It's Taco Time For Kahala Corp. As The Qsr Group Announces Merger Agreement
SCOTTSDALE, ARIZ. (Wednesday, September 24, 2003) - Fast growing quick service restaurant group Kahala Corp. (KAHA.PK) announced today that it has signed a definitive merger agreement with Taco Time International, Inc., making the popular Mexican restaurant chain a wholly owned subsidiary of Kahala Corp and the sixth QSR concept under the Kahala umbrella. The merger is expected to close on or before October 31st, 2003 and will boost the overall number of Kahala operated outlets to 700. Other Kahala concepts include Samurai Sam's Teriyaki Grills, Ranch #1, Surf City Squeeze, Frullati Café and Rollerz.
Founded in the late 1950's by Ron Fraederick in Eugene, Oregon, the Taco Time restaurant concept today boasts over 300 franchised outlets in twelve states, as well as throughout Puerto Rico and Canada. Over its forty year history, Taco Time has been rated consistently as one of the top quick serve Mexican food restaurant chains nationwide, preserving Fraedericks's founding mission to deliver fresh, high-quality Mexican food, a philosophy that provides a natural fit with the Kahala family of nutritious quick service restaurant concepts.
"We are extremely excited to add the long-standing Taco Time brand to our portfolio of franchised quick service restaurants," remarked Kahala Chairman and CEO Kevin Blackwell. "We have been searching for a Mexican food concept to add to the Kahala family of concepts for many years, and Taco Time represents the perfect fit," he added. "Taco Time's strong presence in the pacific Northwest and the fact that its predominant locations are pad sites, fills two voids for the Company. With Kahala's strong presence in the Southwest, Texas, Midwest, and Northeast, we feel Taco Time will experience immediate growth in those areas." Howard Ollis, Taco Time's President and Chief Operating Officer who will remain with the Company, added "becoming part of the ever-growing family of Kahala's concepts will provide added growth opportunities for Taco Time locations across the country, including co-branding opportunities for both existing and new franchised locations with Kahala's existing concepts."
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