Submarina(R) California Subs Announces Alliance With Kerensa Investment Fund 1, Llc

Kerensa's Investment Fuels Growth for the 65 Unit Sandwich Chain

July 01, 2009 // // San Marcos, CA – Submarina® California Subs, the "Best Subs Under the Sun®", today announced a significant investment in the company by Kerensa Investment Fund 1, LLC. The new alliance enables the 32-year old sub chain to pursue a larger market share within the growing sandwich sector.

Submarina California Subs specializes in fresh ingredients for their sub sandwiches, melts, wraps and salads. Produce is sliced daily at each location, high-quality meats and cheeses are sliced-to-order and every sandwich comes on fresh-baked bread. With the size of the sandwich sector continuing to rise within the quick service industry- the number of sandwich shops are second only to hamburger restaurants and represent 8% of the total Quick Service industry*- Submarina is well poised to continue the dramatic growth established by the sub chain in recent years.

"In the current economic environment, we are proud of our record growth in the past two years," said Jeff Warfield, Chief Executive Officer of Submarina. "We opened 18 new restaurants in 2008, and plan to open 20 more in 2009. The recent partnership with Kerensa enables us to build on this growth, financing the additional marketing and internal infrastructure necessary to increase Submarina's market penetration and brand awareness."

"This investment from Kerensa is very good news for our existing franchisees," added Mimi Zeller, President and Chief Operating Officer for Submarina. "We intend to provide additional funds in branding, advertising and local store marketing programs, in an effort to increase awareness and drive customer traffic. The strength of our franchise community is our biggest asset, and there is great reason to be excited and encouraged about what we can accomplish."

The partnership was contingent on the existing senior management team remaining in place: Jeff Warfield as CEO, Mimi Zeller as President and Chief Operating Officer, and Lynn Lowder as EVP Administration & Operations and Chief Compliance Officer.

Commenting on the announcement, Submarina franchisee Nick Ljubic said: "I am very pleased to see that Submarina is doing everything possible to help out their franchisees. I am excited for the future. It is also very comforting to see that Jeff, Mimi and Lynn will remain in their current roles. They represent the values of Submarina and played a major role in why I chose to be a Submarina franchisee."

Submarina California Subs was ranked second in's list of Top 20 Fastest Growing Concepts and was named QSR Magazine's Best of Franchising Support for the year.

*Source: QSR Magazine, June 2009

About Submarina®

Submarina®, headquartered in San Marcos, Calif., is the originator of the "California Sub," offering high-quality meats and cheeses sliced-to-order, fresh sun-kissed produce cut at each location and fresh baked bread. In addition to its mouth-watering subs, Submarina also offers wraps, melts, salads and party trays made-to-order. The company currently operates 65 locations in seven states and there are several hundred stores under development across the country.


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