Sardar Biglari Issues Letter to Shareholders of Friendly Ice Cream Corporation
04 Dezember 2006 - 8:36PM
PR Newswire (US)
ROANOKE, Va., Dec. 4 /PRNewswire-FirstCall/ -- Sardar Biglari,
Chairman of the Board of Western Sizzlin Corporation (OTC:WSZL)
(BULLETIN BOARD: WSZL) , issued a letter today to the shareholders
of Friendly Ice Cream Corporation (AMEX:FRN) concurrent with the
launch of http://www.enhancefriendlys.com/. A copy of the letter
may also be accessed at the new website. Western Sizzlin Corp., The
Lion Fund, L.P., Biglari Capital Corp. and Sardar Biglari as a
group are owners of an aggregate of approximately 15% of the
outstanding common stock of Friendly Ice Cream Corp., making them
Friendly's largest shareholder. The group intends to nominate Mr.
Biglari and Dr. Philip L. Cooley -- a director of The Lion Fund and
Vice Chairman of Western Sizzlin -- for election to Friendly Ice
Cream Corp.'s board at the next annual meeting of shareholders to
be held in 2007. In his letter to shareholders, Mr. Biglari states:
"We are taking the pro- active approach because we believe it is
time for change at Friendly's and we see opportunities -- set in
motion by sound change -- to create tremendous value." In addition,
Mr. Biglari states: "The optimal avenue to achieve good corporate
governance and to envision wise means to enhance long-term value is
to place very significant shareholders on the board to ensure a
proper alignment of interests between the board and the
shareholders." Western Sizzlin Corp. is a steak and buffet
restaurant chain operating and franchising in approximately 130
locations. Common stock of the company is listed on OTC Bulletin
Board trading symbol WSZL. DATASOURCE: Western Sizzlin Corporation
CONTACT: Thomas Ball or Ronald Knox of Morrow & Co., Inc.,
+1-203-658-9400; or Robyn B. Mabe, Chief Financial Officer of
Western Sizzlin Corp., +1-540-345-3195 Web site:
http://www.enhancefriendlys.com/
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