DENVER, CO--(Marketwire - March 17, 2008) - Spicy Pickle™ fast casual restaurants (OTCBB: SPKL) announced today it has recently sold the rights to develop seven Spicy Pickle™ restaurants in San Antonio, Texas.
The sale of the seven restaurant development package brings the total of franchise and corporate restaurants to 128. There are currently 36 restaurants open and many more in construction, lease negotiation, and site selection.
Marc Geman, CEO of Spicy Pickle Franchising, Inc., commented: "Our Austin, Texas restaurants have done very well, and their success fostered interest in Houston and San Antonio. Our third restaurant in Austin is close to opening, and we have begun the site selection process in Houston.
"With the addition of the San Antonio development package we now have commitments for 25 Spicy Pickle™ restaurants in Texas. Colorado currently has a total of 23. Texas has accepted our concept, with the Dallas/Ft. Worth area, the largest population center in the state, still open for expansion."
Furthermore, Mr. Geman stated: "In the last three months we have entered into multi unit franchise agreements in Chicago, Los Angeles, Houston, San Antonio, and Michigan. We are proving out our evolution to the multi unit ownership model. It provides efficient use of personnel, communication, distribution, and marketing. The more restaurants we build in larger areas, the easier and more cost efficient the construction, distribution, branding, marketing, and training becomes. Texas is our first state outside of Colorado where these efficiencies will start working.
"I feel that we are beginning the second phase in our growth strategy. We are starting to see activity in and around our early single markets. More interest brings more restaurants, and more restaurants bring conditions that can improve unit economics. It all works together to create momentum. We are very excited to see our hard work starting to pay off in Texas and expect other states and regions to follow. If we continue on our current path, our growth should accelerate over the coming months and years."
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 restaurants open or under construction across 16 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.