Newriders Inc. and Paisano Publications Inc.
Announce Sale of 10 Easyriders Franchises; Two
Senior Industry Veterans Join Management Team
Business Wire - April 30, 1998 13:39
%NEWRIDERS %PAISANO NWRD %CALIFORNIA %RETAIL %MERGERS
%ACQ V%BW P%BW
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NEWPORT BEACH, Calif.--(BUSINESS WIRE)--April 30, 1998--Newriders Inc.
(NASDAQ:NWRD), operator of two Easyriders Cafes, and Paisano Publications
Inc., which Newriders is in the process of acquiring, Thursday announced jointly
that Paisano Publications has recruited two motorcycle-industry veterans to lead
the expansion of its national franchising program.
Bill Prather, chief operating officer of Newriders, and Joe Teresi, chairman of
Paisano Publications, said that Nace Panzica, former chairman of Custom
Chrome Inc. (NASDAQ:CSTM), the number-one seller of aftermarket motorcycle
parts and accessories, and Dan Stern, former senior vice president of sales for
Custom Chrome, have become chief executive officer and chief operating officer,
respectively, of Easyriders Franchising Inc., a division of Paisano Publications.
In addition, Panzica and Stern have agreed to purchase 10 Easyriders franchises,
paying the full franchise fee of $25,000 for each franchise, plus on-going royalties.
"We consider the addition of these two industry leaders as a giant leap forward for
Paisano and Newriders in terms of our ability to grow our business," said Prather.
Teresi added, "Nace and Dan's commitment to buy 10 franchises speaks volumes
about their commitment to the future of our franchising operations, and expanding
our franchising and retail operations is the number-one priority in our business
plan moving forward."
Newriders and Paisano also stated that the Newriders/Paisano transaction is
proceeding normally, as is the Newriders/El Paso Barbecue Company
transaction, and that all parties remain committed to completing these
transactions.
Statements made in this news release that relate to future plans, financial results
or projections, events or performance are forward-looking statements within the
meaning of Section 27A of the Securities Exchange Act of 1934, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended, and fall
under the safe harbor.
The company's actual results and financial position could differ materially from
those anticipated in the forward-looking statements as a result of a number of
factors, including but not limited to, successful execution of the company's
expansion plans, impact of competition, the availability of additional financing and
other risks.
CONTACT: Newriders Inc., Newport Beach
Bill Nordstrom, 714/718-4639
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Hang in there for 2 more weeks untill the MMs get theyr stock.
After that is only one way-up.
Pete
Ps Any info from your fried? |
