Benihana Inc. Announces Sale of Sushi Doraku.MIAMI Miami, cities, United States Miami (mīăm`ē, –ə). 1 City (1990 pop. 358,548), seat of Dade co., SE Fla., on Biscayne Bay at the mouth of the Miami River; inc. 1896. -- Benihana Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : BNHNA and BNHN), operator of the nation's largest chain of Japanese themed and sushi restaurants, today announced its agreement to sell the Company's Sushi Doraku restaurant, located in Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. , to Mr. Kevin Aoki for a total purchase price of $536,000. Aoki will also resign from his position as Director of Marketing. He will remain as a member of Benihana Inc.'s Board of Directors but will not participate in deliberations in which potential conflicts of interest could arise. "The sale of our non-core Sushi Doraku restaurant allows us to concentrate our full energies on our Benihana teppanyaki, RA Sushi and Haru concepts, which we have long considered our primary growth vehicles. We will surely miss his contributions to our brand-building efforts and we wish him much success in developing the Sushi Doraku concept and our Benihana brand worldwide," said Joel A. Schwartz, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "I will continue my devotion to the brand through my affiliation with Benihana of Tokyo, which operates or franchises Benihana restaurants in Asia, Europe, Canada, Australia and Mexico." said Kevin Aoki. "My lifelong commitment to promoting the unique qualities of the teppanyaki concept is unwavering, and in fact, part of my family. I am also pleased to be tapping my own entrepreneurial spirit, and intend to devote a significant amount of my time to expanding Sushi Doraku, which I believe has attractive prospects both in its current market and beyond". As part of the agreement to sell Sushi Doraku, Mr. Kevin Aoki will remit To transmit or send. To relinquish or surrender, such as in the case of a fine, punishment, or sentence. An individual, for example, might remit money to pay bills. TO REMIT. To annul a fine or forfeiture. 2. $512,000 in cash prior to or at closing, and the remaining $24,000 in twelve equal monthly installments. In addition, the agreement provides that Mr. Kevin Aoki will be prohibited from opening any new restaurants within a seven-mile radius of the Company's current restaurant locations in Miami-Dade County, Florida Miami-Dade County (formerly known as Dade County and many times referred to as simply Miami or Dade) is a county located in the southeastern part of the state of Florida. and provides for certain other covenants not to compete. About Benihana Benihana Inc. (NASDAQ:BNHNA and BNHN), now in its 41st year, operates 74 restaurants nationwide, including 56 Benihana teppanyaki restaurants, seven Haru sushi restaurants, and ten RA Sushi Bar Noun 1. sushi bar - a bar where sushi is served bar - a counter where you can obtain food or drink; "he bought a hot dog and a coke at the bar" Restaurants along with the one Sushi Doraku that is being sold to Mr. Kevin Aoki. Under development at present are ten restaurants - three Benihana teppanyaki restaurants, one Haru restaurant, and six RA Sushi restaurants. In addition, twelve franchised Benihana teppanyaki restaurants are now open in the U.S. and nine in Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and the Caribbean, while another two are under development. |
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