Area developer equity fund oversubscribed.GOLDEN, Colo.--(BUSINESS WIRE)--Sept. 18, 1996--Boston Chicken, Inc. (NASDAQ-NMS: BOST BOST Boston National Historic Park (US National Park Service) BOST Built Off-Chip Self Test ) today announced that Market Partners, L.L.C. has completed a $75 million private placement which will be used to make equity investments in Boston Market Boston Market (known before 1995 as Boston Chicken), headquartered in Golden, Colorado, is a chain of American fast-food restaurants. Founded in December 1985 in Newton, Massachusetts, the chain grew rapidly in the early and mid-1990s, filed bankruptcy in the late 1990s, and area developers. Due to strong investor demand, the fund raised 50% more than originally planned. The completion of this equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. follows last month's announcement that Boston Market area developers are increasing their new store commitments to provide for a total of 3,600 stores to be open in the U.S. in the next five to seven years. Proceeds from the new financing will be used primarily for store development. Market Partners, L.L.C. is a private fund comprised of individuals and institutions, the majority of which are existing investors in Boston Market area developers. The fund will be managed by an independent advisory committee, no members of which are officers, directors, or employees of Boston Chicken, Inc. Boston Chicken, Inc. owns, operates and franchises Boston Market(R) food service stores that specialize in homestyle meals featuring rotisserie-roasted Boston Chicken(R) and turkey breast, Hearth Honey(TM) hams, double-sauced meat loaf and hand-carved Boston Carver(TM) sandwiches and fresh vegetables, salads and other side dishes including mashed potatoes n. pl. 1. Potatoes which have been boiled and mashed to a pulpy consistency, usu. with sparing addition of milk, salt, butter, or other flavoring. It is a popular accompaniment to a meat course [U.S., 1900's], providing bulk and calories to a meal. made from scratch. Currently there are approximately 985 stores, of which 95 are Company owned, in 37 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . Boston Chicken, Inc. is the majority shareholder of Einstein/Noah Bagel Corp. (NASDAQ-NMS: ENBX), which operates and franchises approximately 220 bagel stores in 19 states primarily under the Noah's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Bagels and Einstein Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . Bagels brand names. Certain statements in this release constitute "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " and involve risks, uncertainties, and other factors which may cause the actual performance of Boston Chicken, its area developers, and Boston Market stores to be materially different from the performance expressed or implied by such statements. Such factors include, among others: competition; success of operating initiatives; area developers' adherence to development schedules; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; availability and terms of capital; regional weather conditions; and other factors set forth in the Company's 10-K. The success of the Company is dependent on its area developers and franchisees and the manner in which they operate and develop Boston Market and bagel stores. CONTACT: Boston Chicken, Inc., Golden Media Contact: Karen Rugen, 303/384-5076 Analyst Contact: Melissa Marsden, 303/384-5652 |
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