Champps Entertainment Says Letter of Intent to Sell to Kinderhook Expires
March 01 2007 - 4:30AM
Business Wire
Champps Entertainment, Inc. (NASDAQ: CMPP) today announced that the
letter of intent it entered into last month with Kinderhook
Industries, LLC to sell substantially all of its assets to an
investment entity to be sponsored by Kinderhook had expired
pursuant to its terms. The Company said that a special committee of
its board of directors is continuing to pursue a sale of the
Company and that it has received indications of interest from a
number of potential purchasers. The Company said that there can be
no assurance that any transaction will be agreed upon or
consummated. The special committee's process is continuing, and the
Company said it would have no further comment until the completion
or termination of this process. About Champps Entertainment, Inc.
Champps Entertainment, Inc. owns and operates 49 and
franchises/licenses 12 Champps restaurants in 21 states. Champps,
which competes in the upscale casual dining segment, offers an
extensive menu consisting of freshly prepared food, coupled with
exceptional service. Champps creates an exciting environment
through the use of videos, music, sports and promotions. Safe
Harbor Statement Certain statements made in this press release are
forward-looking statements. These forward-looking statements are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve
certain risks and uncertainties that could cause actual results to
differ materially from those in the forward-looking statements.
Such forward-looking statements include statements regarding our
efforts to pursue a sale of the Company and whether any transaction
will be agreed upon or consummated. Information on significant
potential risks and uncertainties that may also affect future
results include, but are not limited to, those mentioned by the
Company from time to time in its filings with the SEC. The words
"may," "will," "believe," "estimate," "expect," "plan," "intend,"
"project," "anticipate," "could," "would," "should," "seek,"
"continue" "pursue" and similar expressions and variations thereof
identify certain of such forward-looking statements, which speak
only as of the dates on which they were made. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise. Readers are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, and, therefore, readers should
not place undue reliance on these forward-looking statements.
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