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Luby’s, Inc. Signs Agreement to Sell the Fuddruckers Franchise Business to Nicholas Perkins

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Luby’s, Inc. (“Luby’s” or the “Company”) (NYSE: LUB), today announced the Company has entered into an agreement to sell the Fuddruckers franchise business operations to a newly formed affiliate of Nicholas Perkins. The Company had previously sold/franchised a number of Company owned Fuddruckers restaurants to a Perkins affiliate, making him one of the largest Fuddruckers franchisees. 

The purchase by the Perkins affiliate, Black Titan Franchise Systems LLC, encompasses the master ownership of the Fuddruckers brand worldwidei. The Fuddruckers brand currently has 92 locations operating in the United States, including 13 locations operated by affiliates of Mr. Perkinsii. It is currently anticipated the Fuddruckers franchise brand sale transaction could provide Luby’s, Inc. with approximately $18.5 million of value (most of which will be derived from the purchaser’s issuance of a note to Luby’s and assumption of certain liabilities). There can be no assurance that the Company will realize or receive the full value of such consideration. The Company does not currently plan to adjust the estimated liquidation value of the Company as a result of this transaction. This amount is in addition to the value the Company will realize from the sale of Company owned real estate at a number of Fuddruckers Company owned stores.

“We’re excited to be purchasing Fuddruckers and look forward to working with Fuddruckers’ many dedicated, highly capable franchisees to further build this brand,” said Mr. Perkins, CEO of Black Titan Franchise Systems. “As a Fuddruckers franchisee, I have a vested interest in ensuring that all Fuddruckers franchisees have the resources, infrastructure, and operational and marketing support they need to maximize their return on investment. This strategic alignment, when combined with the fact that we sell the ‘World’s Greatest Hamburgers’™, will ensure the long-term success of the brand and our franchisees.”

The sale of the Fuddruckers franchise operations is another step in the execution of the previously announced plan of Luby’s to sell its assets, pay its liabilities, and return the remaining cash to shareholders under a formal plan of liquidation and dissolution approved by its shareholders on November 17, 2020. The Company and its financial advisor ran a robust sales process for the Fuddruckers franchise business, contacting over 150 entities before accepting the best offer, which came from the Perkins group. The Special Committee of the Board of the Company is being advised by Gibson, Dunn & Crutcher LLP on legal matters and Brookwood Associates on financial matters. The Company is also being advised by Sidley Austin LLP on legal transaction matters. The purchaser is being advised by Gebhardt & Smith LLP on legal matters and Intyllus Advisors LLC on financial matters.

The agreement between Luby’s and the purchaser is subject to normal and customary conditions for transactions of this nature. The transaction is not subject to a financing contingency. The parties currently anticipate the transaction will close within the next ninety days.

Update on Previously Announced Sale of Fuddruckers Locations

Luby’s, Inc. has now also completed the transfer of operations for all five additional Company owned Fuddruckers locations to affiliates of Black Titan Holdings, LLC at Tempe, AZ, Kansas City, KS, St. Louis, MO, MacGregor, Houston, TX, and Creekside, Tomball, TX. Luby’s is also in advanced discussions to complete a sale/franchise of an additional, 14th, Fuddruckers Company owned store to Black Titan, who will continue to run that store as a Fuddruckers franchise.

Following all these transactions, Luby’s, Inc. will have only five remaining stand-alone Company owned Fuddruckers stores operating as well as four combo Fuddruckers operating with Luby’s Cafeterias.

About Luby’s

Luby’s, Inc. (NYSE: LUB) previously announced its plan of liquidation and dissolution, which was approved by its shareholders on November 17, 2020. Besides today’s announcement of the agreement to sell the Fuddruckers business, Luby’s is actively seeking buyers for its Luby’s Cafeterias restaurant business segment and Luby’s Culinary Contract Services business segment, which provides food service management to sites consisting of healthcare facilities, corporate dining locations, sports stadiums, as well as sales of certain frozen Luby’s entrees through retail grocery stores. Luby’s also owns real estate assets related to its operations, for which it is also in the process of actively seeking buyers.

About Black Titan / Nicholas Perkins

Black Titan Franchise Systems LLC is a special purpose entity formed to own the Fuddruckers franchise business. The Company is affiliated with Nicholas M. Perkins and Black Titan Holdings, LLC which owns and operates 13 Fuddruckers franchises with plans to acquire two additional Fuddruckers locations. Mr. Perkins also owns and operates other food industry related companies. 

Contact: Blair Walker at pr@blacktitaninvestments.com

Business

Bexar County Couple Offers Counseling & Mentorship Program

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Community-based counseling is happening at Ken-Lyn Consultants and Associates, a vision Dr. Kenneth Brown and Dr. Lynda Brown had years ago. The couple is now considered a family counselor and life coach duo. 

Ken-Lyn has been serving Bexar County since 2017 and has grown almost immediately from serving 3-5 clients weekly to serving 50-70 globally. One of their greatest accomplishments is their continuous “5-Star” ratings. Amazingly, of the thousands of clients that have chosen to write a review, they all have shared the same sentiment.  

Dr. Lynda Brown is a product of the East Side, where her father, Dr. Walter Duncan, served as one of the leading dentists to Black clients. Her mom, Dr. Joan Duncan, spent 40 years as an educator and professor. Dr. Kenneth Brown’s mom was an office manager, church leader, and pianist in Southern Maryland. 

The Brown’s services have taken them to faraway places such as Australia, Dubai, Italy, Hawaii, and Alaska. They travel to perform workshops and officiate weddings all over the country. The Brown’s business partner, Tiana Hill, is an Air Force veteran like Dr. Kenneth Brown. A University of Texas at San Antonio graduate, Hill develops all website and software programming, mentors the youth, and is also a parent in the program. Ken-Lyn’s associates and partners are specialists in their fields, such as nurse practitioners, military human resources, special education professionals, attorneys, doctors, pharmacists, information technology specialists, movers, mechanics, realtors, credit recovery, insurance brokers, and many more. 

