MINNEAPOLIS - July 14, 2015 // GLOBE NEWSWIRE // - Famous Dave's of America, Inc. (Nasdaq:DAVE) today announced the appointment of Joseph M. Jacobs and Richard A. Shapiro to the Company's board of directors. Messrs. Jacobs and Shapiro are senior representatives of Wexford Capital LP, which owns approximately 19% of the Company's stock. The appointments were precipitated by Wexford's expressed interest in playing an active leadership role in the Company. Mr. Jacobs has been appointed to serve as the board's new chairman. Former chairman, David J. Mastrocola, Brett D. Heffes and Edward H. Rensi have resigned as directors in connection with these additions.
Mr. Jacobs co-founded Wexford Capital LP in 1994 and serves as Wexford's President. He has served on the board of directors of a number of public and private companies in which Wexford holds investments. He is principally involved in Wexford's private equity investments.
Mr. Shapiro is a partner and portfolio manager at Wexford. He serves as Co-Head of Equities and is a member of the firm's Hedge Fund Investment Committee. Prior to joining Wexford in 2011, Mr. Shapiro was a Managing Director and Portfolio Manager at Millennium Management.
Wexford Capital LP is a Greenwich, CT and West Palm Beach, FL based investment advisor with over $3.5 billion of assets under management in a series of affiliated private equity and hedge funds and managed accounts.
Mr. Jacobs said, "I am delighted to join the Famous Dave's board of directors. Famous Dave's is a company with a great heritage and spectacular products in a growing sector. We are very enthusiastic about the Company's prospects for growth and I look forward to working with the other members of the board to improve the Company's business."
Mr. Shapiro said, "Joe and I are excited to join the Famous Dave's board and to help the Company grow its business. In our view, this is an important time for Famous Dave's and we are excited to work with the Company and the board to help position the Company for future growth and success."
Adam J. Wright, director and interim Chief Executive Officer, said, "We welcome the proven leadership and experience that our new directors bring to the board. Our focus is on what has made us Famous from the start, offering our guests legendary pit barbeque that has won over 700 national awards. At company-owned stores we are improving our guests' experience by reintroducing iconic items like our corn bread muffins, increasing portion sizes, and adding affordable new menu items for the entire family made from scratch daily."
Famous Dave's of America, Inc. develops, owns, operates and franchises barbeque restaurants. As of today, the company owns 49 locations and franchises 132 additional units in 33 states, the Commonwealth of Puerto Rico, and Canada. Its menu features award-winning barbequed and grilled meats, an ample selection of salads, side items and sandwiches, and unique made-from-scratch desserts.
Statements in this press release that are not strictly historical, including but not limited to statements regarding the Company's operating objectives and plans and prospects for growth, 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 of America
Chief Financial Officer