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Restaurant Teams International, Inc. notifies Fatburger Holding Co. that it
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Stands Ready to Close the Fatburger Acquisition
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Restaurant Teams International Inc. (OTC-BB RTIN), Longview, Texas, announced on
Friday, December 10th 1999, it has filed an action in Texas District Court,
Gregg County, Longview, Texas, whereby it seeks Breach of Contract and Tort
Claims for Substantial Damages, as well as Specific Performance of its Agreement
and Plan of Merger with the FB Holding Corp.
The company has been successful in securing the balance of funding needed to
close on the Agreement and Plan of Merger. This agreement calls for a Four
million dollar cash down payment on an Eight million dollar purchase price with
Four million to be paid over four years. As previously announced the company
has already paid One and a half million of the Eight million dollar purchase
price leaving only Two and a half million of the down payment to be paid.
The company, its funders, and partners are excited and optimistic about the
immediate implementation of its plans for a national franchising program for the
Fatburger restaurant concept in the year 2000 and beyond.
Stanley Swanson Chief Executive Officer stated; "We believe that this long
awaited acquisition will bring the added value and confidence, once again, to
our company's shareholders. This action should return our company's stock to a
fair value trading range."
This press release contains forward-looking statements, which are generally
preceded by words such as "believes", "expects", "anticipates", "should", 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.
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