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INTERNATIONAL FAST FOOD CORPORATION COMMENCES EXCHANGE OFFER FOR ITS 9 PERCENT CONVERTIBLE SUBORDINATED DEBENTURES DUE 2007

 MIAMI BEACH, Fla., Jan. 14 /PRNewswire/ -- International Fast Food Corporation (NASDAQ: FOOD) announced today that it has commenced an Exchange Offer for any and all of the Company's 9% Convertible Subordinated Debentures due 2007.
 Under the terms of its Exchange Offer, the Company proposes to exchange each $1,000 in principal amount of Debentures validly tendered for one Unit consisting of 160 newly issued shares of its Common Stock, $.01 par value per share, and Warrants to purchase 100 shares of Common Stock at an exercise price of $7.00 per share. The Warrants will not be detachable or separately transferable from the Common Stock contained in the Units until such time as the company, at its sole discretion, determines. The warrants will be exercisable during the five year period commencing on the date that they become detachable and separately transferable from the Common Stock included in the Units. The Company will apply to list the Units and the Warrants, when detached, on the NASDAQ.
 The purpose of the Exchange Offer is to reduce the Company's long- term debt and annual interest expense, increase its book value, and provide additional financial flexibility in its operations. If all of the Debentures are exchanged, the Company will reduce its long-term indebtedness by $11,300,000.
 The Exchange Offer will provide tendering holders of Debentures with an opportunity to exchange such Debentures for 160 shares of Common Stock for each $1,000 in principal amount of Debentures instead of the 117 shares of Common Stock which holders would currently be entitled to receive upon exercise. Tendering Debentureholders will also receive warrants to purchase shares of Common Stock.
 The Exchange Offer will expire at 5:00 p.m., New York City time, on February 11, 1994, unless otherwise extended.
 International Fast Food Corporation was organized in December 1991 to develop franchised Burger King restaurants in the Republic of Poland. In May 1992, the Company completed an initial public offering of approximately 1.5 million shares of common stock which generated $6.1 million in net proceeds to be used to develop restaurants. In December 1992 and January 1993, the Company raised an aggregate of $9,701,000 from the sale of $11.4 million principal amount of 9% Convertible Subordinated Debentures due 2007.
 At the present time, International Fast Food Corporation has four traditional Burger King restaurants and one Kiosk restaurant operating in Warsaw, Poland. In addition, the Company has received necessary site approval from Burger King Corporation and entered into leases in connection with three proposed traditional restaurants currently under development. The company has also reached preliminary agreements for seven additional restaurant sites.
 -0- 1/14/94
 /CONTACT: Mitchell Rubinson, Chairman, Chief Executive Officer, and President, or Howard A. Goldman, Vice President of Corporate Communications, of International Fast Food Corporation, 305-531-5800/
 (FOOD)


CO: International Fast Food Corporation ST: Florida IN: LEI SU: OFR

JB-AW -- FL010 -- 2096 01/14/94 14:47 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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