Miami Subs Receives Offer to Be Acquired.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--March 3, 1998--Miami Subs Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :SUBS) today reported that it has received a letter of intent containing an offer to be acquired by Arthur Treacher's Arthur Treacher's Fish and Chips is a fast food seafood restaurant chain with, as of 2003, 177 stores which serve fish and chips. Like its main competitor Long John Silver's, Arthur Treacher's faced bankruptcy, and the brand has been acquired by TruFoods Systems, Inc. , Inc. (NASDAQ:ATCH ATCH Attachment ATCH Agility Trial Champion ATCH Adrenocorticotrophic Hormone ). The terms of the letter of intent have not yet been considered by the Company's board of directors. The Company, therefore, has no basis for determining whether such terms will be acceptable to the Company's board of directors, or, if acceptable, whether a transaction with Treacher's will be completed. The Company also indicated that it has been involved in certain informal and preliminary discussions with other food service companies concerning co-branding opportunities or the possible acquisition or merger of the Company. In November 1997, the Company and Arthur Treacher's opened the first co-branded concept store, and the companies recently announced an expansion of the co-branded concepts to an additional six to nine restaurant locations. Arthur Treacher's is currently the third largest quick-service seafood chain in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with 111 restaurants located in 11 states in the eastern United States, Washington D.C., and the province of Ontario, Canada. In December 1997, Arthur Treacher's announced the signing of a letter of intent to purchase Seattle Crab Company and its 94 Skipper's restaurants. Bruce Galloway, chairman of the board of Arthur Treacher's and managing director of Burnham Securities, Inc., has served on the Miami Subs board since May 1997. Miami Subs Corporation currently operates and franchises 192 restaurants located in 17 states, Puerto Rico and Ecuador. The Company's common stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (sm) under the symbol: "SUBS." CONTACT: Miami Subs Corporation, Miami Donald L. Perlyn Jerry W. Woda 954/973-0000 |
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