WICHITA, Kan., July 29, 2002 (PRIMEZONE) -- Lone Star Steakhouse & Saloon, Inc. (Nasdaq:STAR) announced that its Board of Directors has approved the repurchase by Lone Star Steakhouse & Saloon, Inc. of up to an additional 10% of the outstanding shares of the Company, or approximately 2.2 million additional shares. Any repurchases would be made from time to time in the open market or in negotiated transactions pursuant to the "safe harbor" rules of the Securities and Exchange Commission. Repurchases will be effected if and when management deems prudent.
Lone Star owns and operates 249 domestic and 24 international Lone Star Steakhouse & Saloon restaurants; 15 Sullivan's Steakhouse restaurants; and five Del Frisco's Double Eagle Steak House restaurants. Licensees operate three domestic and one international Lone Star restaurants, and one domestic Del Frisco's Double Eagle Steak House restaurant.
This press release contains certain forward-looking statements 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 including future performance 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.