Worldwide Restaurant Concepts (NYSE:SZ)
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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/