SHAL news after the bell: instead of paying only $3 for a share of SHAL, the new venture capital firm agrees to pay $6, twice as much as the earlier agreement.
Sara Hallitex Corporation Announces Financing Agreement Completed for Chasen's I
/FROM PR NEWSWIRE LOS ANGELES 213-626-5500/
TO BUSINESS EDITOR:
Sara Hallitex Corporation Announces Financing Agreement
Completed for Chasen's International, Inc.
MARINA DEL REY, Calif., May 6 /PRNewswire/ -- Garrett K. Krause, President
and CEO of Sara Hallitex Corporation (OTC Bulletin Board: SHAL), a California-
based venture banking firm, confirms that the Company has signed an agreement
with an outside venture fund to provide $10 million in equity financing to
Chasen's International, Inc.
The original agreement between Sara Hallitex and Chasen's International,
Inc. called for the Company to purchase 3,000,000 shares of stock at $3.00 per
share in addition to a $1,000,000 private financing. The Company has come to
terms with an international venture fund to provide the $10,000,000 in
exchange for 1,500,000 shares of the Sara Hallitex stock position in Chasen's
International.
Sara Hallitex Corporation will retain 1,500,000 shares of stock in
Chasen's International, Inc. for its long-term stock portfolio. The Company
will also handle all investment banking services and financial Investor
Relations and Public Relations contracts.
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.
Mr. Krause commented, "I am very happy with the Chasen's transaction. Our
shareholders come away with all the benefits of this rapid growth-oriented
company. Sara's intent with this deal is to complete another solid
transaction away from the SaraOnline.com Internet business and to provide its
expertise in building Chasen's International into a global leader in its
industry."
Chasen's is an ongoing concern with current annual revenues approaching
$5 million per annum. Chasen's is currently undergoing an additional
$1 million expansion in adding a Martini bar and an upstairs private celebrity
dining area, which should increase revenues substantially.
Chasen's was just featured in the March 1999 issue of Interior expressions
magazine. This article will be available www.sarahallitex.com today. The
operation is located at 246 N. Canon, Beverly Hills, California.
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. and Chasen's International,
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, 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 Sarah Hallitex Corporation
/CONTACT: Garrett K. Krause, Sara Hallitex Corporation, 310-823-5008,Fax:
310-827-6255, Email: invrel@sarahallitex.com/
/Web site: sarahallitex.com
May-06-1999 13:18 GMT
Symbols:
US;SHAL
Source PRN PR NewsWire
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