Papa Bello Sells Area Development Rights for Shanghai, China
LAS VEGAS, Nov. 20 // PRNewswire-FirstCall // -- Papa Bello Enterprises (Pink Sheets: PAPA) is pleased to announce the sale of area development rights for the city of Shanghai in the Peoples Republic of China to partners Mr. Zhiqing Ma and Mrs. Hsiao (Cathy) Endy. Under the terms of the agreement, a minimum growth of 60 units is contracted for the region.
Construction on the first restaurant is underway, with an opening date scheduled before the end of 2008. The upscale, 8,000 square foot store will be located on one of the area's busiest intersections, along Tianyaoqiao Road, in the Xuhuiqu district. In addition to the Shanghai region, the agreement also includes development rights to the Jiangsu and Zhejiang Provinces.
Mr. Ma, of Shanghai, has an extensive background in real estate development and franchising. He acted as the general operations manager for the US based bakery franchise Shanghai Metro Delicate Confectionary partnered with the Shanghai Subway Train Station. From 1999 to 2002, he facilitated store growth from 30 to 107 units. Recently, Mr. Ma is involved in a joint venture between his Chengdu Jingyi Real Estate Development Co. and Beijing Zhongxin Real Estate Development Co. in a project of building 40-story commercial and residential units on 13 acres in Chengdu, Sichuan.
Mr. Ma states, "After opening 77 stores in less than four years, we saw an equivalent opportunity for growth with Papa Bello in China."
Mrs. Endy, resident of Las Vegas, Nevada, acted along with Mr. Ma as part-owner of Shanghai Metro Delicate Confectionary Company. Her experience in owning convenience stores and restaurants began over 15 years ago. Recently, she served a six-year tenure as the President of the Chinese American Association of Las Vegas, and is currently the Principal of the Las Vegas Chinese School.
Mrs. Endy states, "I have full confidence in my partner's capability, experience, and wealth of knowledge. Combining these strengths with the energy and vision of Papa Bello's CEO Chase Canfield, I am certain this is the most promising publicly traded pizza company of its time, which will continue its steady march towards success."
About Papa Bello Enterprises
Founded in 2005, Papa Bello Enterprises is a Las Vegas, NV based corporation that owns, operates, and franchises Italian style eateries in the United States. The company currently has 20 stores in operation and has a master lease agreement with Wal-Mart. The company was founded on the principles of providing the consumer with the highest standards of quality, value, and service. For more information on Papa Bello Enterprises or franchise information, please visit http://www.papabellopizza.com.
Forward-Looking Statements Disclosure This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
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