BSNS WIRE) EAT AT JOE'S, LTD. Signs Exclusive Master License Agreement EAT AT JOE'S, LTD. Signs Exclusive Master License Agreement With Koo Koo Roo Enterprises, Inc. for Canadian Rights
Business Editors
TORONTO--(BUSINESS WIRE)--April 13, 1999--EAT AT JOE'S, LTD. (OTC
BB:JOES;BERLIN:JOS), a diversified food service company that owns the
Eat at Joe's chain of 1950s-style diners, announced today that it has
signed a 20-year Exclusive License Agreement with renewal terms for
an additional 20-years with Koo Koo Roo Enterprises, Inc. (OTC BB:
KKRE). The Agreement calls for Eat at Joe's, Ltd. to develop and
manage Koo Koo Roo Restaurants in Canada, stated Gino Naldini,
President and Chief Operating Officer of Eat at Joe's, Ltd. The
company plans to operate five Koo Koo Roo Restaurants in Canada by
the end of 1999.
Koo Koo Roo Restaurants is a California-based casual dining,
quick service restaurant chain featuring their exclusive Original
Skinless Flame Broiled Chicken, roasted hand-carved turkey,
made-to-order tossed salads and specialty sandwiches. Mr. Naldini
said, "the Koo Koo Roo dining concept, operating philosophy and
expansion strategies complement ours, and we believe Eat at Joe's will
help achieve the objectives of both companies in Canada."
The Eat at Joe's Canadian Subsidiary is currently managing two
Koo Koo Roo Restaurants, one approximately 3,800 square-feet and the
other 4,500 square-feet, in Toronto, Canada. The Company intends to
take control over these restaurants by June 30, 1999. In addition, by
May 1, Eat at Joe's plans to open a 5,000 square-foot Koo Koo Roo
Restaurant in Toronto, Canada. Development of a fourth 5,000
square-foot Koo Koo Roo Restaurant will commence in Markham, Ontario
during the second quarter of 1999. Currently, we are identifying
additional unit sites in Toronto for expansion.
Gary Usling, Chief Financial Officer of Eat at Joe's, Ltd.
stated, "we anticipate that the three operating Koo Koo Roo
Restaurants in Toronto will generate gross revenues of C$4.5 million
in their first fiscal year of operation. As previously announced, we
have begun our expansion-through-acquisition program. We also
anticipate adding other 'Branded Restaurant Concepts' under the Eat at
Joe's umbrella in the coming months."
Eat at Joe's serves home-cooked American meals at eight
diner-style restaurants in southern New Jersey, Pennsylvania and
Baltimore, Maryland. Two additional restaurants are under
construction, others are in planning stages, and the company has
signed a letter of intent to acquire a 16-unit regional restaurant
chain.
Except for historical matter 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.
--30--eb/ny*
CONTACT: Porter, LeVay & Rose, Inc.
Seven Penn Plaza
New York, NY 10001
(212) 564-4700
ATTN: Michael Porter
President
OR
Eat at Joe's, Ltd.
670 White Plains Rd., Ste. 120
Scarsdale, NY 10583
(914) 725-2700
ATTN: Joseph Fiore
Chairman & C.E.O.
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: RESTAURANTS FOODS/BEVERAGES
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