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Atomic Burrito, Inc. (NASDAQ:ATOM) announced August 30 that it plans to sell its Atomic Burrito restaurant division and re-focus on its profitable nightclub operations. The company also announced that Don W. Grimmett has been named president, replacing James E. Blacketer, who recently resigned.
Blacketer, the company's president since 1996, resigned to re-enter the private sector and develop additional restaurants, including possibly the Atomic Burrito chain. He has formed an investor group and is exploring various opportunities in the industry.
"As we evaluated and analyzed our business units, it became apparent that our success was with the nightclubs, and that the future direction of the company should be in this area,'' said Grimmett.
Grimmett said he hoped to have all of the Atomic Burrito restaurants sold by the end of 2000.
Atomic Burrito owns and operates five Atomic Burrito restaurants located primarily in the southwest. The company also owns and operates two country and western nightclubs under the name "InCahoots'' in Wichita and in St. Louis.