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QUIZNO'S'r' Commences $8 per Share Self-Tender Offer
Denver, Colo. - November 13, 2000 - The Quizno's Corporation (Nasdaq:
QUIZ) announced today it has commenced a tender offer to purchase all
outstanding shares of its common stock except for shares held by certain
insiders at a price of $8 per share, net in cash to the seller.
There are approximately three million shares of common stock
outstanding, of which approximately 51.6 percent currently are owned by Richard
E. Schaden, the President and CEO of The Quizno's Corporation; Richard F.
Schaden, Vice President, Secretary and a Director of The Quizno's Corporation,
and Frederick H. Schaden, a Director of The Quizno's Corporation. All three
Schadens have indicated they would not tender their shares at this time.
The offer document was mailed to all other shareholders today.
The tender offer will expire at midnight Monday, December 11, 2000,
unless it is extended by the Company.
The Company said the tender offer is conditioned, among other things,
on 51 percent of the common shareholders besides the Schadens accepting the
tender offer. The Company may waive any such condition. It is also conditioned
on the closing of a loan for up to $12 million with Levine Leichtman Capital
Partners. The funding agreement combined with $6.2 million in available cash
provide the funds necessary to purchase all remaining common stock, all
preferred shares and options converted into common stock and warrants held by
Retail & Restaurant Growth Capital, L.P.
In the offer documents, the Company said the purpose of the offer is
primarily to increase stockholder value by providing shareholders with an
opportunity for cash liquidity at a premium above recent traded prices. The
Company cited low prices and low trading volume for its stock on the public
market.
Despite strong, consistent performance in growth and profitability,
the majority of Quizno's stock has traded between $6 and $6.50 per
share over the six months ended September 30, 2000. The $8 tender offers
a premium between 23 and 33 percent above that range of publicly traded value.
In connection with the offer, Tucker Anthony Capital Markets, Denver,
is acting as the dealer manager, and MacKenzie Partners, New York, is acting
as information agent. Stockholders can call MacKenzie at 1-800-322-2885
to request the tender documents or if they have questions about the tender
process.
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Quizno's Commences...
November 23, 2000
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Stockholders of The Quizno's Corporation should read the Tender
Offer Statement on Schedule TO filed with the Securities and Exchange
Commission by The Quizno's Corporation when it becomes available because
it contains important information about the tender offer. Investors
can obtain such Tender Offer Statement on Schedule TO and other filed
documents for free at the Securities and Exchange Commission's
website at http://www.sec.gov.
The Quizno's Corporation currently franchises and owns and operates
Quizno's Subs restaurants operating throughout the U.S. and in four foreign
countries.
Certain information in this release are forward-looking statements that
involve risks and uncertainties that might adversely affect the Company's
operating results in the future in a material way. Such risks and
uncertainties include, without limitation, the effect of national and
regional economic and market conditions in the U.S. and the other
countries in which we franchise Restaurants, costs of labor and
employee benefits, costs of marketing, the success or failure of marketing
efforts, costs of food and non-food items used in the operation of the
Restaurants, intensity of competition for locations and Franchisees,
as well as customers, perception of food safety, spending patterns
and demographic trends, legal claims and litigation, the availability
of financing for the Company and its Franchisees at reasonable rates, the
availability and cost of land and construction, legislation and
governmental regulations, and accounting policies and practices. Many of
these risks are beyond the control of the Company. Such risks are detailed
from time to time in the Company's reports filed with the SEC,
including the Report on Form 10-KSB for the year ended September 30, 1999.
For More Information Contact:
Sue Hoover, EVP Corporate Communications
The Quizno's Corporation
720-359-3374
