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                                                                     EXHIBIT 4.2

                 NOTICE OF EXTENSION OF WARRANT EXPIRATION DATE

         NOTICE is hereby given that Watermarc Food Management Co., formerly
known as Billy Blues Food Corporation, (the "Company") has extended the
expiration date of its Series A Redeemable Common Stock Purchase Warrants (the
"Series A Warrants") from 5:00 p.m. (Eastern time) on May 15, 1997 to 5:00 p.m.
(Eastern time) on May 15, 1998. The extension was effected pursuant to an
amendment of the Warrant Agreement, dated May 15, 1992, between the Company and
North American Transfer Co., as Warrant Agent for the holders of the Series A
Warrants.

         The Company will monitor the market price of its common stock, par
value $.05 per share (the "Common Stock") and, if necessary, file a
post-effective amendment to its Registration Statement dated July 26, 1995, No.
33-93450 (the "Registration Statement") at such time as the exercise of the
Series A Warrants appears more likely. The Company will not, without the
opinion of counsel to the Company, issue any shares of its Common Stock
pursuant to the exercise of any of the outstanding Series A Warrants unless a
post-effective amendment to the Registration Statement is in effect, which
Registration Statement shall contain a current prospectus meeting the
requirements of Section 10(a)(3) of the Securities Act of 1933, as amended.

         Any comments or questions regarding the extension of the expiration
date for the Company's Series A Warrants should be addressed to Mr. Angelo
Pitillo, President, Watermarc Food Management Co., 11111 Wilcrest Green, Suite
350, Houston, TX 77042, (713) 783-0500.

                        PLEASE ATTACH THIS NOTICE TO THE
                  CERTIFICATE EVIDENCING THE SERIES A WARRANTS
                             CURRENTLY HELD BY YOU