Kahala Corp. Announces Financing Provided to Ranch * 1 Inc.Business Editors SCOTTSDALE, Ariz.--(BUSINESS WIRE)--July 9, 2001 Kahala Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : KAHA KAHA Knoxville Amateur Hockey Association (Knoxville, TN) ) (the "company"), a Florida corporation formerly known as Sports Group International Inc., Monday announced it has provided $220,000 in debtor in possession financing debtor in possession financing Financing arranged during the time a company is in Chapter 11 bankruptcy. to Ranch * 1 Inc. ("Ranch * 1") as part of a loan and security agreement which provides up to $2,500,000 in debtor in possession financing from Kahala Corp. to Ranch * 1 (the "loan agreement"). Ranch * 1 filed for Chapter 11 bankruptcy protection on Tuesday, July 3, 2001 in the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of 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 . On Thursday, July 5, 2001, the Bankruptcy Court Judge assigned to the case approved an emergency interim order allowing Kahala Corp., through a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , to advance $220,000 to Ranch * 1 under the loan agreement. Ranch * 1, through its wholly owned subsidiaries, owns and operates and franchises Ranch * 1 quick service restaurants that specialize in the sale of grilled chicken sandwiches and other grilled chicken products, Ranch * 1 famous fries, and other food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. items. Currently, there are 51 Ranch * 1 restaurants operating in 12 states, 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). , and Taiwan, of which 47 are franchised to third parties and the remaining four, all located in Manhattan, N.Y., are corporately owned by Ranch *1. About Kahala Corp. Kahala Corp. currently owns Surf City Surf City may refer to:
Rollerz is a franchisor and operator of retail stores serving gourmet rolled sandwiches and blended fruit drinks/smoothies, and Tahi Mana is a franchisor and operator of scaled down health food supplements stores centered around a juice bar, primarily in health clubs and other strategic retail locations. There are currently approximately 220 outlets open nationwide of the company's four concepts. To learn more about the company and its four concepts, please visit its website at www.kahalacorp.com. The information in this press release includes certain "forward-looking" statements within the meaning of the 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. provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the company. Although the company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful performance of internal plans, the impact of competitors, and general economic risks and uncertainties. Surf City Squeeze and Frullati Cafe & Bakery are registered trademarks of Kahala Corp. or one of its wholly owned subsidiaries. Rollerz and Tahi Mana are trademarks of Kahala Corp. or one of its wholly-owned subsidiaries. Ranch * 1 is a registered trademark of Ranch * 1 Inc. NOTE: Company name for Ranch 1 Inc. should appear with an asterisk in between Ranch and 1. |
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