hortons into SPAR Ireland has been a great success and we are delighted with the response of Irish consumers to our coffee and baked goods concept."
SPAR Ireland is Ireland's leading convenience food retailer with 440 stores across the Republic of Ireland trading under the SPAR, EUROSPAR and SPAR express neighbourhood, supermarket and forecourt formats. SPAR had retail sales of €1 billion in 2006.
Certain information in this news release, particularly information regarding future economic performance and finances, and plans, expectations and objectives of management, is forward-looking. Factors set forth in the Company's Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995, including by reference the "risk factors" outlined in the Company's most recent Form 10-K filed March 9, 2007, in addition to other possible factors not listed or described in the Safe Harbor Statement, 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 of the date hereof. Except as required by federal or provincial securities laws, the Company undertakes no obligation to publicly release any revisions to the forward looking statements contained in this release, or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, even if new information, future events or other circumstances have made the forward-looking statements incorrect or misleading. Please review the Company's Safe Harbor Statement at http://www.timhortons.com/safeharbor.html.
Tim Hortons is Canada's largest quick service restaurant chain. Founded in 1964 as a coffee and donut shop, Tim Hortons has evolved to meet consumer tastes, with a menu that now includes premium coffee, flavored cappuccinos, specialty teas, home-style soups, fresh sandwiches and fresh baked goods. As of December 31, 2006, Tim Hortons system-wide restaurants numbered 2,711 in Canada and 336 in the United States. More information about the Company is available at www.timhortons.com
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