WICHITA, Kan., Oct. 8, 2003 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. (Nasdaq:STAR) ("Lone Star" or "Company") announced today that Jamie B. Coulter, Chief Executive Officer of the Company, has established a plan to sell a portion of the Lone Star common shares he owns in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934.
Rule 10b5-1 permits officers and directors of public companies to adopt predetermined plans for selling specified amounts of stock. The plans may be entered into only when the director or officer is not in possession of material non-public information, and may be used to gradually diversify investment portfolios and to minimize the market effect of stock sales by spreading them out over an extended period of time.
Under the plan, Mr. Coulter has directed a broker unaffiliated with the Company to sell, subject to certain conditions, up to 400,000 common shares held by him over the period commencing October 9, 2003 and ending January 30, 2004. Such shares may include up to 400,000 shares issuable upon the exercise of options expiring in January 2004.
Lone Star owns and operates 249 domestic and 19 international Lone Star Steakhouse & Saloon restaurants; 15 Sullivan's Steakhouse restaurants; five Del Frisco's Double Eagle Steak House restaurants and one Frankie's Italian Grille restaurant. Licensees operate three domestic and one international Lone Star restaurants, and one domestic Del Frisco's Double Eagle Steak House restaurant. More information can be found at www.lonestarsteakhouse.com.