Exhibit 99.1
For Immediate Release
CONTACT: Anne A. Tarbell
Triarc Companies, Inc
212/451-3030
TRIARC ANNOUNCES PROPOSED INITIAL PUBLIC OFFERING OF ITS BEVERAGE BUSINESS
SNAPPLE BEVERAGE GROUP, INC. TO BE LED BY MIKE WEINSTEIN AND
THE TRIARC BEVERAGE GROUP MANAGEMENT TEAM
New York, NY, June 22, 2000 - Triarc Companies, Inc. (NYSE: TRY) announced today
that its Board of Directors has approved a plan for the Triarc Beverage Group to
offer for sale, shares of its common stock, through an initial public offering
(IPO). The new beverage company, which will be called Snapple Beverage Group,
Inc., will own Triarc's premium beverage business (Snapple(R), Mistic(R) and
Stewart's(R)) and its soft drink concentrates business (Royal Crown(R), Diet
Rite(R), RC Edge(TM) and Nehi(R)). Snapple expects to file a registration
statement with the Securities and Exchange Commission in the next few days and
expects to complete the offering during the third quarter of 2000, subject to
SEC review, market conditions and other factors. Net proceeds from the offering
are expected to be used to repay debt under an existing credit facility.
Michael F. Weinstein, currently Triarc Beverage Group's Chief Executive
Officer, will be Snapple's Chief Executive Officer. Nelson Peltz, Triarc's
Chairman and Chief Executive Officer, will be the Chairman and Peter W. May,
Triarc's President and Chief Operating Officer will be Vice Chairman. The
current senior officers of the Triarc Beverage Group will continue to be the
senior officers of the new company. Snapple's Board of Directors will include
Messrs. Peltz, May and Weinstein as well as four independent directors. The
Snapple Beverage Group will be headquartered in White Plains, N.Y.
A registration statement relating to these securities has not yet been
filed with the Securities and Exchange Commission. These securities may not be
sold nor may offers to buy be accepted prior to the time the registration
statement is declared effective by the Securities and Exchange Commission. The
offering will only be made by means of a prospectus. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.
Triarc is a leading premium beverage company (Snapple, Mistic and
Stewart's), a producer of soft drink concentrates (Royal Crown, Diet Rite, RC
Edge and Nehi) and restaurant franchisor (Arby's(R), T.J. Cinnamons(R) and Pasta
Connection(R)).
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(Notes Follow)
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Notes to Press Release
1. There can be no assurance that the registration statement will be filed, that
the Securities and Exchange Commission will declare the registration statement
effective or that the proposed IPO will be consummated.
2. Certain statements in the press release constitute "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995 (the "Reform Act"). Such forward-looking statements involve known and
unknown risks, and uncertainties and other factors which may cause the actual
results, performance and achievements of Triarc Companies, Inc. (the "Company")
or Snapple Beverage Group, Inc. to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. Statements made herein with respect to the proposed
IPO are forward-looking statements and are subject to the uncertainties and
other factors described in the press release. For all "forward-looking
statements", the Company claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. Reference is made to the
Company's Annual Report on Form 10-K for the fiscal year ended January 2, 2000
and Quarterly Report on Form 10-Q for the quarter ended April 2, 2000, filed
with the Securities and Exchange Commission, for additional information
concerning the risks and uncertainties that may affect the forward-looking
statements made in this press release.
