PRESS RELEASE
FOR IMMEDIATE RELEASE CONTACT:
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Joe R. Love, Chairman
Don W. Grimmett, President
(405) 848-0996
GRIMMETT NAMED NEW PRESIDENT OF ATOMIC BURRITO
COMPANY TO SELL RESTAURANT DIVISION AND
FOCUS ON NIGHTCLUBS
Oklahoma City, Oklahoma........August 30, 2000.......(NASDAQ: ATOM)...Atomic
Burrito, Inc. ("Atomic Burrito") announced today that Don W. Grimmett has been
named President, replacing James E. Blacketer, who recently resigned. In
addition, the company announced that it plans to sell its Atomic Burrito
restaurant division and re-focus on its profitable nightclub operations.
Grimmett has served as the company's Vice-President of Operations for the past
four years, and before that served in the same capacity for another nightclub
operator. He has been instrumental in the company's successful nightclub
ventures.
Blacketer, the company's President since 1996, resigned to re-enter the private
sector and develop additional restaurants, including possibly the Atomic Burrito
chain. He has formed an investor group and is exploring various opportunities in
the industry.
Grimmett, who has an extensive background in the nightclub industry, commented,
"I am excited about the possibilities and potential for our company as we look
to the future. I believe we can expand our successful nightclub business and
make acquisitions which will enable us to take our company to the next level.
The capital needed to develop a new restaurant concept is substantial, and we
believe we can better utilize our resources by expanding with additional
nightclubs."
"As we evaluated and analyzed our business units, it became apparent that our
success was with the nightclubs, and that the future direction of the company
should be in this area," added Grimmett. "We certainly appreciate all of Jim's
efforts and wish him well in the future."
Grimmett said he hoped to have all of the Atomic Burrito restaurants sold by the
end of 2000.
Atomic Burrito owns and operates five Atomic Burrito restaurants located
primarily in the southwest. The Company also owns and operates two country and
western nightclubs under the name "InCahoots" in Wichita and in St. Louis.
