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PRESS RELEASE
For Immediate Release:
BFX Hospitality Group, Inc. Announces
Proposed Purchase By Management
FORT WORTH, TEXAS, July 27, 2000 - Robert H. McLean, Chairman
of the Board and Chief Executive Officer of BFX Hospitality Group, Inc. (ASE -
"BFX"), announced today that negotiations have commenced for the possible
acquisition of all of the outstanding common stock of the Company pursuant to a
merger of the Company with an entity that would be formed by Mr. McLean and
certain other members of management yet to be determined.
In making the announcement, Mr. McLean stated, "I have made a
preliminary proposal to the Board of Directors of the Company to acquire all of
the outstanding stock of the Company at $2.25 per share, subject to obtaining
satisfactory financing and certain other conditions including, but not limited
to:
1. No significantly increased liability related to the Company's
Superfund Site located in Vestal, New York in excess of that
provided in the Company's financial statements. The Company is
making preparations to commence the clean up of the
contaminated soil at the Superfund Site.
2. Extension on satisfactory terms of the existing lease for the
Company's Cat's Meow facility located in New Orleans,
Louisiana. The present lease expires September 2009.
3. Renewal of the existing lease for the Company's Vestal, New
York plant site. The current lease expires February 28, 2001."
Mr. McLean concluded, "The Company's Board of Directors has formed an
Independent Committee to consider management's preliminary proposal as well as
the prospects for the Company continuing to stay public. Any transaction that
may be entered into would be subject to approval by the Independent Committee,
the Board of Directors and the shareholders, and to any other conditions or
approvals."
For more information contact:
Robert Korman
Vice President and Chief Financial Officer
226 Bailey Avenue, Suite 101
Fort Worth, Texas 76107
(817) 332-4761
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