UFood Restaurant Group Provides Business Update
- Announces Chicago Area Terminations
- Enhances Menu Offerings
Boston--(BUSINESS WIRE)--UFood Restaurant Group, Inc. (OTCBB: UFFC) announced today that its Chicago franchisee has terminated the operation of his three UFood Grill Restaurants in that city.
George Naddaff, the Company's Chairman and Chief Executive Officer, stated, "We are disappointed that our franchisee has elected to make this decision. These locations were being operated well through most of the year, but the areas around them were particularly hard hit by the recent failure of the financial markets and the U.S. economy. Everyone at UFood, including our other franchisees, is committed to the success and growth of the UFood Restaurant concept which serves 'better-for-you' food to the American public. In light of the current economic climate and the highly competitive environment in the restaurant industry, we have enhanced our menu offerings to include additional value priced items as well as new value-priced bundled specials. The newly developed menu items have already been introduced to our company operated Landmark Center location in Boston, Massachusetts with encouraging success. We will begin to introduce these new menu items at our other locations across the country in the coming weeks.
"We are working hard with our current and prospective franchisees to innovatively enhance customer traffic and repeat purchase activity. We have increased our focus on nontraditional locations such as airports, hospitals, colleges and travel plazas. We anticipate announcing several new nontraditional locations in the coming months and expect more traditional locations to open by the end of the year."
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About UFood Restaurant Group, Inc.
Headquartered in Boston, MA, UFood Restaurant Group, Inc. is a franchisor and operator of fast-casual food service restaurants. UFood Grill offers a healthy lifestyle alternative to consumers in the fast-casual restaurant space and is positioned to become a leading player in the "better-for-you" quick-serve restaurant category. The Company's led by franchise innovator George Naddaff, who founded Boston Market and led the franchising of several companies including Sylvan Learning Center and Ranch*1. Mr. Naddaff has a veteran management team with a record of success in the franchise market. UFood is currently launching a growth plan to franchise nationwide.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.