Good Times Restaurants Announces the Nomination of Steven Johnson and Reuven
Har-Even to Board of Directors
DENVER -- September 6, 2013
Good Times Restaurants Inc.(NASDAQ: GTIM), a regional restaurant company
focused on operating and developing Good Times Burgers & Frozen Custard and
Bad Daddy’s Burger Bar restaurants, today announced that Steven Johnson and
Reuven Har-Even have been nominated by the Board of Directors of the Company
to be elected as new members of the Board at the Annual Meeting of
Stockholders scheduled to be held on September 27, 2013. They are intended to
fill the Board vacancies created by Neil Calvert’s ceasing to be a Director
and by the enlargement of the Board from seven members to eight.
Mr. Johnson, 54, was the Chief Executive Officer of F&H Acquisition Corp. from
2006 through 2012, which owns and operates the Champps, Fox & Hound, and
Bailey’s restaurant concepts generating over $300 million in sales in 2012.
Mr. Johnson currently serves on the board of directors of Pizza Inn, Inc. From
1999 to 2006, Mr. Johnson served as Chief Executive Officer of Fox & Hound
Restaurant Group. From 1991 until 1998, Mr. Johnson was Chief Operating
Officer for Coulter Enterprises, Inc., a Pizza Hut franchisee operating 100
Pizza Hut restaurants. From 1985 through 1990, he was Controller for Fugate
Enterprises, Inc., a Pizza Hut, Taco Bell and Blockbuster Video franchisee.
Previously, he was employed by the accounting firm of Ernst & Young. Mr.
Johnson is a certified public accountant and is currently a Jimmy John’s
franchisee in Oklahoma City.
Mr. Har-Even, 65, is currently an Executive Vice President and Chief Financial
Officer of P&E Capital, Inc., a family office holding company. In addition to
supervising, managing and guiding the portfolio companies, Mr. Har-Even
evaluated and is currently evaluating numerous investment opportunities in the
restaurant industry. From 2002 to 2005 Mr. Har-Even served as Executive Vice
President and Chief Financial Officer of Tiffen Acquisition LLC, a
photographic equipment manufacturer and distributor. From 2001 to 2002 Mr.
Har-Even served as Chief Financial and Administrative Officer of The Goldman
Group, a global holding company of six machine tool subsidiaries. From 1997 to
2001 Mr. Har-Even served as acting Chief Operating Officer and Chief Financial
Officer of Hayward Industrial Products, Inc., a manufacturer of industrial
filtration products. From 1987 to 1997 Mr. Har-Even served as the Chief
Financial Officer of Hayward Industries, Inc., holding company of the largest
swimming pool equipment manufacturer in North America. Prior to 1987 Mr.
Har-Even was a partner at Grant Thornton, an international accounting and
"The election of Steve Johnson and Reuven Har-Even to our Board of Directors
will be another key step forward for the Company. Steve has deep experience in
the restaurant industry on the operating and financial sides of the business
in both public and private company environments and he brings a wealth of
knowledge and contacts that should be beneficial to our growth and
development,” said David Dobbin, Chairman of the Board. Dobbin added, “Reuven
is an experienced financial executive, having grown and monetized multiple
companies with longstanding relationships in the investment community. We have
a very highly qualified Board of Directors for a company of our size that can
provide high quality governance and guidance as we accelerate our growth as a
The Company also reported that due to illness Neil Calvert has ceased to be a
member of the Board of Directors and to act as independent member and chairman
of the Board’s Audit Committee. Alan Teran will act as interim head of the
audit committee now consisting of himself and Gary Heller. A third independent
Director will be added to the Audit Committee promptly after the September 27
Annual Meeting of Shareholders. Both Mr. Johnson and Mr. Har-Even will
constitute independent Directors and their election will also cause the
Company to again have a majority of independent directors. Prior to such Board
additions the Company is not in compliance with Nasdaq requirements.
About Good Times Restaurants Inc.
Good Times Restaurants Inc. (GTIM) is a regional chain of quick service
restaurants located primarily in Colorado providing a menu of high quality all
natural hamburgers, 100% all natural chicken tenderloins, fresh frozen
custard, fresh cut fries, fresh lemonades and other unique offerings. Good
Times currently operates and franchises 38 restaurants.
Bad Daddy’s Burger Bar is a full service, upscale, “small box” restaurant
concept featuring a chef driven menu of gourmet signature burgers, chopped
salads, appetizers and sandwiches with a full bar and a focus on a selection
of craft microbrew beers in a high energy, family friendly atmosphere. Bad
Daddy’s has received both local and national accolades for the quality and
originality of its food and was most recently named a top 25 burger in the
U.S. by USA Today.
Good Times Forward Looking Statements
This press release contains forward looking statements within the meaning of
federal securities laws. The words “intend,” “may,” “believe,” “will,”
“should,” “anticipate,” “expect,” “seek” and similar expressions are intended
to identify forward looking statements. These statements involve known and
unknown risks, which may cause Good Times’ actual results to differ materially
from results expressed or implied by the forward looking statements. These
risks include such factors as the uncertain nature of current restaurant
development plans and the ability to implement those plans, delays in
developing and opening new restaurants because of weather, local permitting or
other reasons, increased competition, cost increases or shortages in raw food
products, and other matters discussed under the “Risk Factors” section of Good
Times’ Annual Report on Form 10-K for the fiscal year ended September 30, 2012
filed with the SEC. Although Good Times may from time to time voluntarily
update its forward looking statements, it disclaims any commitment to do so
except as required by securities laws.
Good Times Restaurants Inc.
Boyd E. Hoback, 303-384-1411
President and CEO
Christi Pennington, 303-384-1440
Booke & Co.
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