Atomic Burrito Announces Termination of Merger.Business Editors OKLAHOMA Oklahoma (ōkləhō`mə), state in SW United States. It is bordered by Missouri and Arkansas (E); Texas, partially across the Red R. (S, W); New Mexico, across the narrow edge of the Oklahoma Panhandle (W); and Colorado and Kansas (N). CITY--(BUSINESS WIRE)--Aug. 7, 2000 Atomic Burrito, Inc. ("Atomic Burrito") (Nasdaq: ATOM) announced today that it had halted merger talks with California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). based internet company Unhatched.com, Inc. ("Unhatched") and that the two companies had agreed to terminate their agreement for Atomic Burrito to acquire Unhatched. The two companies had entered into a letter of intent in March whereby Atomic Burrito would acquire Unhatched for shares of Atomic Burrito's common stock. Unhatched, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. whose principal business activity involves the use of internet domain names An organization's unique name on the Internet. The chosen name combined with a top level domain (TLD), such as .com or .org, also called a "domain extension," makes up the Internet domain name. For example, computerlanguage.com is the domain name for the publisher of this Encyclopedia. , websites and various related e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. services offered to traditional businesses. Atomic Burrito owns and operates a chain of "Fresh-Mex" quick service restaurants located primarily in the southwest. The Company also owns and operates two country and western nightclubs under the name "InCahoots" in St. Louis and Wichita. Atomic Burrito Chairman Joe R. Love noted that both companies had completed a substantial amount of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. in attempting to determine the merits of the proposed transaction. "Both sides worked hard to figure out how to make this deal work, but ultimately we were unable to resolve all of the various issues, including accounting and tax matters, and we determined that we could not put the transaction together. We believe Unhatched has a great future and we wish them well." Love also said that Atomic Burrito would continue to concentrate on development of its core restaurant and nightclub businesses. |
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