Centerplate Announces No Role in New Yankee Stadium
02 Abril 2008 - 7:25PM
PR Newswire (US)
STAMFORD, Conn., April 2, 2008 /PRNewswire-FirstCall/ --
Centerplate, Inc. (Amex: CVP; TSX: CVP.un), was informed today by
the New York Yankees that it will not be the concessionaire for the
new Yankee Stadium set to open in 2009. This does not affect
Centerplate's current contract covering the existing Yankee
Stadium, which runs through December 31, 2008. Thus, this decision
by the Yankees is not expected to affect the Company's 2008
financial results. However, if Centerplate does not obtain new
business to offset the impact of not having a contract to service
the new Yankee Stadium in 2009, this loss will have a material
adverse effect on the Company's Adjusted EBITDA beginning in 2009.
Over the last 12 months, Centerplate has signed over $110 million
in annualized new sales, including the Washington Nationals, who
played their opening game on Sunday, March 30th, the Orange County
Convention Center in Orlando, Florida, which Centerplate will begin
operating in August 2008, and the Louisville Arena, which will come
online in 2010. In addition, Centerplate continues to pursue new
business opportunities, including acquisitions, joint ventures and
other transactions to diversify and strengthen the Company, such as
the recently completed Harry's Tap Room transaction. Although there
can be no assurance as to future performance, Centerplate believes
it will be able to continue to carry out its business strategy.
Forward-Looking Statements This news release includes
forward-looking statements within the meaning of Section 27A of the
Securities Act and Section 21E of the Securities Exchange Act.
These statements may involve risks and uncertainties that could
cause actual results to differ materially from those described in
such statements. Although Centerplate believes that the
expectations reflected in these forward-looking statements are
reasonable, the company can give no assurance that these
expectations will prove to have been correct or that they will
occur. Important factors beyond Centerplate's control, including
general economic conditions, consumer spending levels, changing
trends in our business and competitive environment, the company's
borrowing capacity and the provisions of the credit agreement and
indenture, adverse weather conditions and other factors, as well as
the risks identified in the company's most recent annual report on
Form 10-K and other filings with the Securities and Exchange
Commission, could cause actual results to differ materially from
Centerplate's expectations. Centerplate undertakes no obligation to
update or review any forward-looking statement, whether as a result
of new information, future developments or otherwise. Centerplate,
Inc., with its principal executive office in Stamford, CT, is a
leading provider of food, merchandise and related services,
including concessions and catering services in approximately 130
sports facilities, convention centers and other entertainment
venues throughout the United States and Canada. Visit the company
online at http://www.centerplate.com/. For more information please
contact: Gael Doar Director of Communications 203-975-5941
DATASOURCE: Centerplate, Inc. CONTACT: Gael Doar, Director of
Communications of Centerplate, Inc., +1-203-975-5941, Web site:
http://www.centerplate.com/
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