JT's Restaurants, Inc. and Foodmasters International Corporation AnnounceAgreement to Merge
NEW YORK, Sept. 10 /PRNewswire/ -- Joseph Tribble, President, JT's Restaurants, Inc., New York City, (OTC Bulletin Board: JTSR), and Jim Baiseri, President, Foodmasters International Corporation, Southern California, announced today that the Companies have signed a letter Agreement to Merge the two Companies.
JT's Restaurants, Inc., a Nevada corporation, operates 4 upscale American-Italian cuisine restaurants in the New York area. One new midtown location is to open within the next few weeks. An additional location is planned for opening early 1999.
Foodmasters International Corporation, a Delaware corporation, operates a commercial bakery in West Covina. In addition to it's own proprietary line of baked goods, Foodmasters supplies finished products for several other national brands including Sara Lee, Certified Grocers, Costco, and Franco Harris' Super Bakeries, Inc.
It is the acknowledged business plan of both JT's and Foodmasters to grow their respective businesses through merger, acquisition, and expansion.
Joseph Tribble stated, "The companies each bring complimentary strengths to an overall organization. Combining the companies creates a platform for further growth and acquisitions. This platform will have both an eastern and western U.S. presence. We, at JT's, are especially pleased with the planned merger. It broadens the horizons for our future growth and expands the opportunities for both our shareholders. Jim and I expect that this transaction can be completed very soon. We are scheduled to meet this week or next to finalize the agreement."
Jim Baiseri said, "The combined companies will possess expertise in a broad spectrum of food industry fields. Also important in this agreement is the fact that both companies have identified and opened contacts with several additional merger candidate companies within the food industry. The combination of Foodmasters and JT's is very synergistic."
JT's is a publicly traded company, symbol JTSR on the NASD OTCBB. Foodmasters is a privately held corporation.
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbors created by those sections. These forward-looking statements include statements related to potential mergers and the effect of those mergers on the prospects of the company. Actual results may differ materially due to a number of risks, including the uncertainty of the completion of the contemplated transactions. This press release provides general information and should not be construed as an offer to sell securities. The material contained herein has been obtained from sources believed to be reliable, but is not necessarily complete and its accuracy can not be guaranteed. This report is for informational purposes only and should not be construed as advice or meet the investment needs of any particular investor or designed to be the basis of any investment decisions.
SOURCE JT's Restaurants, Inc.
CO: JT's Restaurants, Inc.; Foodmasters International Corporation
ST: New York, California
IN: FOD RST
SU: TNM
09/10/98 15:22 EDT prnewswire.com
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