Worldwide Restaurant Concepts, Inc. Announces Completion of a Seven-Store Real Estate Sale-Leaseback Transaction
2005年2月16日 - 6:05AM
PRニュース・ワイアー (英語)
Worldwide Restaurant Concepts, Inc. Announces Completion of a
Seven-Store Real Estate Sale-Leaseback Transaction SHERMAN OAKS,
Calif., Feb. 15 /PRNewswire-FirstCall/ -- Worldwide Restaurant
Concepts, Inc. (NYSE:SZ) today announced the completion of a
seven-store sale-leaseback transaction. The Company sold the
properties to, and then entered into leases with, CRICSTEAK, LP an
investment partnership owned by CRIC Capital, LLC, located in
Boston, Massachusetts. The properties have been, and will continue
to be, operated as Sizzler(R) restaurants. The transaction, which
was detailed on Form 8-K on February 10, 2005, generated
approximately $16.1 million in proceeds for Worldwide Restaurant
Concepts, of which $6.9 million was used to retire the debt
originally secured by the properties. The transaction is a further
step in the Company's on-going pursuit to increase shareholder
value. In September 2004, the Company's announced the hiring of
Houlihan Lokey Howard & Zukin, an investment banking firm, to
review different strategies to optimize shareholder value. "The
selling of these properties allows us to materially improve our
balance sheet, and unlock a substantial amount of value that we can
use in our efforts to build our brands and deliver value to our
shareholders," said Chuck Boppell, Chief Executive Officer of
Worldwide Restaurant Concepts. About Worldwide Restaurant Concepts
Worldwide Restaurant Concepts, Inc. operates, franchises or joint
ventures 307 Sizzler(R) restaurants worldwide, 112 KFC(R)
restaurants located primarily in Queensland, Australia, and 22 Pat
& Oscar's(R) restaurants. Additional information about the
Company can be found at http://www.wrconcepts.com/. To the extent
that certain statements contained in this document may be deemed
under federal securities laws to be forward-looking statements,
Worldwide Restaurant Concepts intends that they be subject to the
safe-harbor applicable to forward-looking statements under such
laws. For more information please contact: AT THE COMPANY: Keith
Wall Vice President and CFO (818) 662-9800 Liz Baskerville
Director, Planning (818) 662-9800 AT Financial Relations Board:
Laurie Berman General Information (310) 854-8315 Tricia Ross
Investor/Analyst Contact (617) 520-7064 DATASOURCE: Worldwide
Restaurant Concepts, Inc. CONTACT: Keith Wall, Vice President and
CFO, or Liz Baskerville, Director, Planning, both of Worldwide
Restaurant Concepts, Inc., +1-818-662-9800; or General Information,
Laurie Berman, +1-310-854-8315, or Investor/Analyst Contact, Tricia
Ross, +1-617-520-7064, both of Financial Relations Board, for
Worldwide Restaurant Concepts, Inc. Web site:
http://www.wrconcepts.com/
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