Press
Releases 1999
For Immediate Release
Contact: James K. Zielke
(316) 634-0505
NASDAQ: TENT
January 7, 1999
Total Entertainment Restaurant Corp.
Hartnett, Hall and Zielke Appointed to Board of Directors
DALLAS, TEXAS -- Total Entertainment Restaurant Corp. announced
today that Jamie B. Coulter has resigned as Chairman of the
Board and as a director of the Company. Mr. Coulter is focusing
his full attention on Lone Star Steakhouse & Saloon, Inc.
of which he is Chairman and Chief Executive Officer.
Mr. Coulter
stated, "I am making room for some very talented individuals
to join an already strong team at Total Entertainment. I remain
a large shareholder and fully expect this team to enhance
value for all shareholders." Three other directors, Christopher
Goldsbury, William Orthwein and Steven Wolosky also announced
their resignations effective today.
The Company
also announced that Stephen P. Hartnett, C. Wells Hall III
and James K. Zielke were appointed to the Board of Directors
and that Dennis L. Thompson and Stephen P. Hartnett will serve
as Co-Chairmen. In addition, Steven M. Johnson was named Chief
Executive Officer and Gary M. Judd will remain President and
Chief Operating Officer.
Mr. Thompson,
one of the founders of Lone Star Steakhouse and Saloon and
Bailey's Sports Grille, stated, "I am excited about the
opportunity to help Steve Hartnett lead this young and dynamic
company. We have bolstered our senior management with the
addition of Steve Johnson who is a C.P.A. and has 15 years
of experience in the restaurant industry most recently as
Chief Operating Officer of Coulter Enterprises, Inc. since
1992 with responsibilities for the operations of 100 Pizza
Huts in 12 states."
Mr. Hartnett,
founder of both Fox & Hound and Cool River, and a partner
with the restaurant group Cracken, Harkey, Street & Hartnett,
LLP, commented, "The new Board has a great chemistry
for maximizing shareholder value. The Fox & Hound concept
is a high performance earnings machine, and we are ready to
'wow' our shareholders."
Mr. Hall
is a corporate tax partner with the law firm Moore & Van
Allen, PLLC in Charlotte, North Carolina where he has practiced
for the last 25 years.
Mr. Zielke
has served as Chief Financial Officer and Secretary of the
Company since April 1997. Prior to joining the Company, Mr.
Zielke, a C.P.A., was employed as senior director-tax for
PepsiCo Restaurant Services Group, Inc.
In additional
business, the Company also announced the termination of the
Services Agreement with Lone Star Steakhouse & Saloon,
Inc. effective February 28, 1999.
This Press
Release contains certain forward-looking statements including
development plans of the Company within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. Although
the Company believes the assumptions underlying the forward-looking
statements contained herein are reasonable, any of the assumptions
could be inaccurate, and therefore, there can be no assurance
that the forward-looking statements contained in the Press
Release will prove to be accurate.
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