Restaurant Teams International Inc. Acquires the Assets of Tanner's Restaurant Group Inc.
Business Wire - February 09, 2000 09:19
LONGVIEW, Texas--(BUSINESS WIRE)--Feb. 9, 2000--Restaurant Teams International, Inc. (OTC BB:RTIN), has acquired substantially all of the operating assets of the chapter 11 subsidiaries of Tanner's Restaurant Group, Inc. RTIN has completed the sale process, which was approved by the US Bankruptcy Court in Atlanta Tuesday February 8, 2000.
Stanley L. Swanson, Chief Executive Officer of Restaurant Teams International, Inc. stated, "We are all very excited to announce the completion of this acquisition of the Tanner's restaurants in Atlanta. This was a solid opportunity in a great market. Currently there are other opportunities under review. We are looking forward to increasing the value of "RTIN" through future acquisitions this year."
Curtis A. Swanson, Chief Financial Officer Stated, "I am pleased that we have successfully completed the acquisition of Tanner's so quickly. This all cash purchase, will maximize the projected $9 million in additional revenues for the year 2000, with an estimated $1.2 million in EBITDA which we expect to impact earnings by $0.10 cents per share."
Tanner's is a 14 year-old restaurant concept with a reputation built on friendly service and quality food. The concept is that of a full service family restaurant serving foods such as rotisserie chicken, BBQ ribs, shrimp, chili, salads, 13 varieties of vegetables, and more. Tanner's restaurants are said to be "An Atlanta Tradition."
Restaurant Teams International, Inc. is a public holding company whose stock trades on the fully reporting NASDAQ OTC BB.
This press release may contain 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.
CONTACT: Restaurant Teams International Inc., Longview
Curtis A. Swanson, 903/295-6800 |
