Boston Chicken area developer raises $30 million in new capital.PHILADELPHIA--(BUSINESS WIRE)--Jan. 25, 1995--Mid-Atlantic Restaurant Systems, L.P., Boston Chicken Inc.'s (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 :BOST BOST Boston National Historic Park (US National Park Service) BOST Built Off-Chip Self Test ) Philadelphia-based developer, Wednesday announced the closing of a $30 million multi-year senior credit facility with agent CoreStates Bank of Philadelphia. Mid-Atlantic said this new financing will provide the capital necessary to complete its development program, which calls for a total of 118 stores to be open by the end of 1997. Currently, Mid-Atlantic employs 2,000 people in four states. By the end of 1997, the company estimates it will provide jobs for more than 5,000 people. "This commitment by CoreStates Bank shows strong confidence not only in Mid-Atlantic's store performance and its success as an operator but in the overall Boston Chicken concept," said Anthony D. Wedo, 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. of Mid-Atlantic. "We are extremely excited about this financing provided by a local institution dedicated to the economic development of the region." Mid-Atlantic became a franchisee of Boston Chicken in March, 1994, and now operates 41 stores in Pennsylvania, New Jersey, Delaware and Maryland. The company is one of Boston Chicken's fastest-growing area developers. Early last year Boston Chicken Inc. facilitated Mid-Atlantic's acquisition of 84 Roy Roger units in the Philadelphia market. As of today, 26 of those units have been converted to Boston Chicken stores. "That acquisition jump-started our expansion," Wedo said. "This commitment by CoreStates Bank will enable us to complete our aggressive development goals." Boston Chicken Inc. operates and franchises food service stores that specialize in complete meals featuring rotisserie roasted roast v. roast·ed, roast·ing, roasts v.tr. 1. To cook with dry heat, as in an oven or near hot coals. 2. To dry, brown, or parch by exposing to heat. 3. chicken and fresh vegetables, salads and other side dishes side dish n. A dish served as an accompaniment to the main course. Noun 1. side dish - a dish that is served with, but is subordinate to, a main course entremets, side order , including mashed potatoes n. pl. 1. Potatoes which have been boiled and mashed to a pulpy consistency, usu. with sparing addition of milk, salt, butter, or other flavoring. It is a popular accompaniment to a meat course [U.S., 1900's], providing bulk and calories to a meal. made from scratch. Boston Chicken meals combine the freshness and quality of traditional home cooking with convenience and value. There are currently 550 Boston Chicken stores in 28 states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). . CONTACT: Boston Chicken Inc., Denver Media: Karen Rugen, 303/384-5076 Analysts: Melissa Marsden, 303/384-5652 |
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