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MAVERICK RESTAURANT CORPORATION REPORTS PRIVATE PLACEMENT OF COMMON STOCK

 WICHITA, Kan., Oct. 18 /PRNewswire/ -- Maverick Restaurant Corporation (OTC Bulletin Board: MAVR) today reported the completion of the initial funding of a private placement under which the company intends to raise a total of $2 million through the sale of restricted common stock.
 The company has sold to two individuals 333,333 shares of restricted common stock for a total of $500,000. A portion of these proceeds will be used to convert the company's Grandy's restaurant in Bartlesville, Okla., into a Cotton Patch Cafe. An additional amount of restricted common stock valued at $1,500,000 will be sold to these two individuals within 30 days after the opening of the Bartlesville restaurant provided certain conditions exist. The price per share of the common stock to be sold will be based on market value, discounted by 15 percent, but will not be less than $1.50 nor more than $2 per share. The purchasers will not be required to complete this additional purchase if the market value of the stock falls below $1.50 per share.
 Chris F. Hotze, president of Maverick Restaurant Corporation, stated, "As we have previously reported, we believe we have found a growth vehicle with the Cotton Patch Cafe concept. Our first restaurant, which opened Aug. 1, 1993, in Muskogee, Okla., has far exceeded our expectations in terms of sales and customer response. Proceeds from the private placement will be used to fund the conversion costs of the Bartlesville restaurant and future Cotton Patch Cafes. The private placement not only strengthens our balance sheet, but allows us to expand the Cotton Patch concept without incurring additional debt."
 The company also announced it is in the final stages of completion of a development agreement with its franchisor, Cotton Patch Incorporated, that will give the company exclusive rights to develop and operate Cotton Patch Cafe restaurants in several states throughout the midwest.
 Maverick currently operates ten Grandy's restaurants and one Cotton Patch Cafe in three states.
 -0- 10/18/93
 /CONTACT: Chris F. Hotze, president, or Linn F. Hohl of Maverick, 316-685-8281/
 (MAVR)


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

GK-MP -- NY061 -- 3401 10/18/93 12:39 EDT
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Publication:PR Newswire
Date:Oct 18, 1993
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