WICHITA, Kansas, Feb. 29, 2000 (PRIMEZONE) -- Total Entertainment Restaurant Corp. (Nasdaq:TENT) today announced that its Board of Directors has authorized an increase in the Company's stock repurchase program of up to an additional 500,000 shares of the Company's common stock. Today's approval supplements the Board's authorization on October 5, 1999 to purchase up to 1,000,000 shares of common stock, of which 891,529 shares have already been purchased. Subject to applicable legal requirements, market and financial conditions, the authorization includes both open market purchases as well as private transactions, at such times and at such prices as the Company deems appropriate.
The Company will fund the repurchase program through available bank credit facilities. Depending upon the number of shares repurchased and the price paid for each share, the share repurchase program could reduce the number of restaurants to be opened during fiscal year 2000 under the Company's current expansion plans.
This Press Release contains certain forward-looking statements of the Company 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 are reasonable, any of the assumptions could be inaccurate, and therefore, there can be no assurance that the forward-looking statements contained in the Press Release will prove to be accurate.