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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BOSTON RESTAURANT ASSOCIATES, INC. owns 12 Pizzeria Reginas and four Polcari’s. In addition, the Company also franchises both Pizzeria Regina and Polcari’s.
Statements about the company’s future expectations, including future expansions, franchising, revenue and earnings, and all other statements in the press release other than historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time the Company’s actual results could differ materially from expected results.
