Investor Group Withdraws Offer to Purchase Brazil Fast Food Corp.

Brazil Fast Food Corp.

, the second largest fast-food restaurant chain in Brazil with 1,085 points of sale, today announced that the investor group (the "Investor Group") has withdrawn its offer to acquire all outstanding shares of the Company not owned by the Investor Group. The offer was for US$15.50 per share in cash under a merger agreement with the Company. That merger agreement was terminated by the Investor Group this morning following a Company stockholder meeting at which an insufficient number of stockholders voted in favor of the proposal. In its termination letter to the Company, the Investor Group stated, "We continue to believe that the $15.50 price recommended by the special