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Ark Restaurants Corp. (NASDAQ: ARKR) announced today that it has entered into a long term agreement with New Meadowlands Racetrack LLC to provide food and beverage services for the new racing facilities being constructed at the Meadowlands Racetrack in northern New Jersey. New Meadowlands Racetrack LLC has a long term lease with the State of New Jersey and expects the new facility to be open in mid-November. Ark’s agreement extends to any future development at the race track site. In conjunction with this agreement, Ark will make an equity investment in New Meadowlands Racetrack LLC.
Ark also acknowledged receipt of a letter from Landry’s, Inc. dated March 7, 2013. As previously announced, the Ark board of directors had carefully reviewed with its independent financial and legal advisors Landry’s unsolicited proposal made in February—and unchanged in the March 7 letter—and determined that it is inadequate, not compelling and not in the best interests of Ark’s shareholders taking into account, among other things, the Company’s future prospects and the ability of the Company’s experienced management to operate and grow the Company’s business. In light of the foregoing, the board of directors has no intention of waiving the applicability of the New York takeover statute which is expressly intended to protect companies against inadequate and potentially coercive unsolicited proposals such as that from Landry’s.
Except for historical information, this news release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve unknown risks, and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the Company's filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results could differ materially from those anticipated in these forward-looking statements, if new information becomes available in the future.