BT Brands, Inc (NASDAQ:BTBD)

WEST FARGO, ND, UNITED STATES, February 24, 2023 /EINPresswire.com/ -- CONTACT FOR FURTHER INFORMATION:
KENNETH BRIMMER 612-229-8811
BT Brands Amends Its Noble Roman’s 13D Filing

BT Brands, Inc. (Nasdaq: BTBD and BTBDW), “BT Brands” or “BTBD” operator of quick-service Burger Time restaurants, Keegan's Seafood Grille and Pie in the Sky Bakery and Coffee, announced today it had filed an amended Schedule 13D with the Securities and Exchange Commission regarding its investment in Noble Roman’s, Inc. (OTC: NROM).

BT Brands amended filing indicates it beneficially owns 1,261,153 Noble Roman common stock shares, representing 5.7% of the outstanding shares.

The Form 13D can be accessed at SEC.gov. The Amended filing notes BT Brand’s intention to seek information available to shareholders under Indiana law, including information regarding the critical audit matter communicated to the Board of Directors. In addition to seeking information, BT Brands expects to pursue the removal of the “staggered” board provision of the Noble Roman’s bylaws and to pursue putting forth one or more nominees for election to its Board of Directors.

BT Brands’ Form 13D also noted that Noble Roman’s had obtained loans from third parties at high-interest rates. BTBD believes the Issuer could achieve profitability if it refinanced existing debt and made other reasonable modifications to its business and operations. BTBD believes that the market price for Noble Roman’s’ common stock will benefit from refinancing and other modifications to the business, benefiting all Noble Roman shareholders, including BTBD.
As noted in its original filing, BTBD engaged in discussion with a member of the board of directors of Noble Roman’s, regarding possible approaches to refinance the approximate $8.5 million senior secured promissory on better terms. Based on the current LIBOR, the required loan payments will potentially rapidly consume Noble Roman’s available cash balance.

Since the original filing, BTBD has sent correspondence to Noble Roman’s board of directors. Among other things, the BT Brands letter noted the financial expertise of the independent directors and their apparent ability to evaluate the company’s financial and liquidity issues, including the proposals of BTBD. Noble Roman’s, through its chief financial officer, declined BTBD's offer without discussing its proposals with BTBD.

About BT Brands, Inc.: BT Brands, Inc. (BTBD and BTBDW) owns and operates a fast-food restaurant chain called Burger Time with locations in North and South Dakota and Minnesota. In 2022 the Company acquired Keegan Seafood Grille near Clearwater, Florida, Pie In The Sky Coffee and Bakery in Woods Hole, Massachusetts, and Village Bier Garten in Cocoa, Florida. BT Brands is seeking acquisitions within the restaurant industry.

About Noble Roman’s, Inc. (OTC Markets: NROM) Noble Roman’s, Inc., an Indiana corporation incorporated in 1972, sells and services franchises and licenses and operates Company-owned stand-alone restaurants and non-traditional foodservice operations under the trade names “Noble Roman’s Craft Pizza & Pub,” “Noble Roman’s Pizza,” Noble Roman’s Take-N-Bake,” and “Tuscano’s Italian Style Subs.” Operating under the trade names “Noble Roman’s Pizza” and “Noble Roman’s Craft Pizza & Pub”, The company has two business segments: non-traditional franchised or licensed locations serving its products generally within some other underlying business, and its flagship, full-service pizzeria concept known as Craft Pizza & Pub.

Forward-Looking Statements Disclaimer:

This press release contains forward-looking statements within the meaning of federal securities laws. The words "intend," "may," "believe," "will," "should," "anticipate," "expect," "seek," and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, which may cause the Company's actual results to differ materially from results expressed or implied by the forward-looking statements. These risks include such factors as the disruption to our business from the recent pandemic and the impact on our results of operations, financial condition, and the impact of federal, state, and local government actions and customer behavior in response to the pandemic and its aftermath, the impact and duration of staffing constraints at our restaurants, increased competition, cost increases or shortages in raw food products, and other matters discussed under the Risk Factors section of reports filed with the SEC, and other filings with the SEC. BT Brands disclaims any obligation or duty to update or modify these forward-looking statements.
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Kenneth Brimmer
BT Brands Inc.,
+1 6124145104
email us here

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