News Published By: BusinessWire
Headline: Eat At Joe's Ltd. Announces Opening of Gallery at Market East
Unit; Company on Target Toward Reaching Profitability by Fourth Quarter
1998
CHERRY HILL, N.J.--(BUSINESS WIRE)--Aug. 14, 1998--Eat At Joe's Ltd.
(OTC BB:JOES), an emerging 1950s style diner restaurant chain, announced
today the opening of its Gallery At Market East unit in Center City,
Philadelphia, Pa.
Commenting on the opening, Joseph Fiore, chairman and CEO of Eat at
Joe's Ltd., stated, "The opening of the Gallery at Market East is our
second sit-down restaurant to be opened since July when we opened the
University City Diner at 3925 Walnut Street, and our sixth Eat at Joe's
restaurant to be opened since November, 1997.
"The Gallery at Market East unit, with two levels and seating for 80,
has been styled in the same 1950's American Diner theme which is being
carried through all of our stores. It is the first to feature a full
bar, and given its excellent location adjacent to the Convention Center
and inclose proximity to the financial district, is ideally suited for
the type of clientele it will be serving."
"Additional Eat at Joe's units in Baltimore's Gallery at Inner Harbor
and Moorestown Mall in Moorestown, N.J., are scheduled for opening in
the third quarter, and by the end of the third quarter the company
should reach a gross revenue run rate of $650,000 per month.
"With new openings expected in the fourth quarter including Plymouth
Meeting Mall, Pa.; Neshaminy Mall, Pa.; Shoppingtown Mall, Syracuse,
N.Y.; Owings Mills, Md.; and Danbury, Conn., we are on target toward
reaching our 1998 goal of some twelve company-owned restaurants
generating revenues of at least one million dollars per month with
profitability expected by the end of the fourth quarter of this year,"
Fiore added.
Eat At Joe's is a diversified restaurant organization, initially
building a new chain of 1950's style diners featuring quality,
home-cooked American meals at affordable prices in an appealing and fun
atmosphere.
Except for historical matters contained herein, the matters discussed
in this press release are forward-looking statements and are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995.
These forward-looking statements reflect assumptions and involve
risks and uncertainties which may affect Eat At Joe's Ltd.'s business
and prospects and cause actual results to differ materially from these
forward-looking statements.
For further information, please contact:
The Wall Street Group Inc. World Vision Financial Group
32 East 57th Street 238 Wilshire Blvd., Suite 149
New York, N.Y. 10022 Casselberry, Fla. 32707
212/888-4848 888/345-6060
Attn: Ron Stabiner Attn: Orville Baldridge
vice president CEO
Eat at Joe's Ltd.
Financial Division
670 White Plains Road, Suite 120
Scarsdale, NY 10583
914/725-2700
Attn: Joseph Fiore, chairman & CEO
Visit the Eat At Joe's Website at: eatatjoesltd.com.
CONTACT: Eat At Joe's Ltd.
Financial Division
Joseph Fiore, chairman and CEO
914/725-2700
or
The Wall Street Group Inc.
Ron Stabiner, VP, 212/888-4848
or
World Vision Financial Group
Orville Baldridge, CEO, 888/345-6060
KEYWORD: NEW JERSEY PENNSYLVANIA NEW YORK MARYLAND
INDUSTRY KEYWORD: FOODS/BEVERAGES RESTAURANTS RETAIL
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