Contract

Exhibit 99 PRESS RELEASE OF EACO CORPORATION EACO Corporation (EACO-OTCBB) announced today that it hasentered into an asset purchase agreement under which it will sellto Banner Buffets, LLC 16 restaurants that EACO now operatesunder the Whistle Junction, Florida Buffet and Ryan’s names. Thetotal purchase price for the restaurant premises and all theequipment and other assets used in the restaurant operations willbe $29,950,000; $25,950,000 in cash at closing and a promissorynote for $4 million. The promissory note pays monthly interestat 8% per annum and calls for a reduction in principal of$1.5 million on its second anniversary, an additional reductionof $1.5 million on its third anniversary, with the remainder tobe paid on the fourth anniversary. The note is secured byrestaurant equipment valued at less than $1 million. Pursuant tothe asset purchase agreement, Banner Buffets will pay up to anadditional $250,000 for each restaurant converted to the WhistleJunction concept between February 1, 2005 and the closing, whichis expected to be in mid-April. At or prior to the closing, theremaining 4 restaurants operated under the Ryan’s brand will beconverted to Whistle Junction or Florida Buffets brands. Banner Buffets is not acquiring any of the liabilities ofEACO but is assuming obligations under capital leases ofapproximately $6 million. At closing, mortgages and other liensencumbering the properties totaling about $12.6 million will bepaid off. Banner Buffets has a 30-day due diligence period duringwhich it may terminate the transaction if the review reveals anyinformation that could have a material adverse effect on itsability to consummate the transaction which cannot be cured priorto the closing. If the Buyer terminates under that provision, itis entitled to receive back the $500,000 escrow deposit it hasmade. In the event that Buyer fails to obtain suitable financingwithin the due diligence period, EACO may terminate the agreementand retain $250,000 of the deposit. The transaction is subject to shareholder approval.Following the expiration of the 30-day due diligence period, anInformation Statement will be mailed to EACO’s shareholders fullydescribing the transaction and its impact on the Company. TheCompany currently plans that following the closing, it willcontinue to own 2 restaurant properties, one of which is leasedto another operator, and continue to lease 2 additionalrestaurants which are now subleased to other operators. It willalso seek out other business opportunities. The asset purchaseagreement provides that the Company and its principal shareholderwill not for 5 years after the closing participate in anyrestaurant similar to or in competition with the current businessof the Company or Banner Buffets within 30 miles of any of thesold restaurants. For more information, contact Edward Alexander, President,at 904-249-4197.