CIRCLE K ANNOUNCES A JOINT VENTURE WITH SOUTHGUARD CORPORATION.PHOENIX, Ariz.--(BUSINESS WIRE)--May 3, 1995--The Circle K Corporation (NYSE NYSE See: New York Stock Exchange :CRK CRK Creek CRK Crank CRK Christian Religious Knowledge CRK Cable Repair Kit CRK Consumer Remote Keyboard (GE/RCA remote control model designation) CRK Clark Field, Luzon Island, Philippines (Airport Code) ) and Southguard Corporation of Corpus Christi, Texas Corpus Christi is a coastal city and the county seat of Nueces CountyGR6 in the U.S. state of Texas. It is part of the region known as South Texas. , today announced the formation of a new joint venture to operate 164 convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. in Texas and Oklahoma. Terms of the transaction were not disclosed. Under the May 1 agreement, Circle K and Southguard became owners of SSP (1) (Service Switching Point) The local exchange node in an SS7 telephone network. The SSP can be part of the voice switch or in a separate computer connected to it. , a newly established operating company operating company A business that engages in transactions with outsiders. that will run 137 convenience stores in South Texas and 27 stores in the Texas/Oklahoma border area, employing approximately 1,500 people. SSP has entered into a franchising agreement to operate these stores under the "Circle K" name. As a result of the transaction, all 7-Eleven stores in the Corpus Christi Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). area will be rebranded "Circle K." Additionally, SSP will operate the wholesale gasoline and diesel fuel distribution business of Southguard. John Antioco, President and Chief Executive Officer of Circle K, said, "We are very excited about this opportunity to expand our presence in one of Circle K's largest and most important markets through this unique joint venture franchise arrangement. We feel that Southguard's strong local market knowledge and proven operating skills, combined with Circle K's expertise in marketing, will make for a winning combination." Mr. Antioco continued, "This arrangement, combined with our recently announced franchise agreement with Gibbs Oil, brings our total number of franchise units to 247, which underscores our commitment to enhance profitability through store growth." SSP President and Chief Executive Officer, Sam L. Susser, said, "We are pleased to be joining forces with Circle K. We share a common vision of how to maximize profitability in this competitive industry through operational efficiency, outstanding customer service and a positive working environment for our employees." The Circle K Corporation is the largest operator of company-owned convenience stores and the largest independent gasoline retailer in the United States. It operates or franchises approximately 2,550 convenience stores in 28 states primarily in the Sunbelt. Additionally, the Company has approximately 2,300 stores operating under the Circle K trade name in 19 foreign countries. CONTACT: Judy States 602-530-5153 Sam L. Susser 512-884-2464 or CONTACT: Investor Relations Investor relations The process by which the corporation communicates with its investors. : Amy Weisman/Howard Zar/Stacey Herschaft 212-850-5600 Press: Miriam Adler 415-296-7383 Morgen-Walke Associates SSP Investor Relations: Rocky Dewbre 512-844-2464 |
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