Pizza Inn Announces Deals for 13 New Franchised U.S. Restaurants
Re-Energized Chain Used Incentive Program to Entice Franchisees in Tight Economy
July 21, 2009 // Franchising.com // The Colony, TX – Pizza Inn (Nasdaq:PZZI), an international pizza chain famous for its traditional and specialty pizzas, is defying recession-conservatism, having recently signed 13 new deals through its development incentive program. In addition, Pizza Inn, Inc. has one new corporate owned location under construction in the city of Fort Worth, TX and has signed letters of intent for 2 additional locations in the Dallas-Fort Worth metroplex; continuing their commitment to growing the company.
Offered to both new and existing franchisees, the incentive program was designed to maximize potential for domestic growth and offer flexible alternatives for franchisees who may be discouraged by the current credit crisis. The benefits included 0% royalty for the first full year of operation and 2% royalty for the second full year, easing start-up costs during the first two years of a new restaurant's operation.
Existing Pizza Inn franchisees have signed on to develop additional locations, further demonstrating their dedication and re-investment in the brand. Two current franchisees have signed agreements to open five locations in the greater Spartanburg area, while other existing franchisees will be opening locations in southern North Carolina, Knoxville, TN, Ardmore, OK, and Pontotoc, MS.
Pizza Inn has also attracted veterans in the franchise industry who bring experience from such heavyweights as Subway, Hardees and Sonic, among others. Three new franchise groups have signed on to develop locations in Abilene and Ft. Worth, TX and Jesup, GA.
"The current economic environment presents an excellent growth opportunity for us, as families continue to seek more economical dining options," said Charlie Morrison, CEO of Pizza Inn. "We look forward to expanding our brand throughout these areas and serving up taste, quality and value with our family-oriented atmosphere. These new agreements are a result of our incentive program and the addition of Madison Jobe as Vice President of Development to the Pizza Inn team. Given his strong industry reputation and his ability to attract quality individual and multi-unit development partners to our system these are the results we expected."
With more than 300 locations, Pizza Inn has benefited from America's increasing commitment to family-friendly dining, affordable pricing and freshly-made food items. By offering consumers a variety of traditional and specialty pizzas, with its dough made fresh daily, as well as pastas, sandwiches and desserts, Pizza Inn has delighted consumers taste buds for more than 50 years.
Certain statements in this press release, other than historical information, may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created thereby. These forward-looking statements are based on current expectations that involve numerous risks, uncertainties and assumptions. Assumptions relating to these forward-looking statements involve judgments with respect to, among other things, future economic, competitive and market conditions, regulatory framework and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond Pizza Inn's control. Although the assumptions underlying these forward-looking statements are believed to be reasonable, any of the assumptions could be inaccurate and, therefore, there can be no assurance that any forward-looking statements will prove to be accurate. In light of the significant uncertainties inherent in these forward-looking statements, the inclusion of such information should not be regarded as a representation that Pizza Inn's objectives and plans will be achieved.
About Pizza Inn
Headquartered in The Colony, TX, Pizza Inn, Inc., is an international pizza chain featuring traditional and specialty pizzas, as well as freshly made pastas, sandwiches, and desserts. Founded in 1958, publicly traded Pizza Inn (Nasdaq:PZZI) franchises approximately 300 restaurants and owns two restaurants with annual, domestic and international chain-wide sales of approximately $135 million.