News

Blum still trying to take over Cosi

October 26, 2011

BLUM Growth Fund LLC, activist shareholder in Cosi Inc., today announced it has placed advertising in both the Wall Street Journal and Investor's Business Daily this week calling for shareholder input regarding the current state of the business at Cosi.

Brad Blum, owner BLUM Growth Fund, has been calling for Cosi's Board of Directors to step aside and allow new leadership to take the helm and achieve positive results.

Over the past several months Blum has offered specific strategies for the struggling chain to reverse its downward spiral and take its place with other well-performing concepts in the high growth, fast casual restaurant segment. To date, the current Board of Directors has rejected or ignored any suggestions while Cosi continues to lose value.

Blum has offered to serve as CEO for the brand at a salary of $1 for the first year, with the stated goal of recouping the value of shareholder investments that Cosi's position and potential have shown. Results would be achieved through a restructure of the Board of Directors, and a new plan for Cosi that focuses on a more differentiated, simplified and higher quality menu, better operations and improved cost controls.

In addition to an invitation for shareholders to contact chairman and interim CEO Mark Demilio directly, the BLUM Growth Fund advertisement calls for shareholders to voice their opinion on the BLUM Growth Fund website in a ballot-style form found at www.blumgrowthfund.com.

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