Tuesday April 27, 10:44 am Eastern Time
Company Press Release
Wrapsters Releases 1999 First Quarter Update
ATLANTA--(BUSINESS WIRE)--April 27, 1999--Wrapsters Inc. (OTC BB:WRAP), one of the country's most exciting quick service restaurant chains that specializes in wrap sandwiches, ''Burrito's with Attitude'', using gourmet flavored tortillas, and accompanied by a variety of no-fat, no-cholesterol fruit smoothies announced today its 1999 first quarter update.
According to Thomas E. Metzger, FMP President and CEO of Wrapsters, ''We are excited about the progress that we have made so far this year. Our team has been working diligently to develop and implement a cutting edge production system, dramatically reducing the amount of time required to prepare and deliver a fresh wrap sandwich and smoothie for our guests.''
Steven J. Devine, VP of Operations stated that ''We have now solved one of our industry's key problems. Our proprietary system will provide us with an increase in overall efficiency without sacrificing quality. This should give us a substantial competitive advantage in the future.''
To assist the company in operating more efficiently, Wrapsters recently entered into an exclusive agreement with MICROS, (Nasdaq:MCRS - news), a leading provider of point of sale systems to the hospitality industry.
Mr. Metzger also discussed the progress made in the areas of mergers and acquisitions. ''We are taking the steps necessary to become an industry leader, which has been our goal since day one. Wrapsters has recently signed a letter of intent to purchase a major competitor and is reviewing a number of other opportunities. We understand that our shareholders and the financial community would like more information on these transactions, however, we legally cannot discuss the specifics at this point in time.''
In the area of finance, Mr. Metzger announced that the company is undergoing its annual audits and is moving forward to becoming a fully reporting company with the Securities and Exchange Commission. He also stated that the company has come to an agreement with a regional investment banker who has agreed to provide acquisition financing in a traditional bank-style structure. ''With the funding in place to acquire quality companies, we feel confident that we can build a strong company for the future'' stated Mr. Metzger.
The company is also working on its Internet e-commerce web site division. The plan is progressing and the company is currently developing affiliate relationships with other major Internet e-tailers. Wrapsters objective is to build a total lifestyle solution, combining both top quality products and information for all of its customers, in a fun, family oriented atmosphere.
Industry experts also concur with the company's belief that the wrap and smoothie concept is a winning trend. According to Laura Yee Senior Editor, Restaurants and Institutions, ''As foodservice prepares to prosper in the 21st century let's get one thing straight. Trends are different than fads. Trends prevail, fads fade. The RAGE is Smoothies!''
Mr. Metzger also addressed the issue of shareholder communications, stating that ''I encourage current and potential shareholders to contact us if they have any questions regarding Wrapsters. Questions can be directed to our financial communications firm''.
Forward Looking Statements:
This news release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a new ''Safe Harbor'' for these types of statements. To the extent statements in this news release involve, without limitation, product development and introduction plans, the company's expectations for growth, estimates of future revenues, earnings, cash flow, franchise sales, balance sheet items, forecasts and/or demand for product and for the industries in which the Company operates or any other guidance on future periods, these statements are forward looking. The Company assumes no obligation to update forward looking statements.
For additional information, visit the company on the World Wide Wrap at wrapsters.com
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Contact:
Visibility Consulting, Inc., Orlando
Media and Financial Communications
Ed Koziol
407-658-7760
ir@wrapsters.com
or
Wrapsters, Inc., Atlanta
Operations
Steven J. Devine
VP Operations
770/346-9897
sdevine@wrapsters.com
or
Executive
Thomas E. Metzger, FMP
President and CEO
770/346-9897
tmetzger@wrapsters.com |
