BFX Hospitality Group, Inc. Announces Robert H. McLean as President of the Company.FORT WORTH, Texas--(BUSINESS WIRE)--Oct. 16, 1998--Robert H. McLean, Chairman of the Board and Chief Executive Officer of BFX BFX Bitware Fax Hospitality Group, Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BFX), announced today that Jean-Claude Mathot, President and Director of the Company, has decided to leave and pursue other interests. Mr. Mathot's decision comes in light of the Company's previously announced decision to concentrate on expansion of its restaurant concepts and to not attempt an acquisition in the hotel industry at the present time. Mr. McLean has assumed the responsibilities of the office of President of the Company along with his current responsibilities as Chairman of the Board and Chief Executive Officer. Mr. McLean stated, "In June 1998, we made the announcement that, due to current market conditions, we would discontinue our efforts to expand in the hotel industry. In April 1997, when Mr. Mathot became our President, it was with the intent to acquire hotel properties and management contracts on hotel properties in attractive markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . None of the numerous hotel acquisitions which we had reviewed represented a prudent use of the Company's capital." Mr. McLean further stated, "The best use of our capital resources is for the expansion of our food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. concepts, with particular emphasis presently on Cabo, The Original "Mix Mex" Grill. Our second Cabo unit, opened in April 1998, in the Historic District in Downtown Houston Downtown Houston is Houston's largest business district. In terms of office square footage, it is the seventh largest in the United States. Downtown Houston contains the headquarters of many prominent companies. , is continuing to perform far ahead of expectations. Our third Cabo unit, located in Sundance Square Sundance Square is the name of an area in downtown Fort Worth, Texas. Named after the Sundance Kid in western folklore, it is a popular place for nightlife and entertainment in Fort Worth and for tourists visiting the Dallas/Fort Worth Metroplex. in downtown Fort Worth, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities. , is scheduled to open next month. We are in the process of pursuing additional leases for Cabo in Houston, Dallas and Austin, Texas." Mr. McLean continued stating that, "H3 Ranch, the new steakhouse concept located in our Stockyards Hotel, opened in August 1998 and is performing very well and will contribute nicely to the profitability of the Stockyards Hotel." Mr. McLean concluded, "I want to express the Company's appreciation to Mr. Mathot for his efforts. Pursuant to Mr. Mathot's Employment Agreement we will purchase the 260,000 shares of BFX common stock owned by him. The purchase of these shares will result in the Company having 4,150,000 common shares issued and outstanding." |
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