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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of Earliest
Event Reported): December 23, 1997
CIAO CUCINA CORPORATION
(Exact name of registrant as specified in its charter)
OHIO 000-21745 31-1357862
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
700 Walnut Street, Suite 300, Cincinnati, Ohio 45202
(Address of principal executive offices)
Registrant's telephone number, including area code: (513) 241-9161
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INFORMATION TO BE INCLUDED IN THE REPORT
ITEMS 1, 2, 3, 4, 6 and 8 are not applicable and are omitted from this report.
ITEM 5. OTHER EVENTS
The press release of Ciao Cucina Corporation, dated December 23, 1997, is
attached hereto as Exhibit 99 and incorporated by reference in this Current
Report on Form 8-K.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of Business Acquired
N/A
(b) Pro Forma Financial Information
N/A
(c) Exhibits
NUMBER DESCRIPTION
99 Press Release dated December 23, 1997
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CIAO CUCINA CORPORATION
Date: December 23, 1997 By: /S/ CATHERINE C. JETTER
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Catherine C. Jetter
Executive Vice President
Chief Financial Officer
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EXHIBIT 99
FOR IMMEDIATE RELEASE
December 23, 1997 Contact: Carl A. Bruggemeier
(513) 241-9161
Ciao Cucina Corporation announced today that due to delays in the opening of
new restaurant units in 1997 and the poor performance of two of the Company's
existing restaurants, which both have had a negative impact on cash flows, the
Company plans to close the two under performing restaurant units in the first
quarter of 1998 and immediately to intensify its other efforts to reduce
corporate overhead.
In an effort to reduce expenses, the Company is planning to relocate and
reduce the size of its corporate headquarters and to reduce corporate staff to
minimum levels until the Company is able to at least achieve positive cash
flows. As part of this reduction in corporate overhead, the corporate staff has
been reduced to seven employees, which includes the elimination of the position
of Chief Operating Officer. Mr. Carl A. Bruggemeier, the Chief Executive Officer
of the Company has resumed the responsibility for operations in addition to his
other responsibilities as Chief Executive Officer and Chairman of the Board. The
Chief Operating Officer has also resigned as a member of the Board of Directors
of the Company.
The Company is presently re-evaluating commitments for future restaurant
locations, as well as evaluating its lease commitments for locations which are
already open. The Company is also seeking additional financing.
The Cleveland project, which will be a 5,700 square foot restaurant and an
11,500 square foot banquet facility, is under construction and is currently on
schedule for the restaurant to open in late January 1998 and the banquet
facility to open in February 1998.
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