Star Buffet, Inc. Sells Real Estate
31 Mayo 2013 - 7:00PM
Star Buffet, Inc. (STRZ.PK) today announced that the company has
sold its former JJ North's Country Buffet in Yuma, Arizona.
Proceeds from the real estate sale were used to repay Wells Fargo
Bank, N.A. in accordance with the company's Second Amended Joint
Plan of Reorganization which was approved by the United States
Bankruptcy Court for the District of Arizona on December 17, 2012.
"This real estate sale represents the second in a series of
anticipated asset sales in the current fiscal year whereby proceeds
are being used to reduce the outstanding Wells Fargo loan balance,"
said Robert E. Wheaton, Star Buffet's president.
Safe Harbor Statement
Statements that are not historical facts contained in this
release are forward-looking statements that involve risks and
uncertainties, and actual results could vary materially from the
descriptions contained herein due to many factors, including, but
not limited to, product demand and market acceptance risks, the
effect of economic conditions, the impact of competitive products
and pricing, the results of financing efforts, implementation of
the Company's acquisition and strategic alliance strategy, the
effect of the Company's accounting policies and other risks
detailed in the Company's Form 10-K for its fiscal year ended
January 25, 2010, and other filings with the Securities and
Exchange Commission. Copies of all of the Company's filings with
the SEC are available to the public on the SEC's web site at
http://www.sec.gov. The Company undertakes no obligation to
update any forward-looking statements.
About Star Buffet, Inc.
Star Buffet, Inc. is a multi-concept restaurant
operator. As of May 31, 2013, Star Buffet, Inc. through its
subsidiaries, operated seven 4B's restaurants, five JB's
restaurants, three Pecos Diamond Steakhouses, three
Barnhill's Buffet restaurants, two Western Sizzlin restaurants, one
JJ North's Country Buffet restaurant, one Casa Bonita Mexican theme
restaurant, one BuddyFreddys restaurant, and one Big Rock Cafe.
CONTACT: Robert E. Wheaton
President, CEO
Star Buffet, Inc.
(480) 425-0397
Star Buffet (CE) (USOTC:STRZ)
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