NEWS......................
EAT AT JOES LTD (OTC BB: JOES)
EAT AT JOES LTD (OTC BB: JOES)
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News April 13, 09:30 Eastern Time
TORONTO (April 13) 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.
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.
TORONTO (April 13) 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.
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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. |
