SCOTTSDALE, Ariz., May 18, 2009 (GLOBE NEWSWIRE) -- Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, confirmed today that it has received an unsolicited expression-of-interest from Mill Road Capital L.P., the Company's second largest shareholder, to acquire all of the Company's outstanding shares in a cash merger transaction at $4.60 per share, for each of the approximately 6.5 million shares of Company common stock currently outstanding.
The Company said that its Board of Directors, in consultation with the Company's outside financial advisors and legal counsel, will evaluate Mill Road's proposal carefully and in due course, within the context of the overall Company's strategic and financial plans, and will respond to the proposal appropriately in the best interest of all of the Company's shareholders.
About Kona Grill
Kona Grill restaurants serve a diverse selection of mainstream American dishes as well as a variety of appetizers and entrees with an international influence. Each restaurant also features an extensive sushi menu and sushi bar and is open daily for lunch and dinner. For further information, please visit the Company's website at www.konagrill.com.
Forward-Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements. Forward-looking statements include statements regarding our expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, or performance and underlying assumptions and other statements that are not purely historical. We have attempted to identify these statements by using forward-looking terminology such as "may," "will," "anticipates," "expects," "believes," "intends," "should," or comparable terms. All forward-looking statements included in this press release are based on information available to us on the date of this release and we assume no obligation to update these forward-looking statements for any reason. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company's filings with the Securities and Exchange Commission.