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Pizza Fusion announced that it has terminated its Definitive Agreement with Unique Pizza & Subs Corporation (UPZS) providing for the acquisition of Pizza Fusion Holdings by Unique Pizza & Subs.
The agreement was signed in August 2012. The binding letter of intent for the transaction was signed in March 2012.
According to a release, Pizza Fusion ended its merger arrangement with Unique Pizza & Subs due to the company's inability to meet the terms of its Definitive Agreement to acquire Pizza Fusion.
"Our decision to terminate the agreement with Unique Pizza & Subs was made in the best interest of our shareholders," said Vaughan Lazar, CEO and co-founder of Pizza Fusion. "Pizza Fusion is pursuing alternative financing that will not only bring greater value to shareholders, but also supports the future growth of the Pizza Fusion brand and development of the chain."
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