Wednesday October 6, 10:09 am Eastern Time
Company Press Release
Restaurant Teams International
Debenture Holders Lose Bid to Set
Aside Injunction
LONGVIEW, Texas--(BUSINESS WIRE)--Oct. 6, 1999--Restaurant Teams International, Inc.
(OTC BB: RTIN - news) announced today that the order granting an injunction barring Sovereign
Partners LP., Dominion Capital Fund Ltd., and Canadian Advantage LP., from receiving over
300,000 shares of RTIN free trading common stock will remain in force until December 7, l999
when a final hearing will take place.
The Company said that the decision was handed down at a hearing held October 4, l999 before
Honorable Judge Jim Ammerman II, of Harrison County, Texas. The Court also granted the
Debenture Holders' motion to intervene and ordered the parties to mediation prior to the final
hearing.
Attorneys for RTIN, Speno & Cohen LLP of New York commenting on the decision, said, ``The
continuation of the Court's injunction barring the Debenture Holders from receiving over 300,000
shares of RTIN free trading common stock is a significant milestone in our continuing pursuit of
justice on behalf of the shareholders Restaurant Teams International.' They added, ``We also believe
that the Debenture Holders issued a misleading announcement on October 4, l999, when it attempted
to declare that their defamation suit has been amended to include additional claims and parties, when
in fact, there is no Court Order granting such relief.'
Pending litigation in the Federal District Court in New York involves Restaurant Teams and the
Debenture Holders in a dispute arising from a 1998 convertible debenture deal funded by Mr. Steven
M. Hicks, Mr. Mark Valentine, Thomson Kernaghan and their affiliates in which Restaurant Teams
alleges fraud and the Debenture Holders claim defamation.
About Restaurant Teams International, Inc.
Restaurant Teams International, Inc. operates the ``Street Talk Cafe' and the ``Fresh'n Lite Cafe &
Grill' restaurant concepts in Texas. The Company has also entered an agreement to acquire the
Fatburger chain of fast food restaurants which consists of 13 company owned and 22 franchised
units plus commitments and deposits for an additional 24 units. The chain operates in Southern
California and Las Vegas, Nevada.
This press release contains forward-looking statements, which are generally preceded by words such
as ``believes', ``expects', ``anticipates', or ``intends'. Such statements are subject to risks and
uncertainties, including but not limited to competitive conditions, real estate zoning and permitting
complications, government regulations, and general conditions in the restaurant market.
This release and prior releases are available on the KCSA Public Relations Worldwide website at
www.kcsa.com. |
