Brazil Fast Food Corp. (NASDAQ SmallCap: BOBS), the second largest fast-food chain operator in Brazil, with more than 200 restaurant locations, today reported that it has begun offering Brazilian Depository Receipts (BDRs) on the BOVESPA, the Brazilian stock exchange in Sao Paulo. Other companies listed on the BOVESPA include Petrobras, Telebras and Banco do Brasil.
Peter van Voorst Vader, president and CEO of Brazil Fast Food Corp. and the first investor to purchase the Company’s BDRs, commented, “Our Company is proudly continuing its reputation as a pioneer, which began in 1952, when we opened the first fast food restaurant in Brazil. In 1996, we became the first Brazilian company to list our shares on NASDAQ. Now, we have become the first – and only – fast food company in Brazil to list our shares on the BOVESPA, offering Brazilian investors the unique opportunity to participate in the growth of a domestic fast food company that is a household name throughout Brazil.”
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Brazil Fast Food was first approved to trade BDRs on the BOVESPA in 1998, but delayed its plans until Brazil’s economy stabilized. The Company received renewed permission from the CVM (Brazil’s version of the SEC) in July to begin trading its BDRs through Fator Doria Atherino S/A, who can be reached by telephone at (011) 55-11-3068-1045, by fax at (011) 55-11-3061-0023 or by e-mail at doria@doria.com.br.
Brazil Fast Food currently has more than 200 restaurant locations in its chain. Brazil Fast Food Corp., through its wholly owned subsidiary, Venbo Comercio de Alimentos Ltda., a limited liability company that conducts business under the trade name “Bob’s,” owns and operates (both directly and through franchisees) the second largest chain of hamburger fast food restaurants in Brazil.
This press release may contain certain forward-looking statements, which are subject to change. Actual results may differ from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company’s financial results are included in the Company’s Form 10-K for the year ended December 31, 1999.
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