Money in the Bank: 22M
Let's see the S-4 details.
--------------------------------------------------------------vNewriders Receives $22 Million Financing Commitment
Money to Fund Acquisitions of Paisano Publications and El Paso BBQ
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--June 18, 1998--Newriders Inc. (Nasdaq:NWRD - news),
operators of motorcycle themed restaurants under the Easyriders Cafe and Easyriders Roadhouse BBQ
names, Thursday said that it had received a commitment letter from a large international financial institution for
$22 million in debt financing which will be used to fund the cash portion of the acquisition of Paisano
Publications Inc. and its affiliate companies, and the El Paso BBQ restaurant chain.
Paisano Publications is the publisher of Easyriders Magazine and other motorcycle lifestyle magazines, and
owns the domestic and international copyrights and trademarks to the Easyriders brand name. El Paso BBQ is
a four unit chain of upscale BBQ restaurants, with three located in the Phoenix area and one in Tulsa, Okla. Both
businesses had combined 1997 revenues of approximately $42 million.
Bill Prather, chief executive officer of Newriders, said: ''We are extremely pleased to receive this commitment,
which is, of course, subject to final due diligence and documentation. We are excited about the opportunity to
build on the tremendous brand loyalty that Joe Teresi has built over the last 25 years at Paisano, and look
forward to working with him to create a large international media, retail and restaurant enterprise catering to the
art and lifestyle which surrounds the American-made cruiser motorcycle.''
Statements made in this news release that relate to future plans, financial results or projections, events or
performance are forward-looking statements within the meaning of Section 27A of the Securities Exchange Act
of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and fall under the
safe harbor. The company's actual results and financial position could differ materially from those anticipated in
the forward-looking statements as a result of a number of factors, including but not limited to, successful
execution of the company's expansion plans, impact of competition, the availability of additional financing and
other risks.
Contact:
Newriders Inc., Newport Beach
Bill Nordstrom, Chief Financial Officer
714/718-4630 |
