BIGC -ONLY 1.4 MILLION SHARES OUTSTANDING---Stock Repurchase Program Announced by Big City Bagels
Business Wire - July 10, 1998 11:24
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HICKSVILLE, N.Y.--(BUSINESS WIRE)--July 10, 1998--Big City Bagels Inc. (NASDAQ Small Cap: BIGC) today announced that the Board of Directors authorized the Company to repurchase from time to time up to 100,000 shares of common stock in the public marketplace. Big City Bagels currently has 1,442,395 shares outstanding.
Mark Weinreb, Chairman and CEO of Big City commented, "We believe that our current stock price does not reflect our true value, therefore we intend to take the first steps to initiate a stock repurchase."
Big City Bagels Inc. operates and franchises upscale bagel/deli cafes specializing in oversized, fresh-baked bagels, gourmet sandwiches, soups, salads, fresh baked breads and other breakfast and lunch products. Currently, products are distributed through 21 retail stores (6 company owned, 15 franchises) and wholesale food service/commercial outlets.
This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those set forth in the forward looking statements. Such risks and uncertainties are described in the Company's filings with the SEC, including its Prospectus dated July 9, 1997.
CONTACT: Big City Bagels Inc.
Mark Weinreb, CEO
516/932-5050
or
Investor Relations/Media Contact:
Dian Griesel, Ph.D.
212/664-8489
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