CINCINNATI, March 22, 2012 /PRNewswire/ -- Frisch's
Restaurants, Inc. (NYSE Amex: FRS) today announced that Golden
Corral Franchising Systems, Inc. has exercised its right of first
refusal to purchase substantially all of Frisch's Golden Corral operations and real estate,
consisting of restaurants in Ohio,
Indiana, Kentucky, West
Virginia and Pennsylvania,
upon the same terms of the contract previously announced with NRD
Holdings, LLC. Founded in 1973, Golden Corral Franchising
Systems is privately held and currently has 485 franchised and
company-operated restaurants in 41 states. Terms of the
transaction will be disclosed upon close of the transaction, which
is anticipated to occur by the close of the company's fiscal
year end of May 29, 2012. The
sale is subject to customary financing, due diligence and closing
contingencies.
About Frisch's Restaurants, Inc.
Frisch's is a regional company that operates full service
family-style restaurants under the name "Frisch's Big Boy."
The company also operates 29 grill buffet style restaurants under
the name "Golden Corral" pursuant to
certain licensing agreements. All Big Boy restaurants are
currently located in various regions of Ohio, Kentucky and Indiana. Golden
Corral restaurants currently operate primarily in the
greater metropolitan areas of Cincinnati, Cleveland, Columbus, Dayton and Toledo,
Ohio; Louisville, Kentucky
and Pittsburgh, Pennsylvania which
includes locations in the adjoining states of Indiana and West Virginia.
The company owns the trademark "Frisch's" and has exclusive,
irrevocable ownership of the rights to the "Big Boy" trademark,
trade name and service marks in the states of Kentucky and Indiana, and in most of Ohio and Tennessee. All of the Frisch's
Big Boy restaurants also offer "drive-thru" service. The
company also licenses Big Boy restaurants to other operators,
currently in certain parts of Ohio, Kentucky and Indiana.
Statements contained in this press release which are not
historical facts are forward looking statements as that item is
defined in the Private Securities Litigation Act of 1995. Such
forward looking statements are subject to risks and uncertainties
which could cause actual results to differ materially from
estimated results. Such risks and uncertainties are detailed in the
company's filings with the Securities and Exchange Commission.
SOURCE Frisch's Restaurants, Inc.