Blimpie International, Inc. (Amex: BLM) and a private investor group have signed a
definitive agreement under which the investor group would purchase all outstanding shares of the company's common stock.
Blimpie International, Inc.,
is selling or closing
seven company-owned restaurants in order to focus on its core businesses of
franchising multiple concepts and providing design and equipment services.
Blimpie announces the second payment of a semi-annual dividend for the
company's fiscal year ending June 30, 2001. The company will pay $.035 per share on April 16, 2001 to shareholders of record at the close of business on April 2, 2001.
Blimpie International, Inc. (Amex: BLM) announced November 18 that the filing of its Form 10-K will be further delayed as it continues to evaluate its revenue recognition policy for subfranchise and master license fees.