Afton postpones merger with Pizza Delight

June 25, 2002

BURLINGTON, Ontario -- Afton Food Group Ltd. (AFF-TSX "Afton") announced on June 26 that its merger with Pizza Delight has been postponed to allow Pizza Delight's auditors to prepare more information about its own audited financial statements.

The vote was scheduled to take place at Afton's annual meeting, which is currently under way.

According to an Afton release, the delay will allow the company to assess what, if any, additional financial disclosure regarding Pizza Delight is required to be forwarded to Afton shareholders in order to provide them adequate financial information to evaluate the proposed merger.

Afton also stated that it remains fully committed to the merger, and that it would announce a new date for another special meeting at which the merger will be voted on.

Should the merger be approved, Pizza Delight shareholders will hold about 63 percent of fully diluted Afton shares.

Annual business and special business unrelated to the merger will proceed at the meeting.

Topics: Public Companies

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