Arby's(R) Signs Development Agreements For 35 New Restaurants In Thirteen States
June 23, 2008 // Franchising.com // ATLANTA – Arby's Restaurant Group, Inc., a subsidiary of Triarc Companies, Inc. (NYSE: TRY, TRY.B), announced today that it has signed development agreements with new and existing franchisees to open an additional 35 Arby's® restaurants throughout the U.S.
The commitments, which are with five new and eight existing franchisees, call for the development of Arby's restaurants in California, Kansas, Kentucky, Louisiana, Maryland, Michigan, Missouri, Oklahoma, Pennsylvania, Tennessee, Texas, Virginia, and West Virginia.
"I am extremely excited about this latest round of signings," said Tom Garrett, President and COO, Arby's Restaurant Group, Inc. "This continued momentum falls right in line with our long term expansion goals of reaching more Arby's enthusiasts from coast to coast."
Development agreements signed with existing franchisees in the first quarter of 2008 are highlighted below:
- Jeff Davis, CEO of United States Beef Corporation, Arby's largest franchisee with 252 restaurants across the United States, has agreed to open 11 more Arby's restaurants in Kansas, Missouri and Oklahoma.
- Dennis Wells, who operates 24 Arby's throughout the state of Texas, has committed to open four more restaurants in Austin and San Antonio.
- Joe Don Pulliam, an Arby's franchisee for 24 years, currently owns and operates 15 restaurants in Texas and Louisiana. Pulliam has agreed to open three additional restaurants in Lafayette, Louisiana.
- Daniel Ream, of Armore Development Company, owns two Arby's restaurants in Lewisburg and Fayetteville, West Virginia. Ream recently signed on to open a third Arby's restaurant in Bridgeport, West Virginia.
- CarolineCo, L.P. d/b/a Love's Country Stores, Inc., an Arby's franchisee for over nine years, operates 36 Arby's throughout the U.S. Love's recently signed a development agreement to open an Arby's in Morehead, Kentucky.
- Chris Cooper, a franchisee since 2006, has signed on to open one Arby's restaurant in Ironwood, Michigan. Cooper currently operates four Arby's in Escanaba, Iron Mountain and Manistique, Michigan.
- SMB Restaurants, LLC, currently owns and operates 14 Arby's restaurants throughout Virginia. SMB has agreed to develop one additional Arby's in Driver, Virginia.
- Robert Sloan, a franchisee since 1992, currently owns and operates an Arby's restaurant in the Nashville market. Sloan's second Arby's is scheduled for Gordonsville, Tennessee.
Arby's is pleased to welcome the following new franchisees to the system:
- Juancho Francisco has committed to open three Arby's restaurants in Los Angeles.
- Ken Kallman has agreed to develop three Arby's restaurants in Orange and Riverside Counties in California.
- Todd Matthews has agreed to open three Arby's restaurants in Orange, CA.
- Sam Settimo has agreed to open two Arby's restaurants in Bowie and Glendale, MD.
- Joseph Degnan has signed on to develop one Arby's in West Chester, PA.
About Arby's Restaurant Group, Inc.
Arby's Restaurant Group, Inc. (ARG) is a subsidiary of Triarc Companies, Inc. (NYSE: TRY, TRY.B). ARG, based in Atlanta, is the franchisor of the Arby's restaurant system, which consists of approximately 3,700 restaurants worldwide, and is owner and operator of over 1,100 of those restaurants located in the United States. Founded in 1964, Arby's quick service restaurants specialize in offering slow roasted and freshly sliced roast beef sandwiches as well as its Market Fresh® deli-style sandwiches, toasted subs, wraps and salads with the convenience of a drive-thru. Arby's offers guests a unique, great tasting alternative to traditional fast food with its one-of-a-kind menu items including the Beef 'n Cheddar, Curly Fries and Jamocha shakes. To learn more about Arby's, please visit www.arbys.com.
NOTES TO PRESS RELEASE
- Arby's franchisees are independent third parties that Arby's Restaurant Group, Inc. does not control, and numerous factors beyond their control may affect new restaurant openings. There can be no assurance that the commitments under these development agreements will be met and that they will result in open restaurants.
- The statements in this press release concerning Arby's Restaurant Group, Inc. that are not historical facts, including, most importantly, any information concerning possible or assumed future results of operations of Arby's Restaurant Group, Inc. and any statements preceded by, followed by, or that include the words "may," "believes," "plans," "expects," "anticipates" or the negation thereof, or similar expressions, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). All statements that address events or developments that are expected or anticipated to occur in the future are forward-looking statements within the meaning of the Reform Act. All such statements speak only as of the date of this press release and are susceptible to a number of risks, uncertainties and other factors. For a description of those factors, please refer to filings by Triarc Companies, Inc. with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 30, 2007 (in particular the discussions contained under "Part 1 – Special Note Regarding Forward-Looking Statements and Projections" and "Item 1A - Risk Factors – Risks Related to Arby's"), its Quarterly Reports on Form 10-Q and its Registration Statement on Form S-4 filed in connection with the proposed merger with Wendy's International, Inc. (in particular the "Risk Factors" section of that filing). For all of our forward-looking statements, we claim the protection of the safe harbor for forward-looking statements contained in the Reform Act. All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this note. We assume no obligation to update any forward-looking statements after the date of this press release as a result of new information, future events or developments, except as required by federal securities laws.