DENNY'S FIRST MINORITY FAST TRACK GRADUATE PURCHASES DETROIT AREA RESTAURANT.

SPARTANBURG, S.C.--(BUSINESS WIRE)--Aug. 19, 1996--Denny's, the nation's largest full-service family restaurant chain, announced today Jerome Edmondson has become the first graduate of Denny's minority Fast Track franchising program. He has purchased the Denny's at 28681 Telegraph Rd. in Southfield, Mich., a company-owned restaurant he successfully managed during the Fast Track program.

Denny's initiated the Fast Track program last year to increase minority franchise participation in the company. The program provides individualized restaurant training to eligible minority candidates with the opportunity to own a Denny's restaurant under a special financing plan.

Edmondson, who began the program in February 1995 as Denny's first Fast Track franchisee candidate, successfully completed hands-on training in all phases of Denny's restaurant operation and management.

"Jerome is an excellent example of the talent, initiative, leadership and entrepreneurial spirit among our Fast Track participants," said C. Ronald Petty, president and chief executive officer of Denny's. "We created the program to offer minorities with outstanding management capabilities, but limited access to capital, the opportunity to become a Denny's franchise owner.

The program is a win-win -- providing new franchise owners to meet Denny's strategy of growth through franchising, while providing economic empowerment in the African-American community."

"We believe this program is a perfect example of corporate America and the African-American community creating true opportunities to change the economic environment," Petty added.

Edmondson was one of 14 participants selected to participate in Denny's new franchise program. The individualized training program ranges from one to three years, depending on experience. Other participants are in the process of completing the program at Denny's locations throughout the U.S.

Edmondson's purchase of Denny's of Southfield brings the number of Denny's African-American owned-restaurants to 28, up from one in 1993.

Edmondson was previously a market manager for KFC, responsible for 13 restaurants in Detroit. He worked in a variety of management positions during his eight years at KFC. He was also an account representative for G.C. Service Corporation and an airman in the U.S. Air Force.

Edmondson holds a bachelor's degree in business administration from Cleary College of Ypsilanti, Mich.

Denny's owns and operates nearly 1,600 restaurants throughout the United States. Over 600 Denny's restaurants are operated by franchisees.

CONTACT: Flagstar Companies, Inc., Spartanburg

Karen Randall, 864/597-8440 or

Debbie Atkins, 864/597-8361