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Merger allows PF Hospitality to franchise Pizza Fusion

The merger allows PF Hospitality Group to franchise Pizza Fusion restaurants specializing in organic fare free of artificial additives, such as preservatives, growth hormones, pesticides, nitrates and trans fats.

July 10, 2015

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PF Hospitality Group Inc. has completed its previously announced merger with Pizza Fusion Holdings Inc, a franchisor of organic fare pizza restaurants, the company said in a press release.

According to the merger agreement, PF Hospitality Group exchanged 17,117,268 shares of its common stock for 100 percent of the Pizza Fusion common shares and a warrant to purchase one share of PF Hospitality Group common stock at 25 cents per share for a period of three years. Upon completion of the merger, the company appointed Vaughan Dugan as CEO of PF Hospitality and Randy Romano as president, both of whom will also sit on the board of directors. David Kugelman resigned from his position as CEO and director.

"Our focus for PF Hospitality Group will be to increase shareholder value by growing the company both organically and through acquisitions," Dugan said in a statement. "We are focused on acquiring key niche verticals and developing new concepts that are agile, which we believe will help us expand our reach in the marketplace and become more robust in the fast casual restaurant space."

The merger allows PF Hospitality Group to franchise Pizza Fusion restaurants specializing in organic fare free of artificial additives, such as preservatives, growth hormones, pesticides, nitrates and trans fats. The Pizza Fusion brand offers health conscious alternatives and provides customers a 75 percent organic menu featuring an eclectic variety of gourmet sandwiches, salads, desserts, beer and wine. Pizza Fusion evaluates its operations from an environmental perspective in an effort to minimize its ecological footprint.