Sportscene Group Inc. ('Sportscene' or 'the Company'; TSX-V: SPS.A) today announces its financial results for the second quarter of fiscal 2020 which ended on February 23, 2020, before the start of the crisis related to the COVID-19 pandemic.

Cash and Financial Strength

During the first semester, excluding the impact of the adoption of IFRS 16(5), operating activities provided operating cash flows of $4.9 million, an increase compared with $3.6 million during the same period of last year and the total net debt to invested capital ratio stands at 32.6%. As at February 23, 2020, the Company had available liquidities of up to $16.3 million from its revolving credit facility. After the end of the second quarter, the Company drew an additional $5.0 million on its credit facility to increase available cash as the Company was preparing to deal with any potential unexpected outcome resulting from this pandemic. As an additional measure in response to current events, the maturity of the credit facility was postponed to June 2023. Also, capital repayment holidays were obtained for a duration of six months for almost all of the financing agreements of the Company.

Profile

Sportscene Group Inc. is a pioneer and a leader in the ambiance restaurant niche in Quebec. Since 1984, it has been operating the restaurant chain La Cage - Brasserie sportive (' La Cage '), which differentiates itself by its sporting ambiance and food offering made from fresh, local products. Enjoying a strong brand image, the La Cage banner is present throughout the province and comprises 41 outlets at the date hereof. Sportscene is diversifying its restaurant activities through its operation of the Moishes steakhouse, of a breakfast restaurant L'Avenue, of an Asian cuisine restaurant P.F. Chang's and of its catering business for special events, thus becoming a significant player in Quebec's restaurant industry. Besides its restaurant operations, Sportscene is active in the sale of La Cage and Moishes branded products in grocery stores and of ready-to-eat meals.

Contact:

Tel: 450-641-3011

(C) 2020 Electronic News Publishing, source ENP Newswire