Worldwide Restaurant Concepts, Inc. Announces Engagement of Financial Advisor
December 08 2004 - 9:00PM
PR Newswire (US)
Worldwide Restaurant Concepts, Inc. Announces Engagement of
Financial Advisor SHERMAN OAKS, Calif., Dec. 8
/PRNewswire-FirstCall/ -- Worldwide Restaurant Concepts, Inc.
(NYSE:SZ) announced today that it has retained Houlihan Lokey
Howard & Zukin as its financial advisor to assist the Company
in exploring strategic alternatives to enhance stockholder value.
No assurance can be given that any transaction will be pursued, or,
if a transaction is pursued, that it will be consummated. In making
the announcement, Chuck Boppell, CEO of Worldwide Restaurant
Concepts, stated that, "We have engaged the investment banking firm
of Houlihan Lokey Howard & Zukin to assist management and the
Board in evaluating the assets and operations of the Company in
order to develop possible alternative strategies to achieve greater
stockholder value. These alternatives may include repositioning of
some or all of the Company's restaurants, a complete or partial
sale of the Company, a merger or a decision to take no action at
this time. Management and the Board believe that our stock price
does not reflect the true value of our Company and our prospects."
About Worldwide Restaurant Concepts Worldwide Restaurant Concepts,
Inc. operates, franchises or joint ventures 306 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/. About Houlihan Lokey Howard & Zukin
Houlihan Lokey Howard & Zukin, an international investment bank
established in 1970, provides a wide range of services, including
mergers and acquisitions, financing, financial opinions and
advisory services, financial restructuring, and merchant banking.
In 2003, Houlihan Lokey ranked as the No. 1 M&A advisor for
transactions under $200 million and the No. 4 advisor for
transactions under $1 billion. The firm has been the No. 1 provider
of fairness opinions for the past four years and has the largest
financial restructuring practice of any investment bank in the
country. The firm has approximately 600 employees in nine offices
in the United States and the United Kingdom. It annually serves
more than 1,000 clients ranging from closely held companies to
Global 500 corporations. For more information, visit Houlihan
Lokey's website at http://www.hlhz.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
further information please 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 Investors/Analysts, Tricia Ross,
+1-617-520-7064, both of Financial Relations Board for Worldwide
Restaurant Concepts, Inc. 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 Investors/Analysts, Tricia Ross,
+1-617-520-7064, both of Financial Relations Board for Worldwide
Restaurant Concepts, Inc. Web site: http://www.wrconcepts.com/
http://www.hlhz.com/
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