Spicy PickleTM Announces 3 Store Franchise Agreement in Downtown Los Angeles; New Franchise Sale Will Be First Spicy Pickle Restaurants in L.A.
DENVER, CO--(Marketwire - January 16, 2008) - Spicy Pickle™ fast casual restaurants (OTCBB: SPKL) today announced the sale of a multi unit restaurant development to a new franchisee in downtown Los Angeles, California, bringing the total number of franchises the Company has sold to 113.
A new franchisee has entered into a franchise and development agreement to open the first Spicy Pickle™ restaurants in downtown Los Angeles. The new franchisee became familiar with Spicy Pickle™ through the Company's public stock and then visited several of the restaurants operating in the greater Denver area.
Marc Geman, CEO of Spicy Pickle Franchising, Inc., commented: "We are very pleased to have such a capable franchisee to start our development of the Los Angeles market. This will complement our 12 restaurant development in San Diego and help grow the entire Southern California market. We expect to generate a lot of interest in this large market."
Mr. Geman also noted that the franchisee was an owner of two night clubs in the development area and very familiar with the neighborhood where the restaurants will be located, which is bounded by Interstate 10, the 110 and the 101 and Grand Avenue including the area around the Staples Center and the Convention Center. Additionally the new franchisee is an instructor at the California School of Culinary Arts, Le Cordon Bleu Program in Pasadena. "We are thrilled to have such an accomplished restaurateur pick our concept for development," said Mr. Geman.
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.