To: Howard C. who wrote (2903 ) 12/10/1999 10:00:00 AM From: Lee Walsh Read Replies (1) | Respond to of 3351
Howard is a Prophet--- We have news!!!December 10, 1999 09:50 Restaurant Teams International, Inc. Notifies Fatburger Holding Co. of its Intent to Immediately Close the Fatburger Acquisition Jump to first matched term LONGVIEW, Texas--(BUSINESS WIRE)--Dec. 10, 1999--Restaurant Teams International, Inc. (OTC BB:RTIN), Longview, Texas, announced on Friday, Dec. 10, 1999, that it has notified Fatburger Holding company, that the company has secured the balance of funding needed to close on the Agreement and Plan of Merger, and therefore, is prepared to proceed with the closing IMMEDIATELY. This agreement calls for a four million dollar cash down payment on an eight million dollar purchase price with the remaining four million to be paid over four years. As previously announced, the company has already paid $1.5 million of the $8.0 million purchase price. The remaining $2.5 million down payment is now available to be deposited in Fatburger's escrow account. Fatburger Holding company has indicated their obligation to close, however, it prefers to do so on terms other than those originally agreed upon. Therefor the Company has filed an action in Texas State Court, Gregg County District, Longview, Texas, whereby it seeks a Breach of Contract and Tort Claims for Substantial Damages, as well as Specific Performance of its Agreement and Plan of Merger with the FB Holding Corporation. The company and its Partners have great anticipation and are very optimistic about the prospect for the long awaited implementation of its plans for the national franchising program for the Fatburger restaurant concept in the year 2000 and beyond. Stanley Swanson, Chief Executive Officer stated, "We know that this acquisition has seen many unexpected hurdles which have resulted in long delays. However, we are now very hopeful that RTIN and FB Holding Corporation can reach an agreement in an expeditious manner to complete this acquisition. We believe that the long awaited acquisition, along with plans already in place for an aggressive franchising program under the leadership of a talented management team, details of which are to be announced later, will bring significant added value to our company and confidence, once again, to our company's shareholders." This press release contains forward-looking statements, which are generally proceeded by the words such as "believes", "expects', "anticipates", "should", 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, pending litigation's, and general conditions in the restaurant market. CONTACT: Restaurant Teams International Inc., Longview Curtis Swanson, 903/295-6800 903/295-6790 (facsimile)