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ShoLodge Authorizes Use of Up to $12 Million for Repurchase of Convertible Subordinated Debentures Due 2004.

HENDERSONVILLE, Tenn.--(BUSINESS WIRE)--July 2, 1999--

ShoLodge, Inc. (Nasdaq/NM:LODG) today announced that the Board of Directors has authorized the use of up to $12 million for the repurchase of its outstanding 7-1/2% convertible subordinated debentures due 2004. The purchases are to be made from time to time in the open market at prevailing market prices, or in privately negotiated transactions at the discretion of the Company's management. The Company currently has $54 million of this debt issue outstanding. No time limit has been placed on the duration of the repurchase plan, and the plan may be discontinued by the Company at any time.

ShoLodge is the owner/developer of Sumner Suites Hotels and owns, develops, manages, and franchises Shoney's Inns and Shoney's Inn & Suites.

This press release contains forward-looking statements relating to certain matters, which reflect management's best judgement, based on factors currently known and involve risks and uncertainties. Actual results could differ materially from the anticipated results or expectations expressed in the Company's forward-looking statements. Forward-looking information provided by the Company pursuant to the safe harbor established under the Private Securities Litigation Reform Act of 1995 should be evaluated in the context of these factors which are contained in the Company's Securities and Exchange Commission (SEC) filings, including its periodic reports filed under the Securities Exchange Act of 1934, as amended. Copies of these filings are available upon request from the Company. In addition, the Company disclaims any intent or obligation to update these forward-looking statements.
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Publication:Business Wire
Geographic Code:1USA
Date:Jul 2, 1999
Words:251
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