NEWS !!! Financing Deal Comes Through
PR Newswire - December 22, 1998 09:16
LONGVIEW, Texas, Dec. 22 /PRNewswire/ -- Restaurant Teams International, Inc.
(OTC Bulletin Board: RTIN - news) today announced it has received a commitment
letter for $13,000,000 in debt financing from Prime Capital for the acquisition
and expansion of the Old San Francisco Steak House chain.
Henry Leonard, President and Chief Operating Officer stated: "We are very
excited about this new relationship and to be working with our new lenders at
Prime Capital. We chose this source because they are experienced in helping
companies such as RTI grow and are equally committed to our deadline
requirements."
The Old San Francisco Steak House transaction is still scheduled to close in
December 98'.
The Company also announced that it is currently notifying its representatives at
the American Stock Exchange of the closing to request a final review for
listing.
Curtis Swanson, Chief Financial Officer of the Company stated, "We are very
excited to be in a position to acquire the Old San Francisco chain without
having to sell equity or create dilution to our current shareholders. The credit
made available to us gives us the funds necessary to acquire the chain and grow
our two concepts. We're now looking forward to finalizing the transaction and
getting our stock listed on the American Stock Exchange."
Restaurant Teams International, Inc. is the developer and operator of the Street
Talk Cafe and Fresh'n Lite Cafe & Grill concepts. Both concepts are full service
casual dining operations that feature a variety of foods along with many choices
of non-fat and low-fat menu items without sacrificing taste, service, value or
atmosphere.
This press release contains forward looking statements, which are generally
preceded by words such as "believes," "expects," "anticipates," or "intends."
Such statements are subject to risks and uncertainties, including but not
limited to competitive conditions, weather, real estate zoning and permitting
complications, and general conditions in the restaurant market.
For further information contact 1-800-259-2675.
SOURCE Restaurant Teams International, Inc.
/CONTACT: Investor Relations of Restaurant Teams International, 903-758-2811,
or fax, 903-758-1666/
(RTIN) |
