Wednesday February 23, 9:15 am Eastern Time
Company Press Release
Restaurant Teams International Inc. dba RTIN Holdings Announces Terms
of Tanner's & Regulatory Solutions Inc. Acquisitions
LONGVIEW, Texas--(BUSINESS WIRE)--Feb. 23, 2000--RTIN Holdings, (OTCBB:RTIN - news), Longview, Texas, has paid $325,000 in Cash and an
additional $125,000 in indemnity for certain officers and directors of the now defunct Tanners Restaurant Group Inc. (OTCBB:ROTI - news). The $450,000
represents full payment for substantially all the assets of all the subsidiaries of Tanner's Restaurant Group Inc. The sale has been approved by the US Bankruptcy
Court in Atlanta, GA. With historical annual revenues of $9 million and 8 operating restaurant producing an estimated $1.2 million in EBITDA, the company expects
an impact on earnings by nearly $0.10 cents per share in this division.
RTIN Holdings has paid $3.1 million dollars for the privately held Regulatory Solutions Inc. (RSI). The purchase is to be paid in three installments, one payment each
year with mandatory conversion into restricted common stock of the company. The stock's conversion price will be an average of the stock's price 30 days prior to
the conversion. Additionally there is an earn-out provision for the company's principal management upon meeting certain performance guidelines set forth in the
agreement. Current management of RSI anticipates meeting or exceeding these guidelines respectively. Based on projected revenues of $4,200,000, the company is
anticipating earnings of $0.15 per share from this division, in the year 2000.
Stanley L. Swanson, CEO stated, ``I believe we are finally building the company we have all been waiting for. With several opportunities for expansion and growth, it
pleases me to see that we now have depth and growing professional resources to assist us with the future of RTIN.'
Curtis A. Swanson, CFO stated, ``The diversification that the current acquisitions have given us, sets the tone of RTIN as a holding company. We have not lost our
focus in the restaurant industry, nor have we lost sight of ongoing acquisitions within the restaurant industry. We are simply going to limit our involvement in operations
to focus on Franchising and explore the world of acquisitions. There are many well-run, very profitable businesses to acquire and I want to be focused on growth
opportunities, not the day to day operations of the subsidiaries. We have secured operational professionals that will assist us within our most management intensive
industry, and we feel confident in our future.' When commenting on the recent acquisition of RSI, Mr. Swanson said; ``I don't think anyone fully understands the
positive impact this transaction will have on this company and our shareholders in the future. Mr. Wasserman, CEO of RSI is truly an expert in the field of regulatory
compliance and brings with him a tremendous base of knowledge, contacts, and resources with which we plan to develop a leading internet presence for business to
business commerce in the regulatory, safety, and training segments. The RSI products are something that virtually every business in America needs. The ability to
reduce liability exposure for owners and shareholders alike as well as provide a safe, healthy environment for people to work is a universal issue. We are
tremendously optimistic about what this new acquisition provides in the way of future opportunities for RTIN and our shareholders.'
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', ``projects', ``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. |
