Champions Sports Inc. Sells Champions Brand to Marriott.ARLINGTON, Va.--(BUSINESS WIRE)--Nov. 10, 1997--Champions Sports Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :CSBR CSBR Center for Sustainable Building Research ) announced Monday a new direction in its corporate activity with the signing of an agreement with Marriott International Marriott International, Inc. (NYSE: MAR) is a worldwide operator and franchisor of a range of value and luxury hotels and related lodging facilities. Marriott currently has 2,300 accommodation properties in North America alone. Inc. (NYSE NYSE See: New York Stock Exchange :MAR) to sell the rights to the CHAMPIONS Brand for $447,000 and to become the exclusive consultant and supplier of sports memorabilia The term sports memorabilia usually refers to anything that can be directly connected to a sports event or personality. These items are generally gathered by fans of the particular sport, athlete or team that the item signifies or by collectors who find value in the rarity to all new managed Marriott and Renaissance Sports Bar/Restaurants worldwide. As the result of this arrangement, Marriott has indicated that it is considering opening internationally and domestically 20 new Champions or like sports bar/restaurants in the coming few years. In the past year, after Management's analysis of Champions Sports Inc.'s (CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International ) long term financial goals, the company's primary focus and objective has been to strategically partner and merge with another successful company in order to maximize shareholder value. To further this, in the fall of 1996, CSI signed a joint venture agreement with George Naddaff and his Business Expansion Capital Corp. to pursue merger and acquisition candidates for CSI. George Naddaff is best known for discovering and developing a single Boston Chicken store into a national chain called Boston Market. George Naddaff, of Business Expansion Capital Corp., said that, "This agreement with Marriott is a positive development for Champions shareholders in that it will make it easier and cleaner to facilitate a merger with an acquisition candidate." James Martell, chairman and president of CSI, stated, "The new arrangement with Marriott should generate more revenue in the coming few years ensuring continued profitability to allow the company to actively pursue exploration of merger opportunities." Certain statements contained herein are forward-looking statements that are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements involve known and unknown risks and uncertainties which may cause the company's actual results in future periods to differ materially from what is currently anticipated. Those risks include, among others, risks associated with the timing and cost associated with general business and new business development, changes in global and domestic business and economic conditions, general competitive factors and a change in acceptance of the company's services. CONTACT: Business Expansion Capital Corp. Carl Youngman, 617/630-4400 |
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