Newriders Completes Sale of Easyriders Cafe of Myrtle Beach to Former Chairman; First
Restaurant Franchise for Newriders Inc.
BusinessWire, Monday, July 27, 1998 at 09:22
NEWPORT BEACH, Calif,--(BUSINESS WIRE)--July 27, 1998--Newriders
Inc. (NASDAQ:NWRD) said Monday that it had completed the sale of its
Myrtle Beach, S.C., Easyriders Cafe to the former chairman of the
company, Leon Hatcher, who also operates an Easyriders motorcycle
sales and service store in Myrtle Beach.
The cafe will also operate as a franchise, making this the first
franchised Easyriders Cafe restaurant for Newriders.
Bill Prather, chief executive officer of Newriders, said: "This
is important to us for two reasons. First, it makes much more sense
for a local operator to run that business. A local operator can
respond more quickly to the seasonal economy there. Second, this is a
great opportunity for us to test our cafe franchising program. Leon
Hatcher is the perfect candidate for this. He knows the motorcycle
culture, he already operates an Easyriders motorcycle shop in Myrtle
Beach, so he understands the local economy, and our great relationship
with him will facilitate the process of working out the important
details of our franchising model. We have always viewed franchising as
one of our critical strategic growth areas, and this transaction gives
us a head start on that."
The company also announced that Michael Purcell had resigned from
the board of directors for personal reasons. Purcell was president and
CEO of the company immediately prior to John Martin becoming chairman,
and was involved in developing the initial Easyriders Cafe concept.
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 1933, 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, 714/718-4630
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: FOODS/BEVERAGES RETAIL MANAGEMENT CHANGES
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