Magazine Cites Spicy Pickle's Successful IPO in September
DENVER--(BUSINESS WIRE)--Spicy Pickle™ fast casual restaurants (OTC BB: SPKL) announced today that it has been named to the #25 spot on Fast Casual magazine's listing of the "Top 100 Movers & Shakers" of 2007. The list ranks the most influential fast casual restaurant chains in the U.S.; inclusion in the Top 25 is an additional honor, taking into account the company's unit size and revenue growth.
Spicy Pickle had a strong 2007, headlined by its initial offering of public stock. Fast Casual magazine lauded the $1.74 million raised in Spicy Pickle's September IPO, noting that it occurred "in an economy when Wall Street wasn't always kind to restaurants."
Beyond the chain's IPO, however, other good news came on both the financial and expansion fronts. Nearly $6 million was raised in a private securities offering; 39 franchise developments were sold during the year, bringing the current franchise total to 126; and 20 new stores opened, including the company's first East Coast location in the Washington D.C. area as well locations as in Phoenix, Sacramento, Chicago, Indianapolis and Las Vegas. The Spicy Pickle system now encompasses 36 stores in 12 states.
"Spicy Pickle is widely seen as one of the most promising young concepts in the fast casual segment of the restaurant industry. Our recent success, combined with Fast Casual magazine's ranking, pays testimony to the momentum we've established," said Marc Geman, President and CEO of Spicy Pickle Franchising, Inc. "All of us at Spicy Pickle look forward to continued implementation of our long-term growth plan in 2008, which will allow us to bring our culinary-inspired menu to more people, in more places, than ever before."
Spicy Pickle has captured the attention of busy lunch and dinner patrons from coast to coast with its mix of panini, subs, Neapolitan pizzas and salads. The company's menu items combine exotic ingredients in imaginative ways, served tableside in well-designed surroundings. Its insistence on quality throughout its business has made it a favorite of patrons as well as industry analysts and investors.
Chains included in the Fast Casual ranking for 2007 were judged on "a variety of factors from marketing tactics to comp and revenue to unit strength," according to the Top 100 article published in the magazine's January 2008 issue. A panel of six restaurant industry experts evaluated over 450 chains to arrive at the final Top 100 list; industry analysts, consultants, and marketing specialists, as well as editors from Fast Casual, comprised the panel.
Founded in 1999, Spicy Pickle Franchising, Inc. (OTC BB: 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 franchised locations now open across twelve states and many more in development nationwide. For more about Spicy Pickle, including franchise information and inquiries, visit www.spicypickle.com.