DALLAS Jan. 7, 1999 (PRIMEZONE) --Total Entertainment Restaurant Corp. (NASDAQ:TENT) 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 served as Co-Chairmen. In addition, Stephen 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 & 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, N.C. 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 Restaurants Services Group, Inc.
In additional business, the Company also announced the termination of the Services Agreement with Lone Star Steakhouses & Saloon, Inc. effective Feb. 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 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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