Operating Assets of International Menu Sold

Apr 10, 2001, 01:00 ET from International Menu Solutions Corporation

    TORONTO, April 10 /PRNewswire/ -- International Menu Solutions Corporation
 (OTC Bulletin Board:   MENU)("MENU") announces that on April 5, 2001 its banker,
 the Bank of Nova Scotia, sought and obtained the appointment of an Interim
 Receiver from the Ontario Superior Court of Justice over all of the assets,
 property and undertakings of International Menu Solutions Inc.("IMSI"), the
 operating subsidiaries of IMSI and over the shares of Huxtable's Kitchens
 Inc., which are owned by MENU.  In addition, Southbridge Investment
 Partnership No. 1, a secured debt holder of IMSI, petitioned MENU's Canadian
 subsidiaries into bankruptcy.  Concurrent with these actions, the Ontario
 Superior Court of Justice approved the sale of substantially all of the assets
 of IMSI and its subsidiaries, and the shares of Huxtable's Kitchens Inc. by
 the Interim Receiver to International Menu Partnership (whose name was
 subsequently changed to HMR Foods Partnership), an affiliate of Southbridge
 Investment Partnership No. 1.
     On April 6, 2001 the Interim Receiver, under the direction of the Court,
 concluded the sale transactions such that the businesses operated by the
 subsidiaries will be continuing without interruption under the ownership of
 HMR Foods Partnership.
     The only asset in the name of MENU itself directly affected by the
 foregoing proceedings are the shares of Huxtable's Kitchens Inc.  There was no
 bankruptcy action taken against MENU or Huxtable's Kitchens Inc., but as a
 result of these proceedings, MENU has been left with no business activities
 and no substantial assets.
     MENU confirms that, while it did not consent to or approve of any sale,
 given its financial position, it did not oppose the Bank's application.
     In addition, MENU announced that it has accepted the resignations of the
 officers of MENU and IMSI.  MENU also accepted the resignations of Victor
 Fradkin and Michael Steele from its Boards of Directors of MENU and IMSI.
     Certain statements contained in this press release do not relate strictly
 to historical or current facts are "forward-looking" statements as defined in
 U.S. federal law.  Forward-looking statements us such words as "plans,"
 "expects," "will," "will likely result," "are expected to," "will continue,"
 "is anticipated," "estimate," "project," "believes," "anticipates," "intends,"
 "expects," "may," "should," "continue," "seek," "could," and other similar
 expressions.  Although the Company believes that its expectations are based on
 reasonable assumptions, it can give no assurance that its expectations will be
 achieved.  The important factors that could cause actual results to differ
 materially from those in the forward-looking statements herein (the
 "Cautionary Statements") include, without limitation, the ability of the
 Company to successfully implement its strategies and business plans, risks
 associated with acquisitions and the integration thereof, competitive factors
 and pricing pressures; relationships with manufacturers, banks, and
 distributors; legal and regulatory requirements; general economic conditions;
 as well as the other risks referenced from time to time in the Company's
 filings with the Securities and Exchange Commission.  All subsequent written
 and oral forward-looking statements attributable to the Company or persons
 acting on its behalf are expressly qualified in their entirety by the
 Cautionary Statements.  The Company does not undertake any obligation to
 release publicly any revisions to such forward-looking statements to reflect
 events or circumstances after the date hereof or to reflect the occurrence of
 unanticipated events.
 
 

SOURCE International Menu Solutions Corporation
    TORONTO, April 10 /PRNewswire/ -- International Menu Solutions Corporation
 (OTC Bulletin Board:   MENU)("MENU") announces that on April 5, 2001 its banker,
 the Bank of Nova Scotia, sought and obtained the appointment of an Interim
 Receiver from the Ontario Superior Court of Justice over all of the assets,
 property and undertakings of International Menu Solutions Inc.("IMSI"), the
 operating subsidiaries of IMSI and over the shares of Huxtable's Kitchens
 Inc., which are owned by MENU.  In addition, Southbridge Investment
 Partnership No. 1, a secured debt holder of IMSI, petitioned MENU's Canadian
 subsidiaries into bankruptcy.  Concurrent with these actions, the Ontario
 Superior Court of Justice approved the sale of substantially all of the assets
 of IMSI and its subsidiaries, and the shares of Huxtable's Kitchens Inc. by
 the Interim Receiver to International Menu Partnership (whose name was
 subsequently changed to HMR Foods Partnership), an affiliate of Southbridge
 Investment Partnership No. 1.
     On April 6, 2001 the Interim Receiver, under the direction of the Court,
 concluded the sale transactions such that the businesses operated by the
 subsidiaries will be continuing without interruption under the ownership of
 HMR Foods Partnership.
     The only asset in the name of MENU itself directly affected by the
 foregoing proceedings are the shares of Huxtable's Kitchens Inc.  There was no
 bankruptcy action taken against MENU or Huxtable's Kitchens Inc., but as a
 result of these proceedings, MENU has been left with no business activities
 and no substantial assets.
     MENU confirms that, while it did not consent to or approve of any sale,
 given its financial position, it did not oppose the Bank's application.
     In addition, MENU announced that it has accepted the resignations of the
 officers of MENU and IMSI.  MENU also accepted the resignations of Victor
 Fradkin and Michael Steele from its Boards of Directors of MENU and IMSI.
     Certain statements contained in this press release do not relate strictly
 to historical or current facts are "forward-looking" statements as defined in
 U.S. federal law.  Forward-looking statements us such words as "plans,"
 "expects," "will," "will likely result," "are expected to," "will continue,"
 "is anticipated," "estimate," "project," "believes," "anticipates," "intends,"
 "expects," "may," "should," "continue," "seek," "could," and other similar
 expressions.  Although the Company believes that its expectations are based on
 reasonable assumptions, it can give no assurance that its expectations will be
 achieved.  The important factors that could cause actual results to differ
 materially from those in the forward-looking statements herein (the
 "Cautionary Statements") include, without limitation, the ability of the
 Company to successfully implement its strategies and business plans, risks
 associated with acquisitions and the integration thereof, competitive factors
 and pricing pressures; relationships with manufacturers, banks, and
 distributors; legal and regulatory requirements; general economic conditions;
 as well as the other risks referenced from time to time in the Company's
 filings with the Securities and Exchange Commission.  All subsequent written
 and oral forward-looking statements attributable to the Company or persons
 acting on its behalf are expressly qualified in their entirety by the
 Cautionary Statements.  The Company does not undertake any obligation to
 release publicly any revisions to such forward-looking statements to reflect
 events or circumstances after the date hereof or to reflect the occurrence of
 unanticipated events.
 
 SOURCE  International Menu Solutions Corporation