GEEK opened @15 1/4
RTIN news out:
Tuesday December 22, 9:01 am Eastern Time
Company Press Release
SOURCE: Restaurant Teams International, Inc.
Restaurant Teams International, Inc. Announces $13,000,000 Financing Commitment
LONGVIEW, Texas, Dec. 22 /PRNewswire/ -- Restaurant Teams International, Inc.
(OTC Bulletin Board: RTIN - news) today announced it has received a commitment
letter for $13,000,000 in debt financing from Prime Capital for the acquisition and
expansion of the Old San Francisco Steak House chain.
Henry Leonard, President and Chief Operating Officer stated: ''We are very excited
about this new relationship and to be working with our new lenders at Prime Capital.
We chose this source because they are experienced in helping companies such as RTI
grow and are equally committed to our deadline requirements.''
The Old San Francisco Steak House transaction is still scheduled to close in December
98'.
The Company also announced that it is currently notifying its representatives at the
American Stock Exchange of the closing to request a final review for listing.
Curtis Swanson, Chief Financial Officer of the Company stated, ''We are very excited
to be in a position to acquire the Old San Francisco chain without having to sell equity
or create dilution to our current shareholders. The credit made available to us gives us
the funds necessary to acquire the chain and grow our two concepts. We're now
looking forward to finalizing the transaction and getting our stock listed on the American
Stock Exchange.''
Restaurant Teams International, Inc. is the developer and operator of the Street Talk
Cafe and Fresh'n Lite Cafe & Grill concepts. Both concepts are full service casual
dining operations that feature a variety of foods along with many choices of non-fat and
low-fat menu items without sacrificing taste, service, value or atmosphere.
This press release contains forward looking statements, which are generally preceded
by words such as ''believes,'' ''expects,'' ''anticipates,'' or ''intends.'' Such statements are
subject to risks and uncertainties, including but not limited to competitive conditions,
weather, real estate zoning and permitting complications, and general conditions in the
restaurant market.
For further information contact 1-800-259-2675.
SOURCE: Restaurant Teams International, Inc
Happy investing!
KZAP
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