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MAVERICK RESTAURANT CORPORATION REPORTS SALE OF RESTAURANTS

 WICHITA, Kan., March 17 /PRNewswire/ -- Maverick Restaurant Corporation (OTC Bulletin Board: MAVR) today reported that the company sold to Red Apple Corporation, all of the assets of three Grandy's restaurants located in Missouri.
 The consideration received for the sale of these units consisted of the amount of $300,000 plus the value of petty cash and inventories. Red Apple Corporation is owned by five individuals, three of which are officers and directors of the company (Chris F. Hotze, Andres Mouland, and Linn F. Hohl) and one of which is a large stockholder of the company (C. Howard Wilkins, Jr.).
 Maverick Restaurant Corporation President, Chris F. Hotze said, "The sale of the three restaurants is part of the company's plan to dispose of marginal restaurants and downsize to a base of restaurants that are profitable. The sale provides Maverick with much needed cash and strengthens the company's balance sheet. For the fiscal year ended Jan. 31, 1993, the three restaurants sold recorded $1,916,401 in net sales and $21,240 in operating income before allocation of corporate overhead. The company will record a gain on the transaction in the approximate amount of $175,000 which will be reported in the first quarter of fiscal 1994. The company has the option to repurchase the restaurants at any time during the next three years."
 Maverick Restaurant Corporation currently operates 12 Grandy's restaurants in four states.
 -0- 3/17/93
 /CONTACT: Chris F. Hotze or Linn F. Hohl of Maverick Restaurant Corporation, 316-685-8281/
 (MAVR)


CO: Maverick Restaurant Corporation ST: Kansas IN: LEI SU: TNM

PS-CK -- NY043 -- 7004 03/17/93 11:43 EST
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Publication:PR Newswire
Date:Mar 17, 1993
Words:270
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