Soup & Salad Systems will try to...

Soup & Salad Systems will try to sell up to 500,000 Series A preferred shares in an initial public offering worth an estimated $3 million, according to a U.S. Securities and Exchange Commission filing.

The franchiser of Soup Exchange restaurants plans to open new stores with the proceeds from the offering and add to working capital.

The preferred shares are convertible into common shares on an as-yet-undetermined basis, according to the filing.

Soup & Salad is negotiating to make Magic Pan International a subfranchiser.