BALTIMORE, Oct. 8 // PRNewswire-FirstCall // -- Papa Bello Enterprises, Inc. (Pink Sheets: PAPA) is pleased to announce that the company has signed a letter of intent to acquire the Kebab Cafe; a Southern California based restaurant concept specializing in Middle Eastern style cuisine with a European twist. Pending necessary due diligence, Papa Bello expects to close the acquisition on approximately October 31, 2009.
The Kebab Cafe currently operates a flagship location in the Westfield Mall