Fast Food Systems makes announcement.BAYSIDE, N.Y.--(BUSINESS WIRE)--Jan.25, 1995--Fast Food Systems Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :FFSI FFSI Fellow, Financial Services Institute (industry accreditation) FFSI Federation of Film Societies of India ) announced today that it has entered into agreements for the sale of four of its Wendy's Fast Food Hamburger Restaurants located in New Jersey. The transaction, closing of which is contingent upon Adj. 1. contingent upon - determined by conditions or circumstances that follow; "arms sales contingent on the approval of congress" contingent on, dependant on, dependant upon, dependent on, dependent upon, depending on, contingent , among other things, the approval of Wendy's International Wendy's International, Inc. NYSE: WEN is the parent company of Wendy's Old Fashioned Hamburgers. It also owns 70 percent of Cafe Express and 25 percent (fully diluted) of Pasta Pomodoro. The Tim Hortons chain was spun off by Wendy's into a separate company in September 2006. Inc.; the approval of the lessor of the Restaurant premises to the assignment and assumption of the leases; the release of Lewis E. Topper Topper house he purchases is haunted by the young couple who owned it previously and their dog. [Am. Lit., Cin., TV: Topper in Halliwell, 718] See : Ghost Topper Hopalong Cassidy’s faithful horse. from personal guarantees underlying the leases; and a satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review by the purchasers, would result in cash proceeds to the Company at closing of at least $850,000, and issuance by the purchasers of eight and ten year, 10% promissory notes in the aggregate principal amount of $1,175,000. Refundable deposits aggregating $200,000 have been delivered by the purchasers and are being held in escrow by counsel for the Company. Lewis E. Topper, the President and Chairman of the Board of the Company, stated "We believe that these transactions will prove beneficial to the Company and its stockholders, as we attempt to downsize Downsize Reducing the size of a company by eliminating workers and/or divisions within the company. Notes: When a company downsizes, it is attempting to find ways to improve efficiency and increase profitability. It is sometimes referred to as trimming the fat. our operations, improve our balance sheet and begin making distributions to our stockholders." The Company is negotiating the sale of one additional Wendy's Fast Food hamburger restaurant in New Jersey. No agreement has yet been signed with respect to this transaction. In the event that these transactions are consummated on the terms which have been offered, management envisions that the proceeds of such sales will be applied to the repayment of suppliers and shareholder debt, and to a distribution to stockholders in the nature of a return of capital. However, there is no guarantee that these transactions will be consummated or that they will be consummated on the terms and conditions currently agreed to or in negotiation. For more information contact Lewis E. Topper at 718/229-1113 CONTACT: Fast Food Systems Inc. Lewis E. Topper, 718/229-1113 |
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