Soul to Go swaps shares with Empire

Nation's Restaurant News, Jan 11, 1993

NEW YORK -- Soul To Go Inc., a takeout and delivery soul food concept anchored by the Shark Bar soul food restaurant in Manhattan, has exchanged shares with publicly traded Empire Ventures.

The transaction included the issuance of 5,031,250 shares to the present shareholders of Soul To Go Inc. The shares issued to the shareholders of Soul To Go represent a 92-percent interest in Empire Ventures, which will change its name to STG International.

The equity merger is a prelude to a possible initial public offering.

"The reason we opted to effectuate an exchange was to capitalize on the upswing in the capital markets, which we believe will result in us raising a substantial amount of equity for our expansion and growth," said Michael Vann, president and chief executive officer of STG International.