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CIATTI'S ANNOUNCES CHANGE OF LEGAL DOMICILE, REVERSE STOCK SPLIT

 MINNEAPOLIS, Feb. 19 /PRNewswire/ -- Dan Danford, chairman of the board of Ciatti's, Inc., a Delaware corporation, announced that the shareholders of the company yesterday approved a merger of the company with and into Ciatti's, Inc., a newly formed Minnesota corporation. The purpose of this action was to change the legal domicile of the company from Delaware to Minnesota. Danford stated that other than the company being governed by Minnesota instead of Delaware law, this action will have no effect on the location of the company's home office, its restaurants or its personnel.
 As part of the merger, the required exchange of stock of Ciatti's (Delaware) into a stock of Ciatti's (Minnesota) was accomplished at a one-for-four ratio, in effect a reverse stock split. This reverse split, which will be effective Monday, Feb. 22, 1993, is intended to increase the share price four-fold, while at the same time reducing the number of outstanding shares by a factor of four. A bid price of one dollar or more is a requirement for continued trading of the stock on the NASDAQ system. During the last 12 months, the company's bid price had gradually dropped to $0.36 and the company expects that price to again exceed the critical one dollar mark after the reverse split.
 Ciatti's owns and operates 13 Italian restaurants in Minnesota and Wisconsin.
 -0- 2/19/93
 /CONTACT: Barney U. Uhlig, vice president of Ciatti's, 612-941-0108, ext. 14/


CO: Ciatti's, Inc. ST: Minnesota, Delaware IN: LEI SU:

MP -- MN004 -- 8553 02/19/93 17:00 EST
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Publication:PR Newswire
Date:Feb 19, 1993
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