Wednesday July 12, 7:02 am Eastern Time
Company Press Release
Restaurant Teams International, Inc. Redeems Debentures
LONGVIEW, Texas--(BUSINESS WIRE)--July 12, 2000--Restaurant Teams International, Inc. (OTCBB:RTIN - news),
Longview, Texas, announced today that it has reached an agreement with the company's debenture holders for the redemption of the balance of all the Company's
convertible debentures.
The parties have agreed to the terms and amount of monies to redeem and totally forever satisfy the debt and obligation to the debenture holders. The redemption
will take place over twelve months whereby the Company will pay a cash payment to the debenture holders in lieu of their rights to convert the debentures into
common stock. This redemption agreement will eliminate the future dilution that would have naturally been associated with the conversions of the debentures.
Curtis A. Swanson, Chief Financial Officer, stated, ``We appreciate our debenture holders working with us on this matter. Given our current situation, this was our
most obvious next step, after bringing underlying value back to our company. We believe that the stock price will have the opportunity to return to a fair market
value with the elimination of the natural dilution caused by the debentures. This redemption agreement was a vital step to begin the process of recovery to our
market and build shareholder confidence and value for the future.''
Restaurant Teams International, Inc., dba RTIN Holdings, is a public holding company whose stock trades on the fully reporting NASDAQ OTC BB. The
Company owns and operates seven full service casual dining restaurants under the trade name Tanner's Corner Grill in Atlanta, one Street Talk Cafe restaurant in
The Colony, Texas, and Regulatory Solutions, Inc., a workplace safety and regulatory compliance division out of Dallas.
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.
Curtis A. Swanson, 903/295-6800 |
