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JB'S RESTAURANTS INC. ANNOUNCES THE COMPLETION OF THE SALE OF 946,714 SHARES OF CONVERTIBLE PREFERRED STOCK

 SALT LAKE CITY, Oct. 27 /PRNewswire/ -- JB's Restaurants Inc. (NASDAQ: JBBB), announced today that it has completed the previously announced sale of 946,714 shares of a new issue of the company's convertible preferred stock to ABS MB (JB) Limited Partnership ("ABS"), of which the general partner is ABS MB Ltd., the merchant banking affiliate of Alex. Brown & Sons Incorporated. The proceeds of approximately $5.2 million will be used to help finance the development of HomeTown Buffet restaurants. The preferred stock is convertible into approximately 17 percent of the company's common stock. "The infusion of capital will give the company additional funds in support of its previously reported plan to develop 10 to 12 HomeTown Buffet restaurants during the fiscal year ending Sept. 26, 1994," commented Clark D. Jones, chairman and chief executive officer.
 JB's Restaurants Inc. has restaurant operations in nine western states. The company operates 97 JB's family-style restaurants and is franchisor of 15 additional JB's restaurants. It also operates six franchised HomeTown Buffet restaurants and owns an approximate 16 percent interest in HomeTown Buffet Inc. (NASDAQ: HTBB) the franchisor of HomeTown Buffet restaurants.
 -0- 10/27/93
 /CONTACT: David E. Pertl, VP & CFO, 801-974-4300/
 (JBBB HTBB)


CO: JB's Restaurants Inc.; HomeTown Buffet Inc. ST: Utah IN: LEI SU:

JB-LS -- LA026 -- 7315 10/27/93 12:52 EDT
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Publication:PR Newswire
Date:Oct 27, 1993
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