Sobik's Subs Inc. files Form 10SB with Securities & Exchange Commission; Applies for inclusion on the NASDAQ System

Business Wire, July 25, 1996

MIAMI--(BUSINESS WIRE)--July 25,1996--Robert S. Berg, chairman and chief executive officer of Sobik's Subs Inc. (OTC BB:SBIK) Thursday announced that the company has filed a Form 10SB with the Securities & Exchange Commission, pursuant to Rule 12b of the Securities Exchange Act of 1933.

Such filing converts the company's status to a reporting company from a non-reporting one.

Concurrent with the SEC filing, Berg also announced that the company has filed an application for listing of its securities on the NASDAQ Small Cap system.

Robert S. Berg stated: "With our new reporting status, we anticipate that our accessibility, as well as our ability to tell our story, to the investment community and our shareholders will be enhanced. We are also anticipating that the due diligence activities performed by NASDAQ in review of our application will result in our inclusion on the system." Berg continued: "The company has been transformed in a number of ways including the addition of Popeye's chicken to its operations, the emphasis on development of co-branded units with national convenience store chains and the recent change in bringing on board experienced restaurant management. The Form 10SB filing and our NASDAQ application are logical extensions of our continued growth."

The company expects that its post-merger balance sheet and income statement will allow the company to qualify for a listing on the NASDAQ Small Cap system. Currently, the company has 7,418,349 common shares outstanding. This number has remained constant since the May 1996 acquisition of Sailormen. While there can be no assurances that a NASDAQ listing will be granted, the company believes it will meet all of that exchange's requisite criteria.

Sobik's Subs Inc. is one of the southeastern U.S.'s fastest growing operators of multiple restaurant concepts. Based in Miami, the company's operations include the 56-unit Sobik's Subs chain of submarine sandwich shops in the Southeast and Midwest and an 11-unit Popeye's Chicken territory in South Florida. The company is looking to co-brand the Sobik's name with other food concepts, and to acquire additional territories for its Popeye's concept.

CONTACT: Sobik's Subs, Inc., Miami

Robert S. Berg, 305/670-0746

or

Market Management International Inc., Orlando, Fla.

Rob Bleckman, 407/841-1350

or

Corporate Relations Group

Jim Spratt, 407/628-5700