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BUFFTON CORPORATION
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BUFFTON CORPORATION
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EXHIBIT 99.1
[LETTERHEAD OF BUFFTON CORPORATION APPEARS HERE]
PRESS RELEASE
FOR IMMEDIATE RELEASE:
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BUFFTON CORPORATION ANNOUNCES NEW
VICE PRESIDENT OF BFX HOSPITALITY GROUP, INC.
FORT WORTH, TEXAS, April 15, 1997 - Buffton Corporation (ASE-"BFX"), today
announced that James Hillyer, developer of Cabo, The Original "Mix-Mex" Grill,
now owned by Buffton, has joined Buffton as a Vice President of the hospitality
operations.
Mr. Hillyer,(45),has consulted in the food service industry for 22 years as
well as holding management positions with Bobby McGee's, T.G.I.Friday's, Chi-
Chi's and Howard Johnson. He developed Cuco's Mexican Restaurants in 1982. From
1991 to 1992 he was employed by the Ambassador Hotel in Dubai, United Arab
Emirates, where he designed a Mexican food concept and a general menu food
concept for the hotel. From 1992 to 1994 Mr. Hillyer developed, owned, operated
and sold The Original Pasta Company in Houston, Texas. From 1994 to 1996 Mr.
Hillyer developed, owned and operated Cabo, The Original "Mix-Mex" Grill. Mr.
Hillyer received a Sociology Degree from Lamar University in 1975.
Mr. McLean stated, "We are very pleased to add James Hillyer's experience
and creativity to our management team."
Buffton Corporation is a diversified group of companies with operations in
the Hospitality and Electrical Products industries. The hospitality component of
Buffton's business now comprises approximately 40% of the company's annual
revenues. Buffton Corporation's shares are traded on the American Stock Exchange
under the trading symbol "BFX".
For more information, contact:
Robert Korman, Vice President and Chief Financial Officer
226 Bailey Avenue, Suite 101
Fort Worth, Texas 76107
817/332-4761
<PAGE>
EXHIBIT 99.2
[LETTERHEAD OF BUFFTON CORPORATION APPEARS HERE]
PRESS RELEASE
FOR IMMEDIATE RELEASE:
- ---------------------
BUFFTON CORPORATION ANNOUNCES NEW CHAIRMAN, NEW CHIEF
OPERATING OFFICER; ACQUIRES HOTELS OF DISTINCTION
MOVES EXTEND BUFFTON PRESENCE IN HOSPITALITY BUSINESS
FORT WORTH, TEXAS, April 14, 1997 - Robert H. McLean, Chief Executive
Officer of Buffton Corporation (ASE-"BFX"), announced today that Alan Tremain,
O.B.E., has become Chairman of the Board and Jean-Claude Mathot has become
President and Chief Operating Officer of the Company. In addition, Mr. McLean
announced that the Company has acquired from Mr. Tremain and Mr. Mathot all of
the outstanding stock of Hotels Of Distinction, Inc., a hotel management Company
founded by Mr. Tremain in 1974 and located in Palm Beach, Florida, in exchange
for 300,000 shares of the Company's common stock.
Since its founding, Hotels Of Distinction has successfully managed numerous
hotel properties throughout the United States, Canada and the Caribbean
including notables like The Copley Plaza Hotel in Boston, the Le Grand in
Montreal, the Back Bay Hilton in Boston and The Cotton Bay Club in the Bahamas.
At Buffton Corporation, Hotels of Distinction will operate as a subsidiary
of BFX Hospitality Group, Inc. It will focus on the purchase and management of
hotel properties in attractive secondary markets of the U.S.
Mr. Tremain is a director of Florida International University School of
Hospitality Management and a director of the China Fund, Inc., a closed end fund
invested in China and listed on the New York Stock Exchange. In March 1988, he
was bestowed the Order of the British Empire ("O.B.E.") by the Queen of England,
for his contribution to British-American commerce and for his leadership in the
international hospitality industry.
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Jean-Claude Mathot served as Executive Vice President of Hotels of
Distinction, Inc. from 1974-1992 and has been its President and Chief Operating
Officer since 1992. Mr. Mathot received a business degree from the Brussels
University School of Business in 1966 and a fellowship to the Culinary Institute
of America at Hyde Park, New York in 1970.
"We are very pleased to have talented individuals of the stature of Mr.
Tremain and Mr. Mathot join our hospitality management team," said Mr. McLean.
"We were first introduced to Mr. Tremain, Mr. Mathot and Hotels Of Distinction
in 1989. We've had discussions over the years about the possibility of combining
our hospitality operations and management teams. Now, that is a reality."
Currently, BFX Hospitality Group, Inc. owns and operates food service,
lodging and entertainment concepts in Texas and Louisiana. They include "Cabo,
The Original 'Mix Mex' Grill", in Houston, the Stockyards Hotel and Lucile's
Restaurant, both in Ft. Worth, and the Cat's Meow in New Orleans. The food
service concepts are owned and managed by the Company's food service operating
subsidiary, American Food Classics, Inc.
The hospitality component of Buffton's business now compromises
approximately 40% of the corporation's annual revenues. Buffton previously
announced its plans to divest Current Technology, Inc., its electric filter and
power conversion company, to Danaher Corporation.
Buffton Corporation is a diversified group of companies with operations in
the Hospitality and Electrical Products industries with shares traded on the
American Stock Exchange under the trading symbol "BFX".
For more information, contact:
Robert Korman, Vice President and Chief Financial Officer
226 Bailey Avenue, Suite 101
Fort Worth, Texas 76107
817/332-4761
