Chicago Pizza & Brewery Inc. (Nasdaq:CHGO; Nasdaq:CHGOW) announced that it has executed a non-binding letter of intent on a site in Lewisville, Texas.
Lewisville is a rapidly growing, upscale community northwest of Dallas. The company expects to develop an 8,000 square foot BJ’s Restaurant & Brewhouse on the site, which is part of a new retail and restaurant development visible from Interstate Highway 35.
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Jerry Hennessy, co-CEO stated: “We are very excited to have reached this preliminary agreement on a site in Texas, which has been a focus of our real estate efforts over the past few months. We believe that Texas will provide a great opportunity for us. We look forward to being a part of the very vibrant restaurant market in Texas, and the Dallas area in particular. We are actively looking for additional sites in nearby communities to create a more significant presence in the market.”
The Lewisville unit is the first to be announced for development in 2002. The company’s objective is to open four to six units that year. The company is currently developing two units: Irvine, Calif. and Chandler, Ariz., which are scheduled to open in August and October 2001, respectively.
The company also announced the recent appointment of Steve Leonard to its board of directors. Leonard has had extensive experience in the areas of investments and real estate management and development. At one point, Leonard’s company owned and managed the largest portfolio of commercial real estate in Colorado.
Paul Motenko, co-CEO, commented, “We are very grateful that Mr. Leonard has agreed to serve on our board. His expertise in business, and in particular, real estate, will certainly be valuable to the company as we implement an accelerated growth strategy.”
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By GlobalDataChicago Pizza & Brewery operates 27 casual dining restaurants, some of which incorporate brewpubs. Fifteen of the restaurants are located in Southern California, one is located in Lahaina, Maui and one is located in Boulder, Colo.
In addition, the company operates four BJ’s restaurants and six Pietro’s restaurants in Oregon. BJ’s restaurants offer customers moderate prices and tremendous value on an incredible menu that includes deep-dish Chicago-style pizza as well as sandwiches, salads, fabulous desserts, critically acclaimed hand-crafted beers and more. Visit Chicago Pizza & Brewery on the Web at http://www.bjsbrewhouse.com.
The information presented herein contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, which are intended to be covered by the safe harbors created thereby. The company’s results may differ significantly from the results indicated by such forward-looking statements. Factors that might cause such differences include, but are not limited to: (i) the company’s ability to manage growth and conversions, (ii) construction delays, (iii) restaurant and brewery industry competition and other such industry considerations, (iv) marketing and other limitations based on the company’s historic concentration in Southern California and current concentration in the Northwest, (v) consumer trends, (vi) increased food costs and wages, including, without limitation, the recent increase in the minimum wage and (vii) other general economic and regulatory conditions.
