GlobeNewswire Inc | Jul 21, 2021 09:00AM EDT

July 21, 2021

VANCOUVER, British Columbia, July 21, 2021 (GLOBE NEWSWIRE) -- Immaculate Confection, Ltd. (Confection), operator of the Canadian Rocky Mountain Chocolate Factory franchise network with over 50 corporate and owner-operated retail store locations, announced today it filed a lawsuit in the Supreme Court of British Columbia against Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (RMCF), operator of the international Rocky Mountain franchise network and licensor to Confection.

On June 21, 2021, Confection received a letter from RMCF purporting to formally terminate all remaining contracts between the parties, after having initiated formal legal proceedings against Confection in Colorado in March 2020. Confection intends to vigorously oppose RMCFs attempts to terminate the parties ongoing business relationship.

Confection intends to pursue all available remedies, and will be seeking damages caused it by RMCFs actions in an amount to be determined, including for the reduction in the value of the Canadian business. According to materials filed by RMCF in Colorado, the Canadian business had revenues of $365.6 million in the period from 2000 to 2019.

About Immaculate Confection Ltd.

Immaculate Confection Ltd. is a private Canadian company based in Burnaby, British Columbia, the sole business of which is the operation of the Rocky Mountain Chocolate Factory Canadian franchise network.

For more information, please contact Kate Glasser at kate@rockychoc.com or 604-298-2462.