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EXHIBIT 99
FOR IMMEDIATE RELEASE
MONDAY, NOVEMBER 20, 2000
Contact: Gregory A. Pastore, Vice President & General Counsel
NE Restaurant Company, Inc., Maynard, MA
(978) 897-1430
November 20, 2000
NE RESTAURANT COMPANY, INC. ANNOUNCES PLANS TO SELL CHILI'S AND ON THE BORDER
RESTAURANTS TO
BRINKER INTERNATIONAL, INC.
MAYNARD, MASSACHUSETTS, NOVEMBER 20, 2000. NE Restaurant Company, Inc.
(NERCO) announced it has reached an agreement to sell to Brinker International,
Inc. the forty Chili's Grill & Bar and seven On The Border Mexican Grill &
Cantina locations currently operated by NERCO. In addition, four Chili's sites
currently under development by NERCO will be part of the disposition. Total
consideration, subject to closing adjustments, is approximately $93 million.
The agreement calls for the transition of the 47 franchised restaurant
properties including facilities, equipment and management teams to Brinker
following a due diligence period. NERCO will continue to own and operate all
locations of Bertucci's, its proprietary concept.
"We have achieved exceptional financial success as well as enjoyed
excellent corporate and personal relationships with Brinker during the past nine
years as their largest franchisee," said Ben Jacobson, NERCO's Chairman and
President. "At this time we have decided to invest our resources in the
development of Bertucci's which we believe has extraordinary growth potential."
NERCO currently owns and operates 72 Bertucci's Brick Oven Pizzeria
restaurants featuring freshly prepared, Italian-style entrees made from original
recipes, including gourmet pizzas and specialty pasta dishes.
The statements contained in this press release that are not historical
facts are forward-looking statements. These forward-looking statements involve
risks and uncertainties and, consequently, could be affected by general business
and economic conditions, the impact of competition, the seasonality of the
company's business, governmental regulations, and inflation.
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