Spicy Pickle(R) Announces New 10 Store Franchise Agreement in Michigan
New Franchise Sales Take Spicy Pickle® Past the 100 Store Mark
DENVER, CO--(Marketwire - December 17, 2007) - Spicy Pickle® fast casual restaurants (OTCBB: SPKL) today announced the sale of a multi unit restaurant development to a new franchise developer in Michigan, increasing the total number of franchises the Company has sold to 105.
A new franchisee with extensive restaurant experience has entered into a franchise and development agreement to open the first Spicy Pickle® Restaurants in western Michigan. Terry and Jean Henderson and Tiffany Cornelius will be the principals in the new development. These new franchisees have extensive experience as they have developed for Little Caesars Pizza, Big Apple Bagels & Qdoba Mexican Grill in the past. The development includes Kalamazoo, Grand Rapids, Ann Arbor, Lansing and E. Lansing, and calls for a total of 10 Spicy Pickle® Restaurants over the next several years.
Marc Geman, CEO of Spicy Pickle® Franchising, Inc., commented: "We are thrilled to have our first franchisee in the state of Michigan. The state of Michigan can support a significant number of stores, and having our first location could act as a springboard to additional franchisees and help us penetrate other regions within the state, particularly in the eastern part in and around Detroit."
Mr. Geman further commented, "Much like our very successful Boulder, Colorado and Austin, Texas locations, the Ann Arbor and E. Lansing areas offer a similar demographic with a high concentration of University, Medical, and Research facilities. There is also a similar concentration in Kalamazoo at Western Michigan University. This also marks the 16th state in which there will be a Spicy Pickle® Restaurant. The addition of this franchisee with their highly capable staff already in place will help keep up the momentum we have established for restaurant openings. Our real estate department has already begun a demographic study in cooperation with the franchisee to find the first location."
About Spicy Pickle®:
Founded in 1999, Spicy Pickle® Franchising, Inc. (OTCBB: SPKL) serves high quality meats and fine artisan breads, baked fresh daily, along with a wide choice of eight different cheeses, twenty-two different toppings, and fourteen proprietary spreads to create healthy and delicious panini and sub sandwiches with flavors from around the world. As a leading "fast-casual" concept, Spicy Pickle® offers menu items that are far beyond traditional fast food -- but without the price point of casual dining. The hallmark of a Spicy Pickle® restaurant is quality, service and an enjoyable atmosphere. The company is headquartered in Denver, Colorado, with franchise locations now open across 12 states and many more in development nationwide. For more about Spicy Pickle®, including franchise information and inquiries, visit http://www.spicypickle.com.
Certain statements in this press release, including statements regarding the number of restaurants we intend to open, are forward-looking statements. We use words such as "anticipate," "believe," "could," "should," "estimate," "expect," "intend," "may," "predict," "project," "target," and similar terms and phrases, including references to assumptions, to identify forward-looking statements. The forward-looking statements in this press release are based on information available to us as of the date any such statements are made and we assume no obligation to update these forward-looking statements. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those described in the statements. These risks and uncertainties include, but are not limited to, the following: factors that could affect our ability to achieve and manage our planned expansion, such as the availability of a sufficient number of suitable new restaurant sites and the availability of qualified franchisees and employees; risks relating to our expansion into new markets; the risk of food-borne illnesses and other health concerns about our food products; changes in the availability and costs of food; changes in consumer preferences, general economic conditions or consumer discretionary spending; the impact of federal, state or local government regulations relating to our franchisees and employees, and the sale of food or alcoholic beverages; the impact of litigation; our ability to protect our name and logo and other proprietary information; the potential effects of inclement weather; the effect of competition in the restaurant industry; and other risk factors described from time to time in our SEC reports.