USA: Boston Restaurant Associates, Inc. settles arbitration proceedings
In December, 1998, Boston Restaurant Associates, Inc. formed a joint venture with Italian Ventures. The relationship fell apart shortly after the formation of the joint venture and the Company became involved in legal proceedings with Italian Ventures. On May 10, 2001, the parties completed negotiations on and entered into a settlement agreement resolving their disputes. Under the terms of the agreement, Italian Ventures is entitled to receive from the Company in exchange for any and all ownership interest held by Italian Ventures a royalty equal to seven-tenths of one percent of the monthly gross sales of each Polcari's Bistro for a period of seven years commencing on May 1, 2001 and ending April 30, 2008. However, the cumulative sum shall not exceed $1,700,000 during this period.
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