Bravo Brio Restaurant Group, Inc. to Explore Alternatives
February 02 2017 - 9:19AM
Bravo Brio Restaurant Group, Inc. (NASDAQ:BBRG) (the Company),
owner and operator of the BRAVO! Cucina Italiana (BRAVO!) and BRIO
Tuscan Grille (BRIO) restaurant concepts, today announced that its
Board of Directors is in the process of engaging investment bankers
to explore alternatives to further enhance shareholder value. In
order to insure that shareholders are fully aware of the results of
this process before the Annual Meeting of Shareholders, the Board
of Directors has set December 14, 2017 as the date for the
meeting. The Company will announce the record date of the
meeting at a later time.
Separately, the Board has recently initiated
discussions with TAC Capital LLC (TAC) and offered to afford them
immediate representation of two directors on the Board so they can
be part of this process. In a recent public filing, TAC had
indicated a desire for Board representation but TAC rejected the
Board's offer.
The Board intends to examine all alternatives in
order to enhance long-term shareholder value. The Company does not
intend to provide updates unless or until it determines that
disclosure is appropriate or necessary.
About Bravo Brio Restaurant Group,
Inc.Bravo Brio Restaurant Group, Inc. is a leading owner
and operator of two distinct Italian restaurant brands, BRAVO!
Cucina Italiana and BRIO Tuscan Grille. BBRG has positioned its
brands as multifaceted culinary destinations that deliver the
ambiance, design elements and food quality reminiscent of fine
dining restaurants at a value typically offered by casual dining
establishments, a combination known as the upscale affordable
dining segment. Each of BBRG's brands provides its guests with a
fine dining experience and value by serving affordable cuisine
prepared using fresh flavorful ingredients and authentic Italian
cooking methods, combined with attentive service in an attractive,
lively atmosphere. BBRG strives to be the best Italian restaurant
company in America and is focused on providing its guests an
excellent dining experience through consistency of execution.
Forward-Looking StatementsSome
of the statements in this release contain forward-looking
statements, which involve risks and uncertainties. These
statements relate to future events. The Company has attempted
to identify forward-looking statements by terminology including
"anticipates," "believes," "can," "continue," "could," "estimates,"
"expects," "intends," "may," "plans," "potential," "predicts,"
"should" or "will" or the negative of these terms or other
comparable terminology. These statements are only predictions and
involve known and unknown risks, uncertainties, and other factors,
including those discussed under the heading "Risk Factors" in
the Annual Report on Form 10-K filed by the Company with the
Securities and Exchange Commission on February 29, 2016.
Although Bravo Brio Restaurant Group, Inc.
believes that the expectations reflected in the forward-looking
statements are reasonable based on its current knowledge of the
business and operations, it cannot guarantee future results, levels
of activity, performance or achievements. The Company assumes
no obligation to provide revisions to any forward-looking
statements should circumstances change.
Contact:
Don Duffy/Raphael Gross
203-682-8253
investors@bbrg.com
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