Industry News | December 27, 2001

Blimpie Shareholders Vote to Sell Company to Private Investor Group

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Blimpie International, Inc., announced today that a majority of its shareholders approved the sale of the Company to a private investor group. The investor group will purchase all outstanding shares of the Company's common stock.

The closing of the purchase and payment to shareholders is expected to take place within the first two weeks of January 2002. The company's stock will cease to be traded publicly and will be delisted from the American Stock Exchange upon closing.

Blimpie International is a global franchisor of several branded quick-service restaurant concepts. The company's core brand, Blimpie Subs & Salads, has grown to about two thousand franchised outlets across the United States and fifteen foreign countries.