WICHITA,Kan., Aug. 6, 1999 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. (Nasdaq:STAR) announced that its Board of Directors has approved the repurchase by Lone Star Steakhouse & Saloon, Inc. of up to an additional 10% of the outstanding shares of the Company, or approximately 3.5 million additional shares. Any repurchases would be made from time to time in the open market or in negotiated transactions pursuant to the "safe harbor" rules of the Securities and Exchange Commission. Repurchases will be effected if and when management deems prudent.
Under the most recent previous authorization, the Company has purchased approximately 3.9 million shares bringing total share repurchases to 6 million shares since May, 1998.
Lone Star owns and operates 264 domestic and 40 international Lone Star Steakhouse & Saloon restaurants; 13 Sullivan's Steakhouse restaurants; and three Del Frisco's Double Eagle Steak House restaurants.
This Press Release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the Company believes the assumptions underlying the forward-looking statements contained herein, including the development plans of the Company, are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained it the Press release will prove to be accurate.