PRESS RELEASE
FOR IMMEDIATE RELEASE
COMPANY CONTACT: DUANE WILKES (602) 852-9000
CONTROLLER AND SECRETARY E-MAIL: [email protected]
MAIN STREET AND MAIN INCORPORATED
ANNOUNCES CHAIRMAN TO ACQUIRE REMAINING STOCK FROM COMPANY
RIGHTS OFFERING
PHOENIX, ARIZONA, AUGUST 17, 2000--MAIN STREET AND MAIN INCORPORATED (NASDAQ NM
SYMBOL: MAIN), the world's largest franchisee of T.G.I. Friday's restaurants,
today announced that its Chairman of the Board of Directors, John F. Antioco,
has advised the Company that he will purchase all remaining shares that are not
purchased by other stockholders in conjunction with the Company's current rights
offering.
The Company is offering a maximum of 4,011,740 shares of common stock in the
rights offering. One right permits the holder to purchase one share of Main
Street common stock at a price of $2.375 per share. The rights will expire at
the close of business on September 20, 2000. Based upon Mr. Antioco's stated
intentions, together with the previously disclosed intentions from Mr. Antioco
as well as Bart A. Brown, Jr. and William G. Shrader, two of the Company's other
directors and officers, the Company now anticipates that it will receive the
maximum gross proceeds of approximately $9.5 million from the rights offering.
A copy of the final prospectus for this offering and related offering materials
can be obtained from Main Street and Main Incorporated, 5050 N. 40th Street,
Suite 200, Phoenix, Arizona 85018, telephone (602) 852-9000; or from the Rights
Agent for the offering, Computershare Trust Company, Inc., 12039 West Alameda
Parkway, Suite Z-3, Lakewood, Colorado 80228, telephone (303) 986-5400.
MAIN STREET AND MAIN INCORPORATED is the world's largest franchise of
T.G.I. Friday's restaurants, operating 59 T.G.I. Friday's,
five Redfish, and two Bamboo Club restaurants.
