NEWS Is OUT on (JOES): Eat at Joe's, Ltd. Finalizes Mediterraneo, Inc. Acquisition
Business Editors
TORONTO--(BUSINESS WIRE)--April 5, 2000--EAT AT JOE'S,
LTD. (OTC BB: JOES), a diversified food service company that owns the
Eat at Joe's chain of 1950s-style diners in the Northeastern U.S. and
holds an exclusive license to develop and manage Koo Koo Roo
Restaurants in Canada, announced today that the company's wholly-owned
Canadian subsidiary has completed the acquisition of the Mediterraneo
Restaurant located on Yonge Street in Toronto, Ontario. The terms of
the transaction were not disclosed.
Gary Usling, Chief Financial Officer, said, "This acquisition is
projected to add approximately $7,500 per month to the company's
current cash flow. Additionally, the company owns the rights to the
`Mediterraneo' name and intends to further develop the concept in the
coming quarters."
"The company has initiated the conversion of the Koo Koo Roo
Restaurant located in the Humbertown Shopping Center in Etobicoke,
Ontario into a Mediterraneo Restaurant. The restaurant is
approximately 5,200 square feet, seats 150 diners and will offer
take-out, catering and delivery services. The restaurant is scheduled
to reopen before the end of June 2000. The funding for this conversion
was obtained through conventional, non-dilutive debt financing.
Management has recently targeted two (2) locations for future openings
of this concept in the Greater Toronto Area and has engaged in
discussions with numerous restaurateurs regarding joint ventures for
opening additional Mediterraneo Restaurants," stated Gino Naldini,
President and Chief Operating Officer.
"The company continues to pursue an extensive non-dilutive
financing package to purchase all of its targeted acquisitions and
will report progress on both the financing and acquisitions as it
occurs throughout the year," Naldini concluded.
The company encourages shareholders and potential investors to
take a virtual tour of the restaurant by visiting the Mediteranneo
website at www.toronto.com/mediterraneo.
Eat at Joe's, Ltd. is a diversified restaurant organization owning
the Eat at Joe's diner-style restaurants in southern New Jersey and
Pennsylvania, the exclusive license to develop and manage Koo Koo Roo
restaurants in Canada, and the newly established Mediterraneo chain
featuring authentic Italian Mediterranean cuisine at affordable
prices. Additional restaurants are in planning stages, and the company
has planned acquisitions for the coming quarters.
Except for historical matter contained herein, the matters
discussed in this press release are forward-looking statements and are
made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
reflect assumptions and involve risks and uncertainties which may
affect Eat at Joe's, Ltd.'s business and prospects and cause actual
results to differ materially from these forward-looking statements.
Visit the Eat at Joe's Website at: eatatjoesltd.com
--30--eb/ny*
CONTACT: Porter, LeVay & Rose, Inc.
Seven Penn Plaza
New York, NY 10001
(212) 564-4700
ATTN: Nick Petruno
Account Executive
or
Eat at Joe's, Ltd.
670 White Plains Rd., Ste. 120
Scarsdale, NY 10583
(914) 725-2700
ATTN: Amanda E. Johnson
Investor Relations
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