Truthseeker asks Garrett Krause how can the deal be complete? Who was the venture banking firm? Was it one of the companies controlled by Homer Stoner Jr? or that offshore hedgefund that filed all those 144s?
"Sara Hallitex completed the acquisition of the controlling shareholder in Chasen's Restaurant and Jockey Club. "
Not so fast -- food for thought about Chasen's: on the heels of announcements from the Sara Hallitex Corp. (OTC BB:SHAL - news) that they are initiating a $10 million equity financing and public launch of the ''World Famous Chasen's Restaurant and Jockey Club'' comes word from the Chasen family and attorneys that they haven't given ''anyone that right.''
Attorney Laura Ben-Porat of Gibson, Dunn & Crutcher tells me they've put the operators of Chasen's on Canon Dr. in breach of agreement and their license agreement to operate the eatery will expire in 30 days. Grady Sanders, who has the license and who runs Chasen's and the Jockey Club says his lawyers would be talking to the family's lawyer. Stay tuned to learn what's cooking.
Reuters/Variety
Sara Hallitex Corporation Announces a $10 Million Equity Financing andPublic Launch of the World Famous Chasen's Restaurant and Jockey Club
MARINA DEL REY, Calif., May 5 /PRNewswire/ -- Garrett K. Krause, President
and CEO of Sara Hallitex Corporation (OTC Bulletin Board: SHAL), a California-
based venture banking firm, confirms that it will provide $10 million in
equity financing to Chasen's International, Inc. Through its new Chasen's
International subsidiary, Sara Hallitex completed the acquisition of the
controlling shareholder in Chasen's Restaurant and Jockey Club. The Company
plans to take Chasen's International public in the coming weeks.
Chasen's International, Inc. owns controlling interest and operates
Chasen's Restaurant and Jockey Club in Beverly Hills, CA, and Chasen's
Hollywood Cafe, scheduled to begin construction in Hollywood, CA. For sixty
years Chasen's Restaurant has been the preferred nightspot for Hollywood's
legendary figures from Humphrey Bogart and Spencer Tracy, to Tom Cruise and
Madonna. Chasen's has also played host to U.S. Presidents, European Heads of
State, and royalty.
This initial capital infusion will be used in the expansion of Chasen's
Restaurant and Jockey Club in New York and Las Vegas, subject to approval from
Chasen's Food Specialties, Inc. Chasen's International, Inc. will be engaged
in the development and marketing of an all-encompassing Hollywood-theme dining
and entertainment experience based on the original Chasen's Restaurant
concept. The company is contemplating licensing selected locations worldwide,
expanding its operations to additional cities including Chicago, San
Francisco, London, Paris, Rome, Tokyo, Hong Kong, Singapore, Beijing, Buenos
Aires, Rio de Janeiro, and Mexico City, subject to approval from Chasen's Food
Specialties, Inc.
Mr. Krause commented, "With the continued success and expansion of
high-end restaurant chains, coupled with the recent strong performance of
public restaurant stocks and new IPO's, we feel it's the perfect time to bring
Chasen's, a legendary, instantly-recognized name, to the public market. This
exciting addition to the Sara family of public companies further enhances and
solidifies the diversity of the Company's investment portfolio."
Sara Hallitex Corporation is diversified, full service public venture
banking firm, dedicated to acquiring and investing in companies, new
technologies or projects that when fully-developed, can "spin-off" as Nasdaq
publicly traded companies, providing solid and appreciable long-term portfolio
enhancement for its shareholders.
Sara Hallitex Corporation holds substantial equity portfolios in the
following public companies: Janus International, Inc.
(OTC Bulletin Board: JNUS), SolutionNet International, Inc.
(OTC Bulletin Board: SLNN), USLab.com, Inc. (OTC Bulletin Board: ULAB), and
forthcoming SaraIPO -- Tril-MediaNet.com, Inc. Sara Hallitex has brought all
the above companies public through its unique SaraIPO program.
Statements in this release are made pursuant to the "Safe Harbor"
provisions of the Private Securities Litigation reform Act of 1995. Investors
are cautioned that such forward looking statements involve risk and
uncertainties, including without limitation, continued acceptance of the
Company's services, increased levels of competition for the company, and
dependence on the performance of the management of the company.
For more on Sara Hallitex Corporation look to our World Wide Web page at
WWW.SARAHALLITEX.COM. Or contact: Garrett K. Krause of Sara Hallitex
Corporation, 4344 Promenade Way, Suite 102P; Marina del Rey, CA 90292;
Tel: 310-823-5008 (Investor Relations Dept.), Fax: 310-827-6255,
Email: invrel@sarahallitex.com
SOURCE Sara Hallitex Corporation
CO: Sara Hallitex Corporation; Chasen's International, Inc.; Chasen's
Restaurant and Jockey Club
ST: California
IN: FIN RST
SU: TNM
05/05/99 07:30 EDT prnewswire.com |
