Winfield Capital Corp. Announces Filing of Registration Statement by a
Portfolio Company
Business Editors
WHITE PLAINS, N.Y.--(BUSINESS WIRE)--July 28, 1999--Winfield
Capital Corp. (WCAP-Nasdaq) announced today that one of its portfolio
companies, The New York Restaurant Group, Inc. of New York, New York,
("NYRG" or the "Company"), has filed a registration statement with the
Securities and Exchange Commission for a proposed initial public
offering of its common stock. The terms of the public offering have
not yet been disclosed and offers will only be made by prospectus.
These securities may not be sold nor may any offers to buy be accepted
prior to the time the registration statement becomes effective. This
press release does not constitute an offer to sell or the solicitation
of an offer to buy the common stock of NYRG, nor shall there be any
sale of the common stock of NYRG in any state in which such an offer,
solicitation or sale would be unlawful prior to the registration or
qualification of the common stock of NYRG under the securities laws of
any such state.
NYRG is one of the leading creators, owners and operators of
high-end, high-volume restaurants in the United States. Since opening
the original Smith & Wollensky steakhouse in New York City, the
Company has created and operates five other high-end, high-volume
concepts--Maloney & Porcelli, Park Avenue Cafe, Cite, The Manhattan
Ocean Club and The Post House.
Winfield Capital has purchased 16,920 shares of Series A
preferred stock of NYRG at a cost basis of $9.65 per share which are
convertible (currently on a one for one basis) into shares of common
stock of NYRG. The securities held by Winfield Capital will be subject
to restrictions on transferability.
Winfield Capital is a small business investment company which
makes loans and equity investments pursuant to funding programs
sponsored by the SBA and is a non-diversified, closed-end investment
company that is a business development company under the Investment
Company Act of 1940. Winfield Capital's common stock is traded on the
Nasdaq SmallCap Market and the Boston Stock Exchange under the symbols
"WCAP" and "WNF," respectively.
This press release may contain forward-looking information within
the meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934 (including the possibility
that NYRG's registration statement will be approved, thereby
permitting NYRG to sell shares of its common stock to the public
pursuant to such registration), and is subject to the safe harbor
created by those sections. Winfield Capital assumes no obligation to
update the information contained in this release.
--30--ks/ny*
CONTACT: WINFIELD CAPITAL CORP., White Plains
914-949-2600
Paul A. Perlin, Chairman and CEO
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING
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