SOURCE: Diner's Acquisition Corporation

February 07, 2007 09:00 ET

Diner's Acquisition Corporation Enters LOI to Acquire Lucky Lou's

SCOTTSDALE, AZ -- (MARKET WIRE) -- February 7, 2007 -- Diner's Acquisition Corporation (OTCBB: DAQC) is very pleased to announce that it has reached an agreement to acquire Lucky Lou's restaurants based in the Greater Phoenix area. As per the terms of the Agreement, Diner's will acquire Lucky Lou's through a Preferred Share exchange agreement with the partners of Lucky Lou's. Diner's has already begun its due diligence process and anticipates a closing of the transaction shortly.

Lucky Lou's is a casual restaurant concept that sports a Las Vegas style décor with polished concrete floors, dark wood, an open bar, plenty of televisions for viewing sporting events, a comfortable sound system for music, and a beautiful roulette wheel behind the bar that provides a bustling atmosphere for all to enjoy. In addition, an open kitchen along the back end of the bar allows the customers to see the quality and care that goes into preparing each and every meal. Their quality menu consists of hand-cut steaks, homemade soups, fresh sandwiches, burgers, and onion rings, cut and battered fresh daily.

Lucky Lou's first location, in East Mesa Arizona, boasted $1,000,000 in gross revenues in its first year of operation, and they are on track to book revenues well ahead of their first and second years of business. Lucky Lou's is currently slated to open two additional locations in the next year with plans to expand outside of Arizona, including Las Vegas.

Diner's President and CEO, Scott Campbell was quoted as saying, "I love this restaurant! The food is great, the staff is very professional, the Vegas atmosphere is very cool and fun, and best of makes money!"

About Diner's Acquisition Corporation:

Diner's Acquisition Corporation is a franchise development company organized to capitalize on the new, growing demand for "fast-casual/full-service" restaurants in North America. Diner's is poised to take advantage of this new phenomenon by targeting emerging and undervalued restaurant/franchise concepts and owning equity directly in these brands. Diner's intends to grow these brands through expanding corporate growth and franchising by leveraging its skilled team of restaurant and franchise development professionals, deep operational expertise and a database of potential franchisees.

Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2006 filed with the Securities and Exchange Commission.

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    Gary Reid