Eat at Joe's, Ltd. Signs Investment Banking Agreement with NIR Group
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Story Filed: Wednesday, May 26, 1999 11:07 AM EST
TORONTO (May 26) BUSINESS WIRE -May 26, 1999--
Company To Seek $5 Million in Additional Financing
EAT AT JOE'S, LTD. (OTC BB:JOES;BERLIN:JOS), a diversified food service company that owns the Eat at Joe's chain of 1950s-style diners in the Northeastern U.S. and holds an exclusive license to develop and manage Koo Koo Roo restaurants in Canada, announced today that it has retained the NIR Group as its investment banker and financial advisor.
The NIR Group will be structuring $5 million in financing for expansion of Eat at Joe's, Ltd. including development of new Koo Koo Roo restaurants as well as the acquisition of other operating regional restaurant chains.
Eat at Joe's will also receive strategic advice and assistance in implementing its overall business strategy, which includes further development of restaurants in the U.S. and Canada. The NIR Group specializes in advising and assisting emerging small-cap and mid-sized growth companies.
Gary Usling, Chief Financial Officer of Eat at Joe's, Ltd., said, "This investment banking agreement should enable Eat at Joe's to fund its growth in a more conventional way than is usual for a Bulletin Board company, and is an important step in heightening our visibility and credibility in the investment community. We expect to have a firmer base on which to develop strategic alliances, complete acquisitions and build shareholder value, supported by the financing and increased exposure the NIR Group will provide through its institutional investment fund network."
Corey Ribotsky, President of the NIR Group, said, "We are pleased with the opportunity to help finance Eat at Joe's near-term growth and we look forward to working with the company's management to implement their ambitious long-term strategies."
Eat at Joe's serves home-cooked American meals at eight diner-syle restaurants in southern New Jersey, Pennsylvania and Baltimore, Maryland. Two additional restaurants are under construction, others in planning stages, and the company has signed a letter of intent to acquire a 16-unit regional restaurant chain.
Except for historical matter contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect assumptions and involve risks and uncertainties which may affect Eat at Joe's, Ltd.'s business and prospects and cause actual results to differ materially from these forward-looking statements.
Visit the Eat at Joe's Website at: eatatjoesltd.com.
CONTACT: Porter, LeVay & Rose, Inc.
Charles Southworth, Account Executive
212/564-4700
or
Eat at Joe's, Ltd.
Amanda E. Johnson, Investor Relations
914/725-2700
KEYWORD: NEW YORK NEW JERSEY MARYLAND PENNSYLVANIA
INDUSTRY KEYWORD: RESTAURANTS FOODS/BEVERAGES RETAIL TRAVEL/AIRLINES
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