SCOTTSDALE, Ariz., April 1, 2013 (GLOBE NEWSWIRE) -- Star Buffet, Inc. (STRZ.PK) today announced that the company has sold its former JB's Restaurant in Sierra Vista, Arizona. Proceeds from the real estate sale were used to repay Wells Fargo Bank, N.A. in accordance with the company's Second Amended Joint Plan of Reorganization which was approved by the United States Bankruptcy Court for the District of Arizona on December 17, 2012.
"This real estate sale represents the first of a number of anticipated asset sales in the current fiscal year," said Robert E. Wheaton, Star Buffet's president. Commenting further, Mr. Wheaton stated, "Proceeds from pending sales will also be used to reduce the outstanding loan balance with Wells Fargo."
Safe Harbor Statement
Statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, and actual results could vary materially from the descriptions contained herein due to many factors, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, the results of financing efforts, implementation of the Company's acquisition and strategic alliance strategy, the effect of the Company's accounting policies and other risks detailed in the Company's Form 10-K for its fiscal year ended January 25, 2010, and other filings with the Securities and Exchange Commission. Copies of all of the Company's filings with the SEC are available to the public on the SEC's web site at http://www.sec.gov. The Company undertakes no obligation to update any forward-looking statements.
About Star Buffet, Inc.
Star Buffet, Inc. is a multi-concept restaurant operator. As of April 1, 2013, Star Buffet, Inc. through its subsidiaries, operated seven 4B's restaurants, five JB's restaurants, three K-BOB'S Steakhouses, three Barnhill's Buffet restaurants, two Western Sizzlin restaurants, two JJ North's Country Buffet restaurants, two Pecos Diamond Steakhouses, one Casa Bonita Mexican theme restaurant, one BuddyFreddys restaurant and one Bar-H Steakhouse.
CONTACT: Robert E. Wheaton President, CEO Star Buffet, Inc. (480) 425-0397Source:Star Buffet, Inc.