ICH Corporation Acquires Eight California Arby's Units, Appoints New
Directors
LA JOLLA, Calif., Feb. 4 /PRNewswire/ -- ICH Corporation (AMEX: IH -
news) announced today that its newly-formed, wholly owned subsidiary
Sybra of California, Inc., has acquired eight Arby's restaurant units
located in Sacramento, California. The total purchase price of the
acquisition, which includes six leased properties and fee ownership of
two properties, is approximately $1.75 million, substantially all of
which the company expects to finance. Commenting on the acquisition,
ICH's Chief Executive Officer, James R. Arabia, said: ''We are very
excited about this acquisition and about the new base which it provides
for Sybra to expand its own geographic areas of operation and to
continue to enhance the overall visibility and market penetration of the
Arby's franchise on a national level.''
Separately, ICH appointed two new directors, Robert H. Drechsler and
Raymond L. Steele, to its board of directors. Mr. Drechsler is a
corporate partner with the New York firm of Pryor, Cashman, Sherman &
Flynn, legal counsel to ICH. Mr. Steele is a retired executive with
experience in investment banking and investment management, who serves
or has served as a director of Robinson Humphrey, Classic Car
Investments, Webcraft, Modernfold, Orion, Emerson Radio, Pharmhouse,
Video Services Corp. [Nasdaq:VSCX - news] and GFTA, and is currently
retained as an outside consultant to Pizza Hut. |
