(BSNS WIRE) Atomic Burrito Announces Acquisition of California Internet Com
Atomic Burrito Announces Acquisition of California Internet Company
Business Editors
OKLAHOMA CITY--(BUSINESS WIRE)--March 30, 2000--Atomic Burrito,
Inc. ("Atomic Burrito") (Nasdaq:ATOM) announced today that it had
executed a letter of intent to acquire Unhatched.com, Inc.
("Unhatched"), a privately held California company whose primary
business activity involves the use of internet domain names, websites
and various related solutions offered to traditional public companies.
The acquisition provides for Unhatched to receive 1.5 million
shares of Atomic Burrito common stock as well as warrants to acquire
an additional 3.0 million shares at exercise prices ranging from $2.50
to $7.50 per share. Unhatched could also earn additional shares based
upon a formula requiring achievement of certain standards, including
revenue generation, increasing equity capital in Atomic Burrito, and
per share market price requirements.
Completion of the proposed acquisition requires approval of the
boards of directors of both companies and the approval of Atomic
Burrito shareholders, and it is expected that the transaction will
close by July 1, 2000.
Unhatched, based in Irvine, California and its two wholly-owned
(BSNS WIRE) Atomic Burrito Announces Acquisition of California Internet Com
Atomic Burrito Announces Acquisition of California Internet Company
Business Editors
OKLAHOMA CITY--(BUSINESS WIRE)--March 30, 2000--Atomic Burrito,
Inc. ("Atomic Burrito") (Nasdaq:ATOM) announced today that it had
executed a letter of intent to acquire Unhatched.com, Inc.
("Unhatched"), a privately held California company whose primary
business activity involves the use of internet domain names, websites
and various related solutions offered to traditional public companies.
The acquisition provides for Unhatched to receive 1.5 million
shares of Atomic Burrito common stock as well as warrants to acquire
an additional 3.0 million shares at exercise prices ranging from $2.50
to $7.50 per share. Unhatched could also earn additional shares based
upon a formula requiring achievement of certain standards, including
revenue generation, increasing equity capital in Atomic Burrito, and
per share market price requirements.
Completion of the proposed acquisition requires approval of the
boards of directors of both companies and the approval of Atomic
Burrito shareholders, and it is expected that the transaction will
close by July 1, 2000.
Unhatched, based in Irvine, California and its two wholly-owned
subsidiary companies currently own more than 2,500 registered domain
names in addition to more than 20 fully developed websites. The
company specializes in incubating internet solutions which transform
traditional "bricks and mortar" businesses into 21st century e-commerce
companies.
Unhatched Chairman Darrel Uselton commented, "We at Unhatched are
pleased with the opportunity to be part of an exciting, growth
industry and look forward to being involved with the expansion of a
great new restaurant concept. In addition, we believe our innovative
approach to technology will allow us to become a major force in the
transformation of traditional business."
Uselton, who also serves as Chairman of The National Capital
Companies ("National") (OTCBB:NBOI), a financial services and
investment banking organization, noted that National expected to
immediately begin raising capital for the combined companies. "We
believe the future is bright for Unhatched and Atomic Burrito with the
new company poised for explosive growth. We intend to work together to
enhance the value of this company for all of our shareholders."
Atomic Burrito president James E. Blacketer added: "We're very
excited about the future of our combined companies with this
acquisition. Unhatched has unlimited potential and brings a great deal
of technological expertise to the table. We believe this marriage of
our two organizations will put Atomic Burrito in the middle of a
growing industry and will enhance our existing business base with
additional capital for expansion."
Atomic Burrito owns and operates a chain of six "Fresh-Mex" quick
service restaurants in Oklahoma, Texas, Kansas and Washington. The
company also owns and operates two country and western nightclubs
under the name "InCahoots" in St. Louis and in Wichita.
--30--KO/na*
CONTACT: Atomic Burrito Inc., Oklahoma City
James E. Blacketer, 405/848-1581
KEYWORD: OKLAHOMA CALIFORNIA MISSOURI KANSAS TEXAS WASHINGTON
INDUSTRY KEYWORD: RESTAURANTS INTERNET ENTERTAINMENT MERGERS/ACQ
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