Ken-Lyn’s vast array of services is “everything family.” Their youngest client is four years old, and their oldest is 86. They have assisted over 110 students to get into four-year universities, helping them earn over $5.2 million in scholarships. Their clientele is diverse, from local families simply trying to keep their child in school to West Coast entertainers, East Coast politicians, doctors, lawyers, police officers, active military and veterans. They also serve as educational advocates during 504/IEP meetings from the school conference room to the Texas Education Agency and the Office of Civil Rights as needed.  

Ken-Lyn Consultants and Associates has been where undergraduate psychology students come to “cut their teeth” and learn how to run a practice and market their services. As of spring 2023, 80% of their undergraduate interns have come from UTSA. Interns serve in the tradition of “camp counselors” as they aid students within the Ken-Lyn mentorship program. 

They say, “We monitor grades. We aid them with everything from hygiene, makeup application, grooming, and college prep to cleaning and organizing backpacks. We help our mentees to discover themselves, despite the possible odds and misunderstandings they may face daily.”

This spring, Ken-Lyn has a busy community schedule while serving clients daily:

  • Their office has recently expanded, and on March 23 at 6:30 pm, they will host a brief “Business Blessing Ceremony.” Dr. Otis Mitchell, pastor of Mt. Zion First Baptist Church, will officiate.  
  • On Thursday, March 30, the six-week “12 Steps Toward Communicating Better” workshop will conclude at the Windmill Ice House at 2769 Nacogdoches Rd, featuring artist Elizabeth Holmes and the Ken-Lyn Communicators Band.  
  • Their mentorship program will host female and minority pilots at the Boerne Stage Field, 100 Boerne Stage Airfield, on Sunday, March 26 at 5 pm. 
  • Other mentorship guest speakers this semester will include professionals in tech fields, professors, and adults who have turned their lives around for themselves and their families.  
  • Every semester, students in their program will tour at least two colleges. This semester, they will visit Our Lady of the Lake University and Texas A&M University at College Station.  

To learn more about Ken-Lyn’s services, visit (KenLynConsultants.com) or call 210-761-4345. 

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Black Life Texas

The Black Fund Awards Show in Austin

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Austin Community Foundation, in partnership with leaders of The Black Fund, recently announced tickets are on sale for The Black Fund Awards Show, presented by Netspend, on Feb. 27 from 6 pm to 9 pm at The Paramount Theatre at 713 Congress Ave. in Austin. Members of the community are invited to celebrate 21 Black-led and Black-serving nonprofits selected to receive $355,000 from The Black Fund, a signature partnership of Austin Community Foundation and Black Central Texans

The Black Fund Awards Show will feature appearances by Roland Martin, Taméca Jones, Alesia Lani, Ballet Afrique, Cha’ keeta Banita, and Tje Austin. General admission and VIP tickets are now on sale from $25 to $100 at austincf.org/BlackFundAwards

The Black Fund is a collective giving network launched in 2022 that aims to unleash the power of Black-led organizations and uplift solutions to benefit the Black community in Central Texas. Driven by data and community voice, The Black Fund strives for an equitable, just society that nurtures the growth, economic security, and wellness of Black people. The Black Fund is a key strategy in the Foundation’s effort to close the opportunity gap in Central Texas. Notable contributors and artists will walk the red carpet from 6-7 p.m. 

 The unrestricted, general operating grants will be distributed to the following nonprofits:

  • African American Leadership Institute (AALI)
  • Allure Alliance
  • Austin Black Physicians Association
  • Austin Urban Technology Movement
  • Black Makers Market
  • Black Mamas ATX
  • Black Mamas Village Austin
  • Black Trans Leadership of Austin
  • Capitol View Arts
  • Changing Expectations
  • Excellence and Advancement Foundation
  • Family Preservation Leadership Council
  • Grassroots Leadership
  • Maternal Health Equity Collaborative
  • Roslyn’s Novel
  • The Man in Me
  • Plus, five grassroots organizations to be announced on Feb. 27.
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Business

Increasing Financial Literacy is Critical in Black Wealth

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The nation’s 44 million African-Americans account for 13% of the U.S. population and significantly impact the economy, with $1.2 trillion in purchases annually. But the financial well-being of African-Americans lags behind the U.S. population and whites in particular. 

The reason for these gaps is increased financial literacy. According to the TIAA Institute-GFLEC Personal Finance Index, there is a strong link between financial literacy and financial wellness among African-Americans. The report examines the current state of financial literacy and financial wellness among African-American adults.

The P-Fin Index measures eight key areas of personal finance knowledge: earning, consuming, saving, investing, borrowing and managing debt, insuring, comprehending risk and uncertainty, and go-to information sources.

Personal finance knowledge among African-American adults lags behind that of whites. On average, African-Americans answered 38% of the index questions correctly, with only 28% answering over one-half of the index questions correctly. The comparable figures among whites were 55% and 62%, respectively.

Financial literacy varies across demographic groups within the Black population. The observed patterns are consistent with variations identified in the U.S. population—financial literacy is greater among men, older individuals, more formal education, and higher incomes.

Insurance is the area where personal finance knowledge is lowest among African-Americans. Other areas where knowledge lags are in comprehending risk, investing, and identifying go-to information sources.

Borrowing and debt management is the area of highest personal finance knowledge among Black Americans.

There is a strong link between financial literacy and financial wellness among African-Americans. Those who are more financially literate are more likely to plan and save for retirement, have non-retirement savings, and to manage their debt better; they are also less likely to be financially fragile.

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