BFX Hospitality Group, Inc. Announces Continuation of Stock Repurchase Plan.

FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 29, 1998--Robert H. McLean, Chairman of the Board and Chief Executive Officer of BFX Hospitality Group, Inc. (ASE:BFX), announced today that the Company is continuing its stock repurchase program and intends to purchase up to 200,000 additional shares of the Company's common stock pursuant to this previously announced plan.

These purchases would be made from time to time on the open market and otherwise, which may include block purchases, at prices management deems to be attractive. These purchases would continue to be made subject to compliance with applicable corporate and securities laws.

In making the announcement, Mr. McLean stated, "Since March 25, 1997, the Company has repurchased an aggregate of 1,198,000 shares of the Company's common stock at an average purchase price of $2.18 per share in open market purchases pursuant to its stock repurchase plan."

Mr. McLean stated, "In addition to acquiring shares pursuant to our stock repurchase plan, as previously announced we have purchased a substantial number of shares in connection with various previously committed contractual obligations as well as in connection with the Steel Partners and Ryback Management litigation. As a result of these stock repurchases the Company currently has 4,092,000 shares outstanding. The approximate book value per share at September 30, 1998, is $3.70. Our cash balance at that same date was $5,300,000."

Mr. McLean concluded, "The share repurchase plan will continue, up to the additional 200,000 shares, as long as our shares represent an attractive investment and prudent use of capital consistent with our overall business plan. Any shares purchased will be held as Treasury Stock and will be available for employee stock plans, acquisitions and other corporate needs."