Lisa Kro Named to Famous Dave's Board of Directors

Minneapolis, (BUSINESS WIRE) -- Famous Dave's of America, Inc. (NASDAQ: DAVE) today announced that Lisa Kro, managing director and chief financial officer of Goldner Hawn Private Equity, a Minneapolis-based equity investment firm, has been named to the company's board of directors.

Mary Jeffries, a board member since 2003 and Chair of the audit committee, announced her resignation from the board in order to focus on the day-to-day operations of Minnetonka-based Polaroid Corporation, where she is chief executive officer.

"We are thrilled to have someone of Lisa's experience and caliber join our board," said K. Jeffrey Dahlberg, chairman of the board at Famous Dave's of America. "Lisa brings a level of financial expertise and industry experience that will serve our company well as we move forward in this difficult operating environment and return to our historic growth rates when conditions improve. I also want to thank Mary Jeffries for her service to our company. She was an excellent board member, and we thank her for her passion, wisdom and insight."

Kro, 43, joined Goldner Hawn as its CFO in 2004, assuming responsibility for investor relations, fund management and oversight of the firm's internal operations. She was named a managing director of Goldner Hawn in 2005. Over the past five years Kro has been involved with the acquisition, monitoring and sale of various Goldner Hawn portfolio investments. Prior to Goldner Hawn, Kro spent 17 years at the accounting firm of KPMG LLP, where she served as partner in charge of the firm's Minneapolis consumer and industrial business practice. In that role, she was responsible for developing new client relationships with food, consumer product and retail companies throughout the Upper Midwest. She also served as the audit partner for several of KPMG's Fortune 500 clients. She gained international experience while working in KPMG's Munich office from 1991-1992.

"In Lisa, we believe we have found an individual with the breadth and depth of financial expertise needed by a company such as ours," Dahlberg said. "Her audit experience and her experience in the food, consumer product and retail industry will add a high level of accounting and industry-specific knowledge to our board."

The company indicated that Kro, who qualifies as a 'financial expert', would serve as Chair of the Audit Committee and would also serve on the company's Strategic Planning Committee.

Kro currently serves on the board of Specialty Commodities, Inc., a Fargo-based global supplier and distributor of specialty food ingredients providing customers with sourcing, logistics, and marketing intelligence. She also currently serves as a director of The Lutheran Community Foundation. She is a graduate of Minnesota State University-Moorhead and is a licensed CPA.

About Famous Dave's

Famous Dave's of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of today, the company owns 47 locations and franchises 126 additional units in 37 states. Its menu features award-winning barbequed and grilled meats, an ample selection of salads, side items and sandwiches, and unique desserts.

Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company's actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company's SEC reports.

SOURCE: Famous Dave's


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