Silver Diner Development starts trading on Nasdaq

Nation's Restaurant News, April 22, 1996

ROCKVILLE, Md. -- A merger of Food Trends Acquisition Corp. with Silver Diner Development Inc., with Silver Diner emerging as the new name for the surviving entity, has been approved by shareholders of both companies.

In the merged corporation, 57 percent of the stock went to Silver Diner shareholders with 43 percent going to the former Food Trends group. The stock of the company is being traded under the ticker symbol SLVR on the Nasdaq National Market.

Silver Diner's stock in mid-April was selling at $7.75, up from its end-of-March price of $6.

The company operates six "best of the old" diners in the Washington-Baltimore metropolitan area and projects opening up to eight more through 1997. It currently is evaluating sites in metropolitan Philadelphia, northern New Jersey and South Florida.

Added to the Silver Diner board of directors, as part of the merger agreement, were two former Food Trends executives: George Naddaff, former chairman of Boston Chicken Inc., and Douglas Suliman Jr.

Robert Giaimo, chairman and president of Silver Diner, with 32 percent of the corporation's stock, is the largest shareholder.