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Wednesday November 11, 9:43 am Eastern Time
Company Press Release
SOURCE: Restaurant Teams International, Inc.
Restaurant Teams International, Inc. Announces New Vice President of Information and Administration
LONGVIEW, Texas, Nov. 11 /PRNewswire/ -- Restaurant Teams International, Inc. (OTC Bulletin Board: RTIN - news) announced today the appointment of Frank L. Leonard as Vice President and Chief Information Officer effective November 23, 1998. Mr. Leonard will also assume responsibility for corporate administration as part of his duties. The announcement comes as the Company prepares to build the infrastructure necessary to accomplish its growth objective of developing a system of 87 units and $100,000,000 in annual sales by 2003. To fuel the Company's growth and achieve its financial objectives, RTI plans to prepare well in advance and eliminate the operational misfortunes often associated with high growth environments.
Mr. Leonard has twenty-nine years experience in corporate accounting, strategic financial planning and SEC reporting. He has held various management positions as Controller, Director of MIS and VP Finance in the oil and gas, manufacturing and restaurant industries. In those positions, he designed and implemented numerous accounting and operational systems and developed extensive budget and economic models for financial and operational analysis. Mr. Leonard is also experienced in computer and telecommunication technologies. He graduated from Stephen F. Austin State University with a B.S. in Accounting and Economics in 1969.
Mr. Leonard began his career with Mitchell Energy, Inc. in Houston, Texas in 1969. He then held several accounting management posts with energy firms in the Houston area until becoming Controller for Yates Petroleum Corporation from 1980 to 1981. He then held Controller/MIS Director posts for a number of companies in the energy industry. From 1989 until 1995 Mr. Leonard was CFO/MIS Officer of Summit Concepts, Inc., a 13-unit restaurant company where he served with Henry Leonard. Most recently Mr. Leonard was Controller for Viking Capital Group, Inc.
Mr. Leonard is joining the company to work with its president, Henry Leonard. The brothers began their foodservice collaboration in 1986 and 1987 during Henry's tenure as President/C00 of 36 unit Pizza Systems, Inc./Summit Concepts, Inc. where Frank implemented computer and network systems. They teamed again when Frank served as CFO/MIS Officer with Henry at Summit Concepts, Inc.
Henry Leonard, President and Chief Operating Officer of the Company stated: ''We're very excited about Frank joining the Company. This is an imperative step for us as we begin to build the infrastructure necessary to grow our company to almost 90 restaurants over the next 5 years. Part of our growth strategy is to assemble our team well in advance to ensure high operational standards during rapid growth cycles. Having worked with Frank in the past, I feel he is a perfect match for the company today. He will provide not only strong day to day accounting and reporting leadership, but also furnish the company a decisive edge in providing the best information possible to our operations teams. He will keep our MIS and accounting functions well ahead of our expansion plans with state of the art technologies.''
Frank Leonard commented, ''I am happy to be associated with Restaurant Teams and am looking forward to the challenges ahead. I'm also excited to rejoin Henry in the restaurant industry and continue the professional relationship we enjoyed for five years.'' Mr. Leonard further stated, ''We have a great new concept in Street Talk Cafe and the acquisition of Old San Francisco Steak House brings healthy diversification and broadens the Company's opportunities for expansion.''
The Company announced that other releases in preparation for its anticipated growth plans would be forthcoming.
SOURCE: Restaurant Teams International, Inc.
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