SZ Worldwide Restaurant Concepts

SHERMAN OAKS, Calif., Sept. 22 /PRNewswire-FirstCall/ -- Worldwide Restaurant Concepts, Inc. (NYSE:SZ) announced today that it has completed its previously announced merger with affiliates of Pacific Equity Partners, a leading Australasian private equity firm. Worldwide Restaurant Concepts survives the merger as a wholly-owned subsidiary of an affiliate of Pacific Equity Partners. As a result of the merger, Worldwide Restaurant Concepts has ceased to be a publicly traded company and will no longer be traded on the New York Stock Exchange. As determined by the per share merger consideration formula provided for in the merger agreement and the Australian dollar to U.S. dollar exchange rate at approximately 11:00 am, Los Angeles time, on September 21, 2005, which was 0.7704, the stockholders of Worldwide Restaurant Concepts will receive $6.92 for each share of common stock of Worldwide Restaurant Concepts. About Worldwide Restaurant Concepts Worldwide Restaurant Concepts, Inc. operates, franchises or joint ventures 310 Sizzler(R) restaurants worldwide, 112 KFC(R) restaurants located primarily in Queensland, Australia, and 21 Pat & Oscar's(R) restaurants. Worldwide Restaurant Concepts reported revenues of $354.8 million for its fiscal year ended April 30, 2005, and a net loss of 21.3 million, or $0.77 per diluted share. Additional information about the Company can be found at http://www.wrconcepts.com/. About Pacific Equity Partners Pacific Equity Partners is a leading Australasian private equity firm focusing on buyouts and late stage expansion capital. The firm has been actively investing since 1998 and currently has over A$700 million of equity funds under management. Pacific Equity Partners works with management teams, providing experience and capital resources to grow value in a range of business situations. Additional information about Pacific Equity Partners can be found at http://www.pep.com.au/. Forward-Looking Statements This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations about future events or results and are based upon information available to the Company as of today's date. They also involve certain risks and uncertainties regarding the Company's business and operations and the restaurant industry. These forward-looking statements are not guarantees of the future performance of the Company and actual events or results may vary materially from the events and results discussed in this press release or in any other forward-looking statements made by or on behalf of the Company. The Company cautions that these forward-looking statements are qualified further by other important factors, and the risks and cautionary statements set forth in the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2005 and its other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update or revise any of the forward-looking statements contained herein to reflect future events or developments. AT THE COMPANY: Keith Wall Liz Baskerville Vice President and CFO Director, Planning (818) 662-9800 (818) 662-9800 AT FINANCIAL RELATIONS BOARD: Laurie Berman Tricia Ross General Information Investor/Analyst Contact (310) 854-8315 (617) 520-7064 DATASOURCE: Worldwide Restaurant Concepts, Inc. CONTACT: Keith Wall, Vice President and CFO, or Liz Baskerville, Director, Planning, both of Worldwide Restaurant Concepts, Inc., +1-818-662-9800; or General Information, Laurie Berman, +1-310-854-8315, or Investors/Analysts, Tricia Ross, +1-617-520-7064, both of Financial Relations Board, for Worldwide Restaurant Concepts, Inc. Web site: http://www.pep.com.au/ Web site: http://www.wrconcepts.com/

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