Of course RTIN is buying the FB restaurant chain.
So I thought I should post this.
The last news release with the Fatburger link:
LONGVIEW, Texas, April 16 /PRNewswire/ -- Restaurant Teams International, Inc. (OTC Bulletin Board: RTIN - news; ''RTIN'') today commented on terms of its previously announced acquisition of Fatburger Corporation. The Company received an extension from Fatburger Holding Corporation. RTIN is currently in the midst of negotiations with several leading debt sources to finance the acquisition on more favorable terms.
The Company announced on March 12, 1999 that it had entered into a definitive agreement to acquire the Fatburger chain for $8,000,000. The seller is carrying one half of the purchase price on favorable terms. The Company has already paid $1,500,000 toward its $4,000,000 obligation leaving a $2,500,000 balance.
The Fatburger brand, which first appeared in 1952, is a legendary and unforgettable trademark that has come to represent ''The Last Great Hamburger Stand''. Fatburger serves fresh USDA steer meat, cooked to order in an open kitchen along with hand-breaded onion rings and hand scooped, real ice cream milkshakes. The design, decor and atmosphere of the restaurants reinforce ''The Last Great Hamburger Stand'' experience. With an authentic R&B Jukebox and a quality sound system, the concept delivers a ''total dining experience'' between traditional fast feeders and casual dining concepts.
Fatburger Holding Corporation currently operates 13 company owned Fatburger restaurants in the Los Angeles, California market and franchises 22 restaurants in Southern California and Las Vegas, Nevada. Three additional franchised units are expected to open by August, 1999. Currently, there are commitments and deposits for another 24 franchised units. Company owned Fatburger restaurants are experiencing a 20% sales increase in 1999 and franchise system revenues have increased 32% for the period. Same store Company owned restaurants are showing a 10.2% increase for the year and franchised same stores are showing a 7.3% increase.
Simultaneously with the closing of the Fatburger acquisition, the Company intends to withdraw its offer to purchase the assets of the Old San Francisco Steak House chain. Management expects the growth potential of the Fatburger chain to require one hundred percent of the Company's resources.
The Company intends to make the Fatburger name an American mainstay by franchising the Fatburger system throughout the U.S. RTIN plans to develop 459 new franchised Fatburger restaurants and 455 new market partner Fatburger restaurants over the next five years in addition to the 35 restaurants currently in the system.
For additional information visit the Fatburger website at www.fatburger.net.
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, real estate zoning and permitting complications, government regulations, and general conditions in the restaurant market.
SOURCE: Restaurant Teams International, Inc.
fatburger.net
That's 949 Fatburger restaurants total!
Won't that be nice? :^)
KZAP
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