RDNK - Redneck Foods Inc. to Acquire Love's BBQ Restaurant and Territory
LOS ANGELES, Sep 7, 2001 (BUSINESS WIRE) -- Redneck Foods Inc. (OTC:RDNK) today
announced that the company had acquired an additional Love's BBQ restaurant
along with the master territory from an unaffiliated party.
Under the terms of the acquisition agreement, Redneck will purchase the Love's
restaurant and territory for a combination of cash and notes.
Redneck acquired the assets of a Love's BBQ restaurant in Reno, Nev., and the
territory from a master agreement. The territory acquired includes the rights to
Love's BBQ in the entire states of Arizona, Colorado, Florida, Nevada and New
Mexico.
Redneck paid $200,000 in cash and gave the sellers a promissory note and assumed
specific liabilities for a total of $125,000.
Commenting on the new acquisition, William E. Eskew, president of Redneck Foods
Inc., stated: "We are very pleased and excited with this agreement to acquire
the Love's BBQ restaurant in Reno, Nev., along with a significant territory.
Love's is a very respected brand that's been operating in the important Southern
California market since 1948. The Reno Love's gives Redneck and the Love's brand
the ability to expand into new areas and open new restaurants in some of the
most desirable restaurant markets in the U.S."
This news release may contain forward-looking statements made pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. Investors are cautioned that such forward-looking statements involve risks
and uncertainties, including, without limitation, continued acceptance of the
company's products and restaurants, product demand, competition, and other risks
and uncertainties detailed from time to time in the company's periodic reports,
including Quarterly reports on Form 10-Q and Annual Reports on Form 10-K.
CONTACT: Redneck Foods Inc., Los Angeles
William E. Eskew, 310/207-9881
310/207-9891 (fax) |
