San Antonio, TX - Harvest Restaurant Group, Inc. announced that the company has signed a letter of intent for the acquisition of an 80% interest in 25 Red Line franchised restaurants, including the related trademarks, trade dress and operating systems. Red Line is a franchiser of gourmet hamburger restaurants that operate in small kiosks primarily in South Texas. Red Line, Inc. has specialized in developing a mini-food court operation in small towns in South Texas. Harvest plans to add a Harvest Express to the 25 franchise locations. Harvest has established the initial unit in Corpus Christi, Texas. The company plans to develop 50 total franchised units, if appropriate, as part of its plan to re-direct its expansion to the Harvest Express, primarily in Texas. This acquisition and development plan is subject to the company's due diligence investigation, the availability of satisfactory financing for the estimated $2,000,000 development and the execution of a final agreement.
Harvest Restaurant Group, Inc. operates and franchises 14 Harvest Rotisserie Restaurants offering home meal replacement "complete meal solutions" in a quick service, drive-through environment. The menu features oak roasted chicken and rotisserie roasted turkey plus roast glazed ham, pot roast, sandwiches and approximately 20 side dishes and desserts.
Visit Harvest Restaurant Group's web site at http://www.harvestrotisserie.com. Harvest Restaurant Group's press releases are also available through Company News On-Call by fax, 800-758- 5804, ext. 121308, or at http://www.prnewswire.com.
Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed in the Company's period reports filed with the Securities and Exchange Commission. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.
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