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OUTBACK STEAKHOUSE ANNOUNCES MERGER WITH JOINT VENTURE PARTNER

 OUTBACK STEAKHOUSE ANNOUNCES MERGER WITH JOINT VENTURE PARTNER
 TAMPA, Fla., June 2 /PRNewswire/ -- Outback Steakhouse, Inc. (NASDAQ: OSSI) today announced that it had agreed in principle with Stone/Danker, Inc., the company's joint venture in five restaurants in the Washington, D.C. area, which will result in Stone/Danker being merged into the company. The company will issue 450,000 shares of its common stock in exchange for all the outstanding stock of Stone/Danker.
 In making the announcement, Chris Sullivan, the company's chief executive officer said, "Our D.C. venture has been performing exceptionally well, with average restaurant sales running in line with our Florida restaurants. Our venture partner has done an outstanding job developing his organization and we are excited that they will all continue working with us as we go forward in the D.C. market."
 In addition to the five restaurants currently in operation in the D.C. area, the joint venture has three restaurants under development all of which are expected to open in 1992.
 The company's restaurants system includes 59 full-service restaurants operated under the name Outback Steakhouse. The company opened its first Outback Steakhouse in Tampa, Fla. in 1988. Since then, the company has expanded into major metropolitan markets in Florida, Texas, North Carolina, Kentucky, Indiana, Georgia and Washington, D.C. The company previously announced that it would enter into the Mid- Atlantic and Detroit areas during 1992.
 -0- 6/2/92
 /CONTACT: Robert S. Merritt of Outback Steakhouse, 813-282-1225/
 (OSSI) CO: Outback Steakhouse, Inc.; Stone/Danker, Inc. ST: Florida, District of Columbia IN: LEI SU: TNM


AW-JB -- FL003 -- 6116 06/02/92 10:01 EDT
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Publication:PR Newswire
Date:Jun 2, 1992
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