Industry News | September 18, 2001

Checkers Confirms Expiration Date of CHKRZ Warrants

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Checkers Drive-In Restaurants, Inc. (Nasdaq: CHKR) confirmed that its warrants trading under the ticker symbol "CHKRZ'' on the NASDAQ exchange will expire as scheduled on September 26, 2001. The warrants carry the CUSIP Number 162809-13-1.

David Koehler, vice president, chief financial officer and treasurer commented: "The CHKRZ warrants have been scheduled to expire on September 26th ever since Checkers Drive-In Restaurants, Inc.'s merger with Rally's Hamburgers, Inc. in August of 1999. Despite the tragic events of last week, circumstances have not occurred as to necessitate the Company to modify that time schedule.''

A holder of the CHKRZ warrant may exchange one (1) warrant, plus the sum of $4.52 for one (1) share of Checkers Drive-In Restaurants, Inc. common stock (CHKR: NASDAQ). Warrants are to be exercised through American Stock Transfer and Trust (``AST&T''), as exchange agent, at its offices at 6201 15th Avenue, Brooklyn, New York 11219. AST&T may be contacted at (800) 937-5449 or by facsimile at (718) 921-8337.

Brian Doster, vice president, corporate counsel and secretary commented: "While the customary broker protection period was previously provided for, we will also do our best to make all appropriate accommodations given ongoing developments.''

As of June 18, 2001, Checkers Drive-In Restaurants, Inc. and its franchisees own 421 Checkers (R) operating primarily in the Southeastern United States and 426 Rally's (R) operating primarily in the Midwestern United States. Checkers recently relocated its headquarters from Clearwater, Florida to Tampa, Florida. For more information about the Company, please visit www.checkers.com .