Bowlin Travel Centers, Inc. Announces Issuer Tender Offer

ALBUQUERQUE, N.M., Feb. 01, 2024 (GLOBE NEWSWIRE) -- Bowlin Travel Centers, Inc. (OTC Pink Sheets: BWTL) (the “Company”) announced today the commencement of a tender offer to repurchase from all shareholders who are not directors, executive officers, or other insiders of the Company (the “Eligible Holders”), on a pro rata basis, up to $1 million of the Company’s common shares at a purchase price of $4.00 per share, totaling a maximum of 250,000 shares (the “Tender Offer”).

The Company expects to fund the purchase of shares in the Tender Offer with available cash. The Tender Offer is being made pursuant to, and subject to the terms and conditions in, the Offer to Purchase and Letter of Transmittal, dated February 1, 2024 (collectively with any ancillary documents thereto, the “Offering Documents”). The Tender Offer is scheduled to expire at 5:00 p.m., New York City time, on March 1, 2024 (as such date and time may be extended or earlier terminated, the “Expiration Date”).

The obligation of the Company to accept for purchase, and to pay for, any shares validly tendered and accepted for purchase pursuant to the Tender Offer is conditioned upon the satisfaction or waiver of the conditions described in Section 10 of the Offer to Purchase, entitled “Conditions to the Offer.” The Tender Offer is not conditioned upon any minimum number of shares being tendered. The Company reserves the right, in its sole discretion, to waive any and all conditions to the Tender Offer. Subject to applicable law, the Company may amend, extend, terminate or withdraw the Tender Offer.

If more than 250,000 shares are duly tendered and not withdrawn prior to the Expiration Date, any amount of the shares accepted for payment and purchased will be prorated, disregarding fractions, subject to the terms and conditions of the Tender Offer. As a result, each Eligible Holder that validly tenders shares may have a portion of their shares returned to them, and the amount of shares returned will depend on the level of participation of Eligible Holders in the Tender Offer. Such shares will be returned promptly following the Expiration Date.

The Tender Offer is being made and offered only to Eligible Holders, solely pursuant to the terms and conditions set forth in the Offering Documents. Copies of the Offering Documents are being mailed to shareholders of record. Eligible Holders should read carefully all the Offering Documents because they contain important information, including the various terms of, and conditions to, the Tender Offer.