Tanner's Receives Final $1.5 Million Installment From a Group of Outside Investors
Funds to Be Used for Completion of Crabby Bob's Acquisition
NORCROSS, Ga.--(BUSINESS WIRE)--Sept. 20, 1999--Tanner's Restaurant Group Inc. (OTC BB:ROTI), which owns, operates and franchises branded restaurant concepts, Monday announced that it has received the final $1.5 million installment on a $6 million investment from a group of outside investors.
The majority of the $1.5 million will be used to complete the acquisition of the assets of Crabby Bob's Seafood Grill from Pacific Ocean Restaurants Inc. Crabby Bob's is an award-winning Southern California-based restaurant concept that offers fresh seafood, crab, chicken, ribs and a full-service bar. Closing of the Crabby Bob's acquisition is subject to customary closing conditions.
Commenting on the closing of the $6 million investment commitment, Tanner's Chairman Clyde Culp stated: ``When we formed Tanner's Restaurant Group in January of this year by merging the company that operated our Rick Tanner's Original Grill restaurants into a subsidiary of Harvest Restaurant Group Inc., the commitment by a group of outside investors to invest $6 million in the combined entity was a major consideration.
``With this final $1.5 million installment, we will focus on implementing our strategy of developing new restaurants, opening franchise restaurants and evaluating opportunities to acquire complementary restaurant concepts.'
Additionally, Culp said: ``We have already begun the process of integrating the operations of the two companies in contemplation of the closing of the acquisition.
We are excited to have Crabby Bob's CEO John Creed and his team on board and are looking forward to the expansion of both concepts.'
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Well, at least they now have the cash to close the deal... |
