Mexican Restaurants, Inc. Announces Executive Changes

Mexican Restaurants, Inc. Announces Executive Changes
  
 

HOUSTON, TX--(Marketwired - Apr 2, 2014) - Mexican Restaurants, Inc. (MRI) announced today that Curt Glowacki is no longer MRI's President and Chief Executive Officer and that Loic Porry is no longer MRI's Chief Operating Officer. MRI also announced that MRI has appointed Marcus Jundt Chief Executive Officer, Perry Brush, President and Chief Development Officer and Lawrence Neumann, Chief Financial Officer.

MRI owns and operates 46 and franchises 11 full-service and Mexican-themed restaurants, primarily in the greater Houston metropolitan area, under the following brands: Casa Ole'®; Crazy Jose's®; Monterey's Little Mexico®; and Tortuga Mexican Kitchen®. MRI also operates a fast casual restaurant concept under the name Mission Burrito®.

Marcus Jundt is currently the Chief Executive Officer of Williston Holding Company, Inc. (PINKSHEETS: WHCA) (WHC). WHC is a North Dakota-based company formed for developing and owning certain infrastructure related projects, primarily in the Bakken region of North Dakota. WHC currently owns four restaurants in Williston, North Dakota: Williston Brewing Company; Doc Holliday's; J Dub's Bar & Grill; and Gramma Sharon's. Perry Brush is currently the President and Chief Development Officer of WHC and has extensive restaurant experience with companies such as Kona Grill and P.F. Chang's. Lawrence Neumann is currently the Chief Financial Officer of WHC and has extensive accounting and financial experience.

On March 18, 2014, WHC and MRI announced that WHC had acquired approximately 80% of MRI) in a series of private transactions with certain controlling shareholders of MRI at a price of $4.06 per share. WHC and MRI also announced that day that they had entered into a Merger Agreement with MRI pursuant to which the remaining approximate 20% of MRI stockholders would receive $4.06 per MRI share in cash. As part of this transaction, Marcus Jundt was appointed to the MRI Board and the remaining directors: Michael Domec, Larry Forehand and Curt Glowacki resigned as directors. This merger with respect to the remaining 20% of MRI is expected to close within 45 days. 

Marcus Jundt, CEO of MRI, stated: "We want to thank both Curt and Lou for their efforts over the past several years. They have built a strong team at MRI and we believe that our new seasoned and experienced senior management team can help that team grow MRI substantially over the next few years." 

Forward-looking Statements Certain of the matters discussed in this announcement may contain forward-looking statements that involve material risks to and uncertainties in WHC's and MRI's business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, WHC's ability to close the merger for the balance of MRI and other risks and uncertainties. This is not a solicitation to buy or sell securities and does not purport to be an analysis of either company's financial position.

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