<SHAL> News-->May 5, 07:46 Eastern Time
SARA HALLITEX CORPORATION ANNOUNCES A $10 MILLION EQUITY FINANCING AND
Public Launch of the World Famous Chasen's Restaurant and Jockey Club
MARINA DEL REY, Calif., May 5 /PRNewswire/ -- Garrett K. Krause, President and CEO of Sara Hallitex Corporation (OTC Bulletin Board: SHAL), a California- based venture banking firm, confirms that it will provide $10 million in equity financing to Chasen's International, Inc. Through its new Chasen's International subsidiary, Sara Hallitex completed the acquisition of the controlling shareholder in Chasen's Restaurant and Jockey Club. The Company plans to take Chasen's International public in the coming weeks.
Chasen's International, Inc. owns controlling interest and operates Chasen's Restaurant and Jockey Club in Beverly Hills, CA, and Chasen's Hollywood Cafe, scheduled to begin construction in Hollywood, CA. For sixty years Chasen's Restaurant has been the preferred nightspot for Hollywood's legendary figures from Humphrey Bogart and Spencer Tracy, to Tom Cruise and Madonna. Chasen's has also played host to U.S. Presidents, European Heads of State, and royalty.
This initial capital infusion will be used in the expansion of Chasen's Restaurant and Jockey Club in New York and Las Vegas, subject to approval from Chasen's Food Specialties, Inc. Chasen's International, Inc. will be engaged in the development and marketing of an all-encompassing Hollywood-theme dining and entertainment experience based on the original Chasen's Restaurant concept. The company is contemplating licensing selected locations worldwide, expanding its operations to additional cities including Chicago, San Francisco, London, Paris, Rome, Tokyo, Hong Kong, Singapore, Beijing, Buenos Aires, Rio de Janeiro, and Mexico City, subject to approval from Chasen's Food Specialties, Inc.
Mr. Krause commented, "With the continued success and expansion of high-end restaurant chains, coupled with the recent strong performance of public restaurant stocks and new IPO's, we feel it's the perfect time to bring Chasen's, a legendary, instantly-recognized name, to the public market. This exciting addition to the Sara family of public companies further enhances and solidifies the diversity of the Company's investment portfolio."
Sara Hallitex Corporation is diversified, full service public venture banking firm, dedicated to acquiring and investing in companies, new technologies or projects that when fully-developed, can "spin-off" as Nasdaq publicly traded companies, providing solid and appreciable long-term portfolio enhancement for its shareholders.
Sara Hallitex Corporation holds substantial equity portfolios in the following public companies: Janus International, Inc. (OTC Bulletin Board: JNUS), SolutionNet International, Inc. (OTC Bulletin Board: SLNN), USLab.com, Inc. (OTC Bulletin Board: ULAB), and forthcoming SaraIPO -- Tril-MediaNet.com, Inc. Sara Hallitex has brought all the above companies public through its unique SaraIPO program.
Statements in this release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation reform Act of 1995. Investors are cautioned that such forward looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's services, increased levels of competition for the company, and dependence on the performance of the management of the company.
For more on Sara Hallitex Corporation look to our World Wide Web page at WWW.SARAHALLITEX.COM. Or contact: Garrett K. Krause of Sara Hallitex Corporation, 4344 Promenade Way, Suite 102P; Marina del Rey, CA 90292; Tel: 310-823-5008 (Investor Relations Dept.), Fax:
310-827-6255, Email: invrel@sarahallitex.com
SOURCE Sara Hallitex Corporation
05/05/99 /CONTACT: Garrett K. Krause,
Investor Relations Dept. of Sara Hallitex Corporation, 310-823-5008, fax: 310-827-6255, invrel@sarahallitex.com/
/Web site: sarahallitex.com (SHAL)
CO: Sara Hallitex Corporation; Chasen's International, Inc.; Chasen's
Restaurant and Jockey Club ST: California IN: FIN RST SU: TNM
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