It is supposed to happen the first week of May.... read on...
Friday April 25 4:25 PM EDT - Company Press Release - Source: Koo Koo
Roo, Inc.
Koo Koo Roo Purchase Of 14 Hamburger Hamlet Locations Approved
Completion Of Purchase Will Increase Restaurant Count From 28 To 42 And
Expand National Presence
LOS ANGELES, April 25 /PRNewswire/ -- Koo Koo Roo, (Nasdaq-NNM:KKRO) and
Hamburger Hamlet Restaurants, Inc. (HAMB) announced jointly today the
bankruptcy court approved the purchase of 14 Hamburger Hamlet locations
for approximately $11.45 million, consisting of $9.70 million in cash
and 150,000 shares of restricted common stock. Of the units purchased,
ten are located in California and four in the Washington, D.C. beltway
area. Koo Koo Roo currently operates 28 restaurant locations; 24 of
which are in California, two in Florida, one in Colorado, and one in New
York.
The purchase agreement is expected to close the first week in May at
which time Koo Koo Roo will assume full management of operations. Over
time, the Company plans to integrate its Koo Koo Roo California Kitchen
concept into several of the acquired restaurants. In the meantime, the
Company will test a menu insert featuring several selected Koo Koo Roo
signature items including, The Original Flame-Broiled Skinless
Chicken(R), Hand-Carved Turkey and many of their vegetable items made
fresh throughout the day.
``The Company is excited by the potential of adding limited editions of
Koo Koo Roo entrees and vegetables to the full service aspect of
Hamburger Hamlet,'' said Ken Berg, Chairman of the Board of Koo Koo Roo.
Koo Koo Roo operates 28 California Kitchen restaurants located in
California, Florida, Colorado and New York, serving freshly prepared
foods including its Original Flame-Broiled Skinless Chicken. The Arrosto
Coffee Company, a subsidiary, operates a coffee bean micro-roastery
which places over half its output into licensed locations in eleven Koo
Koo Roo restaurants. Color Me Mine, also a subsidiary, operates a 20,000
square foot ceramics plant in California and has ten company-owned and
six franchised paint-your-own ceramic studios located in California, New
Jersey, and Florida.
Koo Koo Roo, Inc. |
