Clucker's Wood Roasted Chicken Inc. shareholders approve transactions with Roasters Corp.

NORTH MIAMI, Fla.--(BUSINESS WIRE)--Nov. 7, 1994--Clucker's Wood Roasted Chicken Inc. (NASDAQ:CLUK,CLUKW) announced Monday that a Special Meeting of Shareholders was held on Friday, Nov. 4.

At that meeting, shareholders approved all proposals submitted to them including the transactions contemplated by the Stock Purchase Agreement between Clucker's Wood Roasted Chicken Inc. and Roasters Corp. (``Roasters''). Roasters is a private company engaged in developing, owning and franchising Kenny Rogers Roasters restaurants in the United States and internationally.

Clucker's anticipates that the closing of the Company Stock Purchase Agreement will occur during the next 7 to 10 days. Upon the closing of the Stock Purchase Agreement, Roasters will pay $5 million to Clucker's for the purchase of approximately 833,000 newly issued shares of Clucker's common stock representing approximately 27% of the then outstanding shares, subject to certain adjustments, and warrants for the purchase of 2 million additional shares at an exercise price of $6.00 per share.

Additionally, Roasters will acquire approximately 955,000 shares from Clucker's present chief executive officer and members of his family. Upon acquisition of such shares, Roasters will own approximately 59% of the then outstanding shares of common stock of Clucker's.

As announced at the Special Meeting of Shareholders, Greg Dollarhyde and Andrew Howard were elected as new directors of Clucker's and Dollarhyde will serve as the company's chief executive officer, effective upon the closing of the Stock Purchase Agreement. David Scharps will resign from his positions with Clucker's at that time. Roasters currently is responsible for the day-to-day operations of Clucker's, and for certain Clucker's financial matters.

Subsequent to the closing, Clucker's common stock and warrants will continue to be traded on NASDAQ under the symbols designated above. After the closing, Clucker's will become a significant developer of Kenny Rogers Roasters Restaurants pursuant to Franchise Agreements with Roasters and the business plan approved by Clucker's board of directors.

Clucker's currently owns and operates seven restaurants and franchises two restaurants in four states. Roasters Corp. currently owns and operates 32 and franchises 165 restaurants in 35 states and five foreign countries.

CONTACT: Clucker's Wood Roasted Chicken Inc., North Miami

              David L. Scharps, 305/899-2585
              or
              Kenny Rogers Roasters, Fort Lauderdale, Fla.
              Greg Dollarhyde, EVP, 305/938-0330