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Microcap & Penny Stocks : ICH Corp (IH) -- Back from the dead

IH 2.820

+0.2%

Nov 3 3:59 PM EST

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To: leigh aulper who started this subject	1/16/2001 8:44:59 AM
From: leigh aulper	of 20

ICH Corporation Completes Sale of Lyon's Subsidiary SAN DIEGO--(BUSINESS WIRE)--Jan. 16, 2001--ICH Corporation (AMEX:IH - news) today announced that it has completed the sale of its Lyon's restaurant subsidiary. The purchase price for the transaction was $16.2 million, consisting principally of the assumption of existing Lyon's indebtedness. The sale will generate a net operating tax loss of approximately $17.5 million, which will result in future tax savings of approximately $6.0 million. ICH will remain secondarily liable for certain of the assumed Lyon's indebtedness. The company will take an after-tax charge of approximately $10-12 million in the fourth quarter of 2000 in connection with the Lyon's disposition. The purchaser of the Lyon's chain, Amber Lao, owns and operates several other west-coast restaurant chains. Following the acquisition, the Lyon's restaurant chain will be chaired by John Creed, the former chairman and chief executive officer of Chart House Enterprises, Inc., a public restaurant chain with revenues in excess of $175 million. The Lyon's chain was established in the 1960's, and currently operates 71 family-dining restaurants located in northern California and Oregon. Commenting on the sale, ICH Co-Chairmen and Chief Executive Officers Robert H. Drechsler and John A. Bicks said: ``This transaction permits the company to focus all of its human and capital resources on enhancing the profitability of its Arby's franchise, both through improved same store sales and through the development and acquisition of new Arby's restaurants. We are also pleased that the Lyon's restaurant chain will now be in the hands of experienced full-service dining operators with the financial resources and commitment necessary to enable the chain to achieve its full potential.''

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