To All:
Wednesday December 17, 6:30 am Eastern Time
Company Press Release
SOURCE: Koo Koo Roo, Inc.
Ken Berg, Founder and Chairman of Koo Koo Roo
Appoints Chief Executive Officer
LOS ANGELES, Dec. 17 /PRNewswire/ -- Koo Koo Roo, Inc. (Nasdaq: KKRO - news),
reported today that Mr. Ken Berg, the company's founder and chairman, has appointed Mr. Bill
Allen to the position of chief executive officer of the company under a one-year employment
agreement.
Mr. Allen is a seasoned restaurant and food chain operations executive with experience as a
senior vice president at Marriott Corporation and as CEO of the Texas-based restaurant chain,
La Madeleine which has locations stretching from Washington D.C. to Phoenix, Arizona. As
CEO of La Madeleine, a quality-oriented bakery and cafe which serves freshly prepared
breakfast, lunch and dinner menus in a quick service French-theme format, Mr. Allen and his
management team implemented innovative fresh food and bakery distribution systems and
managed its growth and transition to profitability. La Madeleine is privately held. At Marriott
Corporation, Mr. Allen ran several operations including overseeing all food service operations
for the Los Angeles International Airport.
Commenting on the appointment, Mr. Ken Berg, the company's chairman, said, ''I have taken
steps recently to focus our efforts at Koo Koo Roo and improve efficiencies at the corporate
level. I'm looking forward to seeing Bill Allen work with John Kaufman, President of Koo Koo
Roo USA, to take Koo Koo Roo to the next level. Bill brings critical skills and experience in
managing food service operations and already knows Koo Koo Roo well which will stand him in
good stead over the coming year.
''As Koo Koo Roo approaches $100 million in annualized revenue, we are reaching the stage
where we need the kind of experience Bill Allen has to take the company to the next level. I'm
looking forward to working with Bill over the coming year.''
Mr. Bill Allen, the company's new CEO, stated, ''Their commitment to high quality, fresh
product is what attracted me to Koo Koo Roo. It is an exciting concept with tremendous
potential and one of the best restaurant concepts I've seen, and I'm stepping in at a very
important juncture in the company's development. Koo Koo Roo has a strong foundation in
Southern California and I am looking forward to implementing strategies that will build solidly on
that foundation during the upcoming year.''
The company also reported that Mr. Rob Kautz, President and CFO of Koo Koo Roo, Inc.
will be moving on to a new opportunity, but will remain on the board of directors.
Mr. Berg stated, ''It was a pleasure working with Rob in the three years he was with us. We
raised $88 million in new capital and have grown revenues 900%. We wish him well in the new
opportunity which has been afforded him. Bill Allen will bring in a new CFO, and I'm sure Rob
will complete the projects he has been working on and execute a seamless transition.
Koo Koo Roo operates 35 restaurants in California, the Beltway area including Washington
D.C., Maryland, and Virginia and Florida and 14 full service restaurants purchased from
Hamburger Hamlet. Its Canadian partnership also operates three Koo Koo Roo California
Kitchens in Toronto. The Arrosto Coffee Company, subsidiary, operates a coffee bean
microroastery which supplies coffee to all the Company's restaurants and to outside clients.
Forward-looking statements and comments in this press release are made pursuant to the
safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934. Such statements
relating to, among other things the prospects for the Company to sign additional leases, sell
franchises and enhance operating results, are necessarily subject to risks and uncertainties, some
of which are significant in scope and nature including risks related to real estate, construction,
competition, availability of capital, and continuation of sales increases. These risks are further
discussed with the Securities and Exchange Commission including a report on Form 10-Q filed
with the SEC concurrent with this release for the quarter ended September 30, 1997.
SOURCE: Koo Koo Roo, Inc.
Regards,
Chicago |
