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Microcap & Penny Stocks : Eat At Joe's (BB:JOES) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Evans who wrote (279)	6/30/1999 9:45:00 AM
From: Bill Evans	Read Replies (1) \| Respond to of 343

(BSNS WIRE) Eat at Joe's, Ltd. Reports Revenue Increase Tops 100% at its Eat at Joe's, Ltd. Reports Revenue Increase Tops 100% at its Koo Koo Roo Humbertown Location Business Editors/Food Writers TORONTO--(BUSINESS WIRE)--June 30, 1999--EAT AT JOE'S, LTD. (OTC BB: JOES), a diversified food service company that owns the Eat at Joe's chain of 1950s-style diners in the Northeastern U.S. and holds an exclusive license to develop and manage Koo Koo Roo restaurants in Canada, announced today that the Koo Koo Roo Humbertown restaurant, the first Koo Koo Roo restaurant owned and operated by the Eat at Joe's Canadian subsidiary, has increased its revenues more than 100 percent from the time it was reopened as an Eat at Joe's entity on May 11, 1999. "When looking behind the numbers, the summary of the past 30 days indicate that the current trend will be to exceed this increase in revenue and show more significant gains in the future. The new clientele is a broader, repeat customer base that continues to grow because of a strong satisfaction rate in both service and quality. The company will maintain the momentum of revenue gains in early July by implementing a delivery service to the Humbertown location," said Gino Naldini, President and Chief Operating Officer of Eat at Joe's. "The impressive increase in revenue that this location has experienced since our takeover further supports the earlier projected gross sales of $1.5 million CD during the restaurant's first year of operation. Additionally, we have examined both of our other Toronto Koo Koo Roo restaurants, on Yonge Street, and anticipate similar success in the coming months. However, our number one overriding priority is unit profitability, and upon such examination, if necessary, the company would seriously consider consolidating these units to achieve this," also stated Naldini. Gary Usling, Chief Financial Officer of Eat at Joe's, said, "Profitability in all corporate divisions is of paramount importance to the company, therefore all management decisions are made on this premise. The fundamentals of Eat at Joe's support this philosophy as we continue to emphasize on the increases in revenue, shareholder value and exposure to the investment community. A more detailed explanation on the significance of the recently announced "lock-up" agreement will follow in the coming weeks as the financing package is being assembled for the 16-unit acquisition announced earlier this year." Eat at Joe's serves home-cooked American meals at eight diner-syle restaurants in southern New Jersey, Pennsylvania and Baltimore, Maryland. Two additional restaurants are under construction, others 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. Visit the Eat at Joe's Website at: eatatjoesltd.com --30--SF/ph* CONTACT: Eat at Joe's, Ltd. Amanda E. Johnson, Investor Relations, 914/725-2700 or Porter, LeVay & Rose, Inc. Charles Southworth, Account Executive, 212/564-4700 KEYWORD: NEW YORK INTERNATIONAL CANADA INDUSTRY KEYWORD: FOODS/BEVERAGES RESTAURANTS TELECOMMUNICATIONS ENTERTAINMENT COMED Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com