Thursday August 20, 11:15 am Eastern Time
Company Press Release
Eat at Joe's Ltd., OTC, Names Noted Restaurateur Joseph E.
Wolf President and Chief Operating Officer 'To Guide Rapidly
Accelerating Expansion'
CHERRY HILL, N.J.--(BUSINESS WIRE)--Aug. 20, 1998--The appointment of noted restaurateur Joseph E. Wolf as president and chief operating officer of Eat at Joe's Ltd. (OTC BB: JOES - news) was announced Thursday by Joseph Fiore, chairman and chief executive officer of the rapidly expanding restaurant chain.
''Joe Wolf has an illustrious history in the restaurant industry , and in his more than 30 years of conceiving and operating restaurants, has achieved an unusual record of success. Eat at Joe's is in a rapid expansion mode and will double the number of units in existence by year end. Joe Wolf will bring to our already excellent management additional operating experience and help guide our current and new store operations,'' Fiore said.
Wold founded the Cornbeef Academy in Philadelphia in 1977, a successful deli chain; co-founded the acclaimed Striped Bass Restaurant in 1992, which that year was named the ''best new restaurant in the country'' by Esquire Magazine; and in 1996 redirected and expanded the well established Tony Clark's
Restaurant in Philadelphia.
''Joe Wolf's entrepreneurial drive, strong administrative skills, and conceptual brilliance will assist the Eat at Joe's restaurant chain in becoming a major contender in its category,'' said Fiore.
Eat at Joe's last week opened its sixth restaurant and anticipates opening an additional six units by year end, with plans for at least 20 units by the end of 1999.
Fiore recently stated that ''We expect to reach profitability in the fourth quarter of 1998,'' and said today that ''the addition of Mr. Wolf provides additional executive experience as we move towards this goal while accelerating store openings and revenues.''
Former President and Chief Operating Officer Andrew Cosenza Jr., cofounder of Eat at Joe's, has been named vice chairman, a newly created post, and continues his full time involvement in site selection and construction.
''Our ability to attract a restaurateur of Mr. Wolf's accomplishments as the third member of senior management further validates the concept of Eat at Joe's restaurant chain, and permits each of us in management to focus on our stated goals of creating a profitable major dining chain,'' said Cosenza.
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.
Visit the Eat at Joe's Website at: eatatjoesltd.com
Contact:
The Wall Street Group Inc.
Ron Stabiner, VP, 212/888-4848
or
World Vision Financial Group
Orville Baldridge, CEO, 888/345-6060
or
Eat at Joe's Ltd.
Joseph Fiore, chairman & CEO, 914/725-2700 |
