SPST - SPENCER'S RESTAURANTS INC - Acquires Assets From WSR Energy Resources, Inc.
New York, New York, Jun 05, 2001 (Market News Publishing via COMTEX) --
Spencer's Restaurants, Inc. (formerly known as The Rattlesnake Holding Company,
Inc.), announced that it has acquired the assets of WSR Energy Resources, Inc.
(WSR) for $7.6 million payable with a combination of cash, stock and notes.
WSR Energy Rescources, Inc. is in the business of acquiring and developing oil
and gas mineral reserves and holds an oil and gas lease on 409 acres in Pecos,
Texas which is not currently in development.
Ken Berry, President of Spencer's Restaurants, Inc. noted: " The Company has
been unsuccessful in raising the additional capital necessary to maintain and
expand its restaurant operations. Faced with a declining cash position, the
Company sought non-restaurant properties. After this transaction, the Company
will seek to raise additional capital."
The Company also announced its intent to sell its restaurant operations to Ken
Berry, who will resign from Spencer's Restaurants Inc. effective with the sale.
Spencer Restaurants, Inc. currently operates Spencer's Steak & Shrimp in
Danbury, CT and Rattlesnake Southwestern Grill in South Norwalk, Connecticut.
WSR Energy Resources, Inc. has indicated its desire to dispose of the restaurant
operations.
The forward-looking statements included in this news release are based on
management's current expectations. In light of the assumptions and uncertainties
inherent in forward looking information, the inclusion of such information
should not be regarded as a representation by the Company or any other person
that the plans of the Company will be realized or that positive trends in
financial results will occur.
CONTACT: TEL: 203/798-1390 Ext. 11 Ken Berry, Spencer's Restaurants
Inc.
TEL: 954/784-5044 Matthew Dwyer, WSR Energy Resources Inc.
E-MAIL: matt@wallstreet-review.net |
