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ROANOKE, Va., Jan. 2 /PRNewswire-FirstCall/ -- Sardar Biglari, Chairman of The Lion Fund, L.P. and Western Sizzlin Corp. (OTC:WSZL) (BULLETIN BOARD: WSZL) , issued the following statement: On September 20, 2006, we asked the Friendly Ice Cream Corp. (AMEX:FRN) for two board seats in order for us to serve the best interests of all shareholders. Two months later, on December 20, 2006, the company offered us two board seats with a major restriction which would limit our ability to act in the best interests of the company's stockholders. In light of the company's poor performance and total disregard for proper corporate governance, we cannot accept restrictions on our ability to hold the existing board and its management accountable for the company's performance. Nevertheless, on December 21, 2006, we informed the company that we would accept its offer, but only if the board agreed to place a binding management proposal on the 2007 annual meeting agenda to declassify the board, that is, to make the election of the entire board a yearly occurrence. This change would represent a significant start towards improving the corporate governance of the company and making the board answerable to the stockholders, the true owners of the company. Research indicates that a classified board diminishes the value of a company because that system obstructs directors' accountability to shareholders. Unfortunately, earlier today, the board rejected our recommendation with no clear explanation of its refusal to declassify the staggered board -- another marker of its poor business judgment. The cost of an entrenched board is weighing heavily on Friendly's value. If the board was concerned about acting in the best interest of shareholders, it would have already acted on our previous request to grant us two board seats without restrictions, or the board would have accepted our recommendation to put the declassification of the board to a binding shareholder proposal. Either action would have avoided a costly and distracting proxy battle, which as a last resort we are now forced to wage. We are confident that stockholders will support constructive change when we seek their votes in 2007 to elect our director nominees. No rhetoric can overcome the record of this board. We own; we care. THIS COMMUNICATION IS NOT A SOLICITATION OF A PROXY WHICH MAY BE DONE ONLY PURSUANT TO A DEFINITIVE PROXY STATEMENT. STOCKHOLDERS ARE ADVISED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS RELATED TO THE SOLICITATION OF PROXIES BY THE LION FUND L.P., BIGLARI CAPITAL CORP., WESTERN SIZZLIN CORP., SARDAR BIGLARI AND PHILIP L. COOLEY FROM THE SHAREHOLDERS OF FRIENDLY ICE CREAM CORPORATION, FOR USE AT ITS 2007 ANNUAL MEETING OF STOCKHOLDERS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. WHEN COMPLETED, A DEFINITIVE PROXY STATEMENT AND A FORM OF PROXY WILL BE MAILED TO STOCKHOLDERS OF FRIENDLY ICE CREAM CORPORATION AND WILL BE AVAILABLE AT NO CHARGE AT THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT http://www.sec.gov/. IN ADDITION, COPIES OF THE PROXY STATEMENT AND OTHER DOCUMENTS WILL BE PROVIDED WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO OUR PROXY SOLICITOR, MORROW & CO., INC. AT ITS TOLL-FREE NUMBER (800) 607-0088. THE PARTICIPANTS IN THE PROXY SOLICITATION ARE ANTICIPATED TO BE THE LION FUND L.P., BIGLARI CAPITAL CORP., WESTERN SIZZLIN CORP., SARDAR BIGLARI AND PHILIP L. COOLEY (THE "PARTICIPANTS"). INFORMATION REGARDING CERTAIN OF THE PARTICIPANTS, INCLUDING THEIR DIRECT OR INDIRECT INTERESTS, BY SECURITY HOLDINGS OR OTHERWISE, IS CONTAINED IN THE SCHEDULE 13D FILED BY THEM WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 7, 2006 WITH RESPECT TO FRIENDLY ICE CREAM CORPORATION, AS AMENDED, MOST RECENTLY ON DECEMBER 18, 2006. THAT SCHEDULE 13D, AS AMENDED, IS CURRENTLY AVAILABLE AT NO CHARGE ON THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT http://www.sec.gov/. AS OF JANUARY 2, 2007, EACH OF THE PARTICIPANTS MAY BE DEEMED TO BENEFICIALLY OWN 1,182,388 SHARES OF COMMON STOCK OF FRIENDLY ICE CREAM CORPORATION. EACH OF THE PARTICIPANTS DISCLAIMS BENEFICIAL OWNERSHIP OF SUCH SHARES EXCEPT TO THE EXTENT OF HIS/ITS PECUNIARY INTEREST THEREIN. DATASOURCE: Western Sizzlin Corp. CONTACT: Thomas Ball of Morrow & Co., Inc., +1-203-658-9400; or Robyn B. Mabe, Chief Financial Officer of Western Sizzlin Corp., +1-540-345-3195 Web site:

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