BFX Hospitality Group, Inc. Announces Filing of Group Schedule 13D.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 4, 2000 BFX BFX Bitware Fax Hospitality Group, Inc. (AMEX AMEX See: American Stock Exchange :BFX), announced today that Robert H. McLean, Chairman of the Board and Chief Executive Officer of the Company, has advised the Company that he has reached an agreement with three members of management and two directors concerning their participation with him in the previously announced possible acquisition of all of the outstanding common stock of the Company at $2.25 per share. A schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. reflecting formation of this group has been filed with the Securities and Exchange Commission. Mr. McLean has advised the Company that the members of the buy-out group are Robert Korman, Vice President and Chief Financial Officer; Frank J. Milan, Vice President; Terry Kearney, Vice President; Walter D. Rogers, Director, Hampton Hodges, Director and Mr. McLean. All of the members of the buy-out group have long associations with the Company. On July 27, 2000 the Company announced that negotiations had commenced with Mr. McLean for the possible acquisition of all of the outstanding common stock of the Company at $2.25 per share, subject to obtaining satisfactory financing and certain other conditions including, but not limited to: 1. No significantly increased liability related to the Company's Superfund Site located in Vestal, New York re> </noinclude> Vestal is a town within Broome County in the Southern Tier of New York, and lies between the Susquehanna River and the Pennsylvania border. As of the 2000 census, the population was 26,535, estimated to have grown to 27,423 by 2005. in excess of that provided in the Company's financial statements. The Company is making preparations to commence the clean up of the contaminated contaminated, v 1. made radioactive by the addition of small quantities of radioactive material. 2. made contaminated by adding infective or radiographic materials. 3. an infective surface or object. soil at the Superfund Site. 2. Extension of satisfactory terms of the existing lease for the Company's Cat's Meow facility located in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , Louisiana. The present lease expires September 2009. 3. Renewal of the existing lease for the Company's Vestal vestal (vĕs`təl), in Roman religion, priestess of Vesta. The vestals were first two, then four, then six in number. While still little girls, they were chosen from prominent Roman families to serve for 30 (originally 5) years, during which , New York plant site. The current lease expires February 28, 2001. The Company's Board of Directors has formed an Independent Committee to consider Mr. McLean's proposal as well as the prospects for the Company continuing to stay public. Any transaction that may be entered into would be subject to approval by the Independent Committee, the Board of Directors (other than Messrs. McLean, Rogers and Hodges) and the shareholders, and to any other conditions or approvals. |
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