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Microcap & Penny Stocks : ROTI - Harvest Restaurant Group Inc -- Ignore unavailable to you. Want to Upgrade?

To: The Street who wrote (1228)	1/14/1999 9:22:00 PM
From: MoneyBaggs	Read Replies (1) \| Respond to of 1702

Thursday January 14, 6:40 pm Eastern Time Harvest completes merger with TRC ATLANTA, Jan 14 (Reuters) - Harvest Restaurant Group Inc. (OTC BB:ROTI - news) said Thursday it has completed its planned merger with TRC Acquisition Corp., the operator of 11 Rick Tanner's Original Grill restaurants in Atlanta. Under the terms of the agreement TRC's shareholders will own a majority of Harvest's common stock. TRC has also designated three of the four post-merger directors. Harvest shareholders will retain the same number of shares they currently own. As a result of the merger, the principal business of the company will be the development, operation and franchising of Rick Tanner's restaurants. Harvest has also received a $4 million commitment in equity funding from an investment group, which will be used primarily to develop the Tanner restaurant concept. Clyde E. Culp will serve as chairman and chief executive and Tim Robinson, who served as TRC's chief financial officer, will be CFO of the company. Harvest stock was trading at $0.53 per share on the over-the-counter bulletin board Thursday afternoon. Shares hit a year high of $2.21875 per share and a year low of $0.125 per share. Tanner's annualized system sales are about $15 million. There are currently 11 company-owned restaurants and two that are franchised.