Tim Hortons believes the Statement of Claim is frivolous and completely without merit. The Company intends to vigorously defend itself in this matter. The Tim Hortons Franchise Advisory Board, comprised of elected store owners who provide representation for all Tim Hortons franchisees, has received notice of the Statement of Claim. They have advised the Company they also view the matter as without merit, stating that the Statement of Claim doesn't reflect the opinion of the vast majority of franchisees.
Strong relations with our store owners has been a hallmark of the company's success during our 44-year history, reflected in the good relations we enjoy with the vast majority of our more than 1,200 franchisees. We will continue to collectively focus on meeting the needs and expectations of our customers.
Tim Hortons is the fourth largest publicly-traded quick service restaurant chain in North America based on market capitalization, and the largest in Canada. Tim Hortons appeals to a broad range of consumer tastes, with a menu that includes premium coffee and donuts, flavored cappuccinos, specialty teas, home-style soups, fresh sandwiches and fresh baked goods. As of March 30, 2008, Tim Hortons had 3,238 systemwide restaurants, including 2,839 in Canada and 399 in the United States.
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