HOLT, Mich., Oct. 16, 2003 (PRIMEZONE) -- Proquest Capital Corporation (Pink Sheets:PROQ) announces that it has filed to change its corporate name to "Hot Brands, Inc." Proquest has filed the necessary papers with the Nevada Secretary of State Corporation Bureau, which has accepted the name change today.
With the name change to "Hot Brands," the company can better communicate to the public and its shareholders its intent to acquire and develop branded companies.
"Strong brand identity starts with our own name -- Hot Brands!" said William Curtis, Chairman and CEO.
More Information about Hot Brands, Inc.
Hot Brands, Inc. operates 44 Hot 'N Now fast food restaurants in Michigan, Wisconsin and Indiana, of which 23 are company owned and 21 are franchised. Systemwide 2002 gross sales for the units were approximately $25 million annually. The Hot 'N Now Business currently has over 450 employees, all of which either work for the corporate office or at the operations of the corporate owned locations.
Hot Brands, Inc. is launching an aggressive effort to acquire other restaurant assets that are synergistic with the Hot 'N Now Business. These acquisitions may be structured as mergers, stock exchanges or cash purchases. Hot Brands, Inc. will favor companies with strong operating revenues that lend themselves to the establishment of a franchise program or similar means of rapid establishment of a distribution network. Hot Brands, Inc.'s management has significant experience in the turnaround of distressed restaurant and food properties and will be looking for sound assets that can be bought inexpensively and overhauled quickly towards profitability.
Except for the historical information presented, the above statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 or regulations thereunder. These forward-looking statements are subject to risks and uncertainties, and actual results may differ materially. These risks include the economic health of the restaurant and fast-food industries, competitive pricing pressures, completion of planned acquisitions and success at integrating and operating the acquired operations and the availability of necessary financing. These statements speak only as of above date, and Hot Brands, Inc. disclaims any intent or obligation to update them.
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