January 19, 2000 12:31pm
Million Dollar Saloon Announces Change of Control
Source: BUSINESS WIRE
by: Company Press Release
(DALLAS, TX) -- Million Dollar Saloon, Inc. ("Company") (OTC BB:MLDS - news) announced today that Duncan Burch and Nick Mehmeti have acquired 3,351,574 shares of the Company's common stock in a private transaction from W-W Investments, L.L.P. and affiliated entities.
Messrs. Burch and Mehmeti are owners and operators of adult entertainment centers, night clubs and restaurants in Texas. As part of the transaction, Mike Garrett resigned as a director. Mr. Burch and Mr. Mehmeti were elected to the Board of Directors. Dewanna Ross will continue to serve the Company as its Chief Operating Officer.
With the acquisitions of the additional shares, Messrs. Burch and Mehmeti and their affiliates own approximately 3.7 million shares or 65% of the Company's outstanding common stock.