Message #26 From:
NewsBot Date: February 20, 2007 05:00:00 AM
UWNK News uWink Issues Stockholder Letter Detailing Progress of Business
LOS ANGELES--(BUSINESS WIRE)--uWink, Inc. (OTCBB:UWNK), a publicly-held digital entertainment company, today provided shareholders with a letter from CEO Nolan Bushnell updating them on the progress of the business since the opening of the company’s first restaurant.
"Today, I am very proud to announce that we believe that uWink has delivered strong proof of concept for the next innovation in the restaurant industry," stated Nolan Bushnell, CEO.
Following is the full text of the letter:
February 20, 2007Dear Shareholder,I wanted to personally thank you for your support and give you anassessment of the progress of uWink and our first restaurant. Today, Iam very proud to announce that we believe that uWink has deliveredstrong proof of concept for the next innovation in the restaurantindustry.Since we opened the doors to our prototype restaurant in WoodlandHills, California on October 16, 2006, our monthly revenues have grownsteadily from $30,000 in October to $87,000 in November to $161,000 inDecember to $185,000 in January '07. We expect to continue our revenuegrowth as we layer in additional capacity and software designed tocreate activities that will add revenue streams and fill therestaurant during traditionally slow times.With little promotion, we are currently serving approximately 3,000 -3,500 guests per week in Woodland Hills, and these guests are playingbetween 50,000 and 60,000 games per week on our terminals. Ourcustomers' level of engagement with our entertainment offerings hasfar exceeded our expectations.The uWink experience - the ambience, the food, the fun, the service -is attracting new customers everyday. We are currently running onehour-plus wait times on weekends. We will be adding additional insideand outside seating in the next few weeks to meet the current andgrowing crowds.Just to note, all of this has been accomplished in LESS THAN FOURMONTHS, with word of mouth being our main promotion vehicle. I'm veryproud that we have been able to prove our concept, despite opening ourfirst restaurant in a historically difficult restaurant location, andthat we have become a destination for so many.And, as with any innovative endeavor, we are working to improve thingsin response to customer feedback. In the next few weeks we will bemaking significant changes to our ordering process to give ourcustomers more flexibility and control over when and how their ordersare sent to the kitchen. We are also making improvements to thecheckout process and plan to make noteworthy changes to our table,chair and terminal designs in our next location.Over the next several weeks we plan on rolling out the next phase inuWink game play, which will allow group competitions and tournamentplay. Stay tuned! We believe this is a very important addition to theoverall uWink experience. To help build the uWink community and tobetter communicate the uWink experience, we will be unveiling asignificant upgrade to our website. This new website is designed to beflexible enough to grow along with us, and robust enough to provideour fans, shareholders, franchisees and customers all the information,community and resources they need.Our food reviews from the press and customers have been excellent, atestament to our Executive Chef Greg Schroeppel's menu and execution.Following are quotes from some of the press food reviews: "The food is designed to be a primary draw. The globally inspired menu of uWink includes such appetizers as Thai-style chicken lettuce cups, barbecued pork sliders and hummus with olive tapanade served with fried yucca chips." - LISA JENNINGS, NATION'S RESTAURANT NEWS "Burger fanciers can enjoy a field day here, being able to make their half-pounder just about any way they like it. "Build your own" invites the alluring option. Just touch the screen and you get what you want here. Even your horoscope." - LARRY LIPSON, RESTAURANT REVIEWER LA DAILY NEWSWe plan on growing through a combination of company-owned andfranchised stores. We are currently in active negotiations on a numberof additional restaurant sites in the Los Angeles and greaterCalifornia areas. In addition, we are in various stages ofnegotiations with a number of potential franchisees. While we cannotguarantee that we will be able to secure additional sites or sellfranchises, we hope to have some definitive news for you in the comingweeks and months.Overall, I am extremely impressed with where we are to date. I'm proudto be part of the great team that has effectively transformed thisinnovative concept into a successful reality. Thank you for yoursupport and I look forward to a prosperous future.Sincerely,Nolan BushnellCEOuWink, Inc.
The letter to the shareholders can also be accessed via uWink’s blog: http://blog.uwink.com.
uWink, Inc. is a publicly-held digital entertainment company based in Los Angeles, California that develops interactive entertainment for restaurants, bars, and mobile devices. Led by entertainment and restaurant visionary Nolan Bushnell, founder and former CEO of Atari and Chuck E. Cheese (NYSE: CEC), uWink is currently building a new entertainment dining experience called uWink that leverages uWink’s proprietary network and entertainment software. For more information visit: www.uwink.com.
