Lou:
It's almost lunch time. Let's go to one of our company
owned resturants.
We'll get the preferred special.
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NIAR News Release for July 9, 1996:
North American Resorts Signs Letter of Intent With LRG Restaurant Group
North American Resorts, Inc. (NIAR) President, Brian Nelson announced that a Letter of Intent has been entered into between North American resorts, Inc. and LRG Restaurant Group, Inc. (LRGI) detailing the acquisition of NIAR by LRG Restaurant Group.
The acquisition is subject to due diligence and approval by shareholders of both companies. The closing is to take place on or before September 2, 1996.
The purchase price involves the issuance of LRGI convertible preferred stock for substantially all of the outstanding common shares of NIAR based on a common stock price for NIAR of $0.25 per share or the average 30 day offering price prior to closing, which ever is less.
With regard to NIAR preferred shares, they will be exchanged for LRGI preferred shares for substantially all of the NIAR preferred shares on a one to one basis.
Gerald C. Parker, CEO of LRGI, stated, "We are continuing to add quality companies like NIAR to LRGI that fit in with our diversification goals and that can contribute positively to our long-term profitability."
Mr. Nelson concluded his remarks, "We are pleased to become part of LRGI and its management team. We feel confident that this will have a very positive impact on both companies.
Company Contact: Tom Arrigoni: 407-841-1917
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