BOCA RATON, Fla., April 14, 2005 (PRIMEZONE) -- Invicta Corporation (Pink Sheets:IVIA) announced today that it had completed its acquisition of Executive Restaurant Group, Inc., owner and operator of "Joseph's", a 500-seat restaurant, catering and entertainment complex located at the Ft. Lauderdale Executive Airport in Fort Lauderdale, Fla. The purchase price was $1.2 million in cash, assumed debt and common stock.
The Company announced plans to expand the outdoor portion of the three-acre facility to include live entertainment events, and to increase its marketing of corporate functions and catered affairs. The Company also plans to establish an aviation catering operation to service the private and corporate jet owners and the fixed-base operators (FBOs) located at the airport, which is one of the nation's busiest general aviation airports.
The previously approved change of name of the corporation to Executive Hospitality Corporation will take effect on May 1, 2005, at which time a new trading symbol will be assigned. The Company is continuing to explore additional acquisition opportunities within the hospitality industry, primarily in the South Florida market.