Luby's, Inc. announced that the company has entered into an agreement to franchise 13 of its currently Company owned Fuddruckers stores to Black Titan Holdings, LLC, an affiliate of successful food service entrepreneur Nicholas M. Perkins. Specific terms of the transaction were not disclosed. Pursuant to the transaction, Black Titan Holdings, LLC will purchase the assets of the Company at the 13 locations listed below and become one of the largest Fuddruckers franchisees in the United States. It is currently anticipated that, following the closing of the transaction, almost all employees will be offered positions to remain at those store locations. It is not expected that there will be any disruption of business at these locations as a result of the transaction. The locations covered by this transaction include: Arizona; Glendale, AZ, Superstition Springs, Mesa, AZ, Phoenix, AZ, Tempe, AZ. Kansas; Kansas City, KS. Missouri; Sunset Plaza, St. Louis, MO. Texas; Copperfield, Houston, TX, MacGregor, Houston, TX, Tidwell, Houston, TX, Kingwood, TX, Stafford, TX and Creekside, Tomball, TX. Virginia; Woodbridge, VA. The closing of the transaction is expected to occur within the next 90 days and is subject to customary industry conditions to closing. The transaction is not subject to a financing contingency.