Food Trends Acquisition Corporation successfully completes warrant exchange offer.NEWTON, Mass.--(BUSINESS WIRE)--March 1, 1996--Food Trends Acquisition Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : FDTR FDTR Full Duplex Token Ring , FDTRW) announced today that the Company has successfully completed its previously-announced warrant exchange, a required condition under the Company's proposed merger agreement with Silver Diner diner, restaurant resembling the railroad dining car that is its source. In the mid-19th cent., the first dining cars that appeared on trains were nothing more than an empty car with a fastened-down table. George M. Development, Inc. ("SDDI SDDI - Sony Digital Data Interface "). Over 95% of the Company's outstanding warrants have been exchanged. Commenting on the warrant exchange, the Company's President, Douglas M. Suliman Jr., said, "We are extremely pleased with the overwhelmingly favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. response we have received from our warrant holders. Their decision to exchange their warrants is indicative to us that they share our enthusiasm for the future of the Silver Diner concept and are as committed as we are to making this proposed merger a reality." The Company is seeking approval of the merger from its stockholders at a meeting scheduled for March 27, 1996. A majority vote of the Company's stockholders is required for approval. As an additional condition, no more than 19.99% of the Company's stock may be put to the Company for redemption. SDDI stockholders approved the merger on February 29, 1996. The merger is also subject to certain other customary conditions. Food Trends Acquisition Corporation was formed in 1994 for the purpose of acquiring or merging with an operating business engaged in the food service industry. SDDI is a privately-held company that owns and operates a growing chain of Silver Diner full service family restaurants in the Washington/Baltimore metropolitan area. Upon consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the merger, Food Trends Acquisition Corporation's name will be changed to Silver Diner Development, Inc. and its stock will be traded on the National Market System with the symbol SLVR SLVR Silver SLVR Submarine Low Frequency/Very Low Frequency VMEBUS Receiver . CONTACT: Douglas M. Suliman Jr., President Food Trends Acquisition Corp. (617) 630-4400 or Robert T. Giaimo, President Silver Diner Development, Inc. (301) 770-0333 or Betsy Brod/Alex Gleeson Morgen-Walke Associates (212) 850-5600 |
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