CORRECTION

BJ’s Restaurants, Inc. Announces $70 Million Investment from Act III Holdings and T. Rowe Price

HUNTINGTON BEACH, Calif., May 01, 2020 (GLOBE NEWSWIRE) -- In a release issued under the same headline on Friday, May 1st by BJ's Restaurants, Inc. (Nasdaq: BJRI), please note that Greg Trojan's quote in the second paragraph has since been updated. The corrected release follows:

BJ’s Restaurants, Inc. (NASDAQ: BJRI) today announced that it entered into definitive agreements to sell $70 million of common stock to Act III Holdings, LLC. and funds and accounts advised by T. Rowe Price Associates, Inc. (collectively, the “investors”).

“On behalf of our team members, shareholders, Board of Directors and all BJ’s stakeholders, we are delighted to announce this new investment by Ron Shaich and Act III, and by funds and accounts advised by T. Rowe Price Associates,” commented Greg Trojan, Chief Executive Officer. “The capital raise announced today, together with other recent actions we have taken, will enhance BJ’s liquidity and strengthen our ability to welcome back our team members and re-open dine-in service at our restaurants in accordance with the social distancing and safety protocols mandated by state and local governments to ensure the health and safety of our guests and team members. BJ’s maintains a strong concept and brand, with a long-term focus on sales driving and productivity initiatives, future growth prospects, and the daily commitment of our valued team members. We believe this investment will prove invaluable as we re-open our dining rooms and continue to deliver the delicious food, dining experiences and guest service and hospitality that consumers have come to love and expect from BJ’s.”

Ron Shaich, Managing Partner of Act III Holdings, LLC said, “I have long admired BJ’s differentiated position within casual dining and the quality of its execution. The result is a company that is generating some of the highest average unit sales and guest traffic metrics in the industry. This is a testament to the strength and tenure of BJ’s management team, from the Restaurant Support Center down to the restaurants themselves. BJ’s ability to stay ahead of changing consumer trends, while remaining true to its brand heritage, provides a platform to ignite future growth, and the opportunity to more than double its current restaurant footprint. In sum, we have made this investment to help ensure BJ’s has the resources and capabilities to thrive well into the future.”