Cosi, Inc. Raises $38.9 Million in an Initial Public Offering and Commences Trading on NASDAQ.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 25, 2002 Cosi, Inc. (Nasdaq: COSI) announced that trading in its shares commenced Friday on NASDAQ under the symbol "COSI", following pricing of its Initial Public Offering of 5,555,556 shares of common stock at $7.00 per share. William Blair
LLC - Logical Link Control acted as underwriter for the offering. The Company has granted the underwriter an option to purchase a maximum of 833,333 shares to cover over-allotments of shares, exercisable for 30 days. The Company plans to open approximately 25 new restaurants during fiscal 2002, and approximately 53 to 59 new restaurants in fiscal 2003, approximately 9 of which may require an estimated $5.5 million of additional financing. Cosi, Inc. operates all-day cafes that feature signature bread and coffee products in a unique environment that changes throughout the day. Cosi restaurants offer breakfast, lunch, afternoon coffee, dinner, and dessert menus full of creative, cravable foods and beverages. From morning Squagels(R) (square bagels made from Cosi bread) to award-winning sandwiches and pizzas, Cosi has developed featured foods that are built around a secret, generations-old recipe for crackly crack·ly adj. crack·li·er, crack·li·est Likely to crackle; crisp. crust flatbread. These products are freshly baked in front of customers throughout the day in open flame stone hearth ovens prominently located in each of the restaurants. The Cosi vision is to become America(1)s favorite cafe by giving every customer something to look forward to in their day. There are over 80 Cosi locations in eleven states including Massachusetts, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Connecticut, New Jersey, Pennsylvania, Virginia, Maryland, Illinois, Ohio, Michigan, Wisconsin 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). . A registration statement relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc these securities was filed and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell nor a solicitation to buy nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A written prospectus related to this offering may be obtained from: William Blair & Company LLC 222 West Adams Street Chicago, IL 60606 (312) 236-1600 "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. " STATEMENT UNDER 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. This press release contains statements about future events and expectations that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. under the federal securities laws. The words "believe," "may," "will," "should," "anticipate," "estimate," "expect," "intend," "objective," "seek," "strive" or similar words, or the negatives of these words, identify forward-looking statements. We qualify any forward-looking statements entirely by these cautionary factors. Forward-looking statements are based on management's beliefs, assumptions and expectations of our future economic performance, taking into account the information currently available to management. These statements are not statements of historical fact. Forward-looking statements involve risks and uncertainties that may cause our actual results, performance or financial condition to differ materially from the expectations of future results, performance or financial condition we express or imply in any forward-looking statements. Factors that could contribute to these differences include, but are not limited to: the cost of our principal food products; fluctuations in our quarterly results; labor shortages A Labor shortage is an economic condition in which there are insufficient qualified candidates (employees) to fill the market-place demands for employment at any price. This condition is sometimes referred to by Economists as "an insufficiency in the labor force. or increased labor costs; increased government regulation; changes in consumer preferences and demographic trends; supply and delivery shortages or interruptions; increasing competition in the fast casual dining segment of the restaurant industry; market saturation In economics, "market saturation" is a term used to describe a situation in which a product has become diffused (distributed) within a market; the actual level of saturation can depend on consumer purchasing power; as well as competition, prices, and technology. due to new restaurant openings; expansion into new markets; inadequate protection of our intellectual property; the rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support our growth initiatives; adverse weather conditions which impact customer traffic at our restaurants; and adverse economic conditions. Further information regarding factors that could affect our results and the statements made herein are included in our filings with the Securities and Exchange Commission. |
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