CHICAGO PIZZA GETS UNSOLICITED OFFER FROM LA PIZZA LOCA
12/15/98 15:42
(The following is a reformatted version of a press release issued by
Chicago Pizza & Brewery Inc.)
Chicago Pizza & Brewery, Inc. Announces Receipt
Of Unsolicited Acquisition Offer
(MISSION, VIEJO, CA -- December 15, 1998) -- Chicago Pizza & Brewery,
Inc. (NASDAQ: CHGO and CHGOW) announced today that it has received an
unsolicited acquisition proposal from La Pizza Loca, Inc. The unsolicited
offer was received on December 14, 1998 with no prior negotiations having
been undertaken by the company's management or board. Because this proposal
contains differential treatment for certain management representatives on
the board, an independent committee of board members will be appointed to
consider the proposal.
Per Paul Motenko, CEO, ''Chicago Pizza & Brewery, Inc. is not
soliciting sale offers and, in fact, recently rejected an unsolicited
merger offer.''
CHICAGO PIZZA & BREWERY, INC. currently owns restaurants in Southern
California, Boulder, Colorado and Lahaina, Hawaii which operate under
either the names ''BJ's Pizza & Grill'' or ''BJ's Pizza, Grill & Brewery.''
The Company also owns Pietro's Pizza locations in Oregon and Washington,
several of which have been converted to the popular, upgraded BJ's Pizza
restaurant format, while the others await renovation and/or conversion
within the next year. BJ's restaurants offer customers moderate prices and
tremendous value on an incredible menu that includes deep-dish, Chicago
style pizza, as well as sandwiches, salads, fabulous desserts, critically
acclaimed hand-crafted beers and more Visit Chicago Pizza & Brewery on the
web at bjsbrewhouse.com.
The information presented herein contains certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933,
as amended, which are intended to be covered by the safe harbors created
thereby. The Company's results may differ significantly from the results
indicated by such forward-looking statements. Factors that might cause such
differences include, but are not limited to: (1) the Company's ability to
finance or fund it's business plans, (2) the Company's ability to manage
growth and conversions, (3) construction delays, (4) restaurant and brewery
industry competition and other such industry considerations, (5) marketing
and other limitations based on the Company's historic concentration in
Southern California and current concentration in the Northwest, (6)
consumer trends, (7) increased food costs and wages, including without
limitation, the recent increase in the minimum wage, and (8) other general
economic and regulatory conditions.
Contact:
Brenda Eames
Investor Relations at (310) 796-0229 or
Paul Motenko, Chief Executive Officer at
(949) 367-8616 ext. 107
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