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Microcap & Penny Stocks : ROTI - Harvest Restaurant Group Inc
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To: Edward Mamula who wrote (103)6/9/1998 9:57:00 AM
From: Edward Mamula   of 1702
 
From Harvest 10Q--Merger negotiations confirmed

In May 1998, the Company entered into a non-binding letter of intent for a merger with TRC Acquisition Corp, a twelve year old company which operates a causal
dining chain of twelve Tanners restaurants in Georgia and Alabama. Tanners features rotisserie chicken, fresh vegetables, steaks, ribs and salads as part of their full
menu, which also includes beer and wine. As part of the merger, Tanners is considering expanding its restaurants into Texas and opening two units in San Antonio in
locations currently owned by the Company. The Company is seeking to raise approximately $4 to $6 million of additional financing for the expansion of the Tanners
and Harvest Food Court restaurants as well for working capital purposes. The Company has already identified a financing source that has given verbal indication they
will provide the necessary financing. Based on the proposed terms, the Company's current Security holders would retain approximately a 30% interest in the merged
company on a fully diluted basis after the completion of financing. The completion of the merger is subject to the signing of a definitive agreement, closing of the
financing, customary due diligence, and ratification by the shareholders of both companies.
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