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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Rock_nj who wrote (7914)	9/15/1998 2:08:00 PM
From: Joe Copia	Read Replies (1) \| Respond to of 25711

ALERT ROTI (11/32) and ROTIW (1/8). Merger to be complete by end of month !!! Timing seems perfect here. Tuesday July 28, 3:59 pm Eastern Time Company Press Release SOURCE: TRC Acquisition Corporation Tanner's Restaurants To Take Over Control of Publicly Traded Harvest Restaurant Group, Inc. $6,000,000 Of New Equity Committed to Fund Aggressive Expansion of Tanner's ATLANTA, July 28 /PRNewswire/ -- TRC Acquisition Corporation, the corporate parent of Tanner's Restaurants, has entered into a definitive agreement to merge with, and take control of, San Antonio based Harvest Restaurant Group, Inc. (Nasdaq: ROTI - news). Annualized system-wide sales for 1998 are approximately $17,000,000. TRC expects annualized system-wide revenues will be in excess of $45,000,000 by the end of 1999. TRC Acquisition Corporation was organized by hospitality industry veteran Clyde E. Culp, III and Atlanta investment banker John Feltman to do a leveraged buy-out of Rick Tanner's Original Grill Restaurants in late 1996, with the support of private equity investors and Sirrom Capital Corporation [NYSE:SIR - news]. Culp will serve as Chairman and CEO of the new Tanner's. In his twenty-eight year career in the industry he has been President and CEO of Long John Silver's, President and CEO of Embassy Suites and Founder/Chairman of Davco Foods, the largest Wendy's franchisee. ''This merger into a publicly traded entity and the new equity funding enable Tanner's to continue executing its strategic goal of national expansion, beginning immediately with new restaurant growth in the Southeast and Southwest,'' Culp said. More to follow on the CEO, Clyde Culp. Joe PTG&LI !!!