The Steak n Shake Company Announces Appointment of New Chairman of the Board

INDIANAPOLIS, June 19 /PRNewswire-FirstCall/ -- The Steak n Shake Company
(NYSE: SNS) today announced that its current board member, Sardar Biglari, has
been appointed Chairman of the Board of Directors, replacing interim Chairman
Wayne L. Kelley. Mr. Kelley will remain on the Board of Directors and will
retain his position as Interim Chief Executive Officer until the Company
concludes its search for a permanent Chief Executive Officer.
(Logo: http://www.newscom.com/cgi-bin/prnh/20000606/STEAKLOGO )
Mr. Kelley, Interim Chief Executive Officer, commented, "On behalf of
Steak n Shake, I would like to welcome Mr. Biglari as the Company's new
Chairman. We look forward to working together to improve the performance of
the Company."
Mr. Biglari, the newly appointed Chairman of the Board of Directors,
commented, "As Steak n Shake's new Chairman, I wholeheartedly look forward to
helping lead the Company to the creation of value for all its shareholders.
While one of the Board's and my immediate responsibilities centers on
attracting a highly qualified CEO, we will begin by taking needed steps to
close the gap between Steak n Shake's intrinsic business value and its stock
price, which we believe considerably underrates that value."
About Steak n Shake
Steak n Shake is a full-service, casual dining restaurant serving a core
menu of its famous STEAKBURGER(TM) sandwiches, thin 'n crispy french fries,
old fashioned hand-dipped milk shakes, chili, home style soups, fresh salads,
a variety of desserts and breakfast. All of the food is prepared to the
guest's order and served by friendly, well-trained associates. Steak n Shake
restaurants feature full-service dining areas, counter service and drive-thru
windows and most are open 24 hours a day, seven days a week.
Risks Associated with Forward-Looking Statements
Certain statements contained in this press release represent forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. In general, forward-looking statements include estimates
of future revenues, cash flows, capital expenditures or other financial items,
as well as assumptions underlying any of the foregoing. Forward-looking
statements reflect management's current expectations regarding future events
and use words such as "anticipate," "believe," "expect," "may" and other
similar terminology. A forward-looking statement is neither a prediction nor a
guarantee of future events or circumstances, and those future events or
circumstances may not occur. Investors should not place undue reliance on the
forward-looking statements, which speak only as of the date of this report.
These forward-looking statements are based on currently available operating,
financial and competitive information and are subject to various risks and
uncertainties. Our actual future results and trends may differ materially
depending on a variety of factors, many beyond our control, including, but not
limited to :the poor performance or closing of even a small number of
restaurants; our ability to attract and retain guests; the ability of our
franchisees to operate profitable restaurants; changes in guest preferences,
tastes and dietary habits; minimum wage rates; the availability and cost of
qualified personnel; fluctuations in food commodity prices and the
availability of food commodities; harsh weather conditions; unfavorable
publicity relating to food safety or food borne illness; our ability to comply
with the restrictions and covenants to our debt agreements; our ability to
renegotiate our debt agreements and refinance our current debt at similar
rates; our ability to comply with existing and future governmental
regulations; our ability to adequately protect our trademarks, service marks
and other components of our brand; and other risks identified in the periodic
reports we file with the Securities and Exchange Commission. Additional risks
and uncertainties not currently known to us or that are currently deemed
immaterial may also become important factors that may harm our business,
financial condition, results of operations or cash flows. We assume no
obligation to update forward-looking statements except as required in our
periodic reports.
SOURCE The Steak n Shake Company

Jeffrey A. Blade of The Steak n Shake Company, +1-317-633-4100,
Jeff.blade@steaknshake.com