BFX Hospitality Group, Inc. Announces Proposed Purchase by Management.Business Editors FORT WORTH, Texas--(BUSINESS WIRE)--July 27, 2000 Robert H. McLean, Chairman of the Board and Chief Executive Officer of BFX BFX Bitware Fax Hospitality Group, Inc. (AMEX AMEX See: American Stock Exchange :BFX), announced today that negotiations have commenced for the possible acquisition of all the outstanding common stock of the Company pursuant to a merger of the Company with an entity that would be formed by Mr. McLean and other members of management yet to be determined. In making the announcement, Mr. McLean stated: "I have made a preliminary proposal to the Board of Directors of the Company to acquire all of the outstanding 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 on satisfactory terms of the existing lease for the Company's Cat's Meow facility located in New Orleans. 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 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 plant site. The current lease expires February 28, 2001." Mr. McLean concluded: "The Company's Board of Directors has formed an Independent Committee to consider management's preliminary 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 and the shareholders, and to any other conditions or approvals." |
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