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SHOWBIZ ANNOUNCES PRELIMINARY AGREEMENT TO SELL MONTEREY'S TEX-MEX CAFE RESTAURANTS

 IRVING, Texas, Nov. 16 /PRNewswire/ -- ShowBiz Pizza Time, Inc. (NASDAQ: SHBZ) today announced it had signed a Letter of Intent to sell substantially all of the assets of its Monterey's Tex-Mex Cafe restaurants to a corporation to be formed by River Associates, Inc. At closing the Company would receive a purchase price of approximately $11 million cash, a 2-1/2 percent equity position in the acquiring company and a promissory note of $300,000. The agreement is subject to execution of definitive agreements and standard due diligence and financing contingencies. The Company anticipates the closing of the sale will occur on or before Jan. 31, 1994.
 ShowBiz operates a system of 322 Chuck E. Cheese's and ShowBiz Pizza Place restaurants, of which 212 are Company operated in 29 states, and 28 Monterey's Tex-Mex Cafe restaurants in Texas, Oklahoma and Alabama.
 -0- 11/16/93
 /CONTACT: Michael H. Magusiak, executive vice president, chief financial officer of ShowBiz Pizza Time, 214-258-8507/
 (SHBZ)


CO: ShowBiz Pizza Time, Inc.; Monterey's Tex-Mex Cafe;
 River Associates, Inc. ST: Texas IN: LEI SU:


MP -- NY044 -- 5053 11/16/93 11:48 EST
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Publication:PR Newswire
Date:Nov 16, 1993
Words:185
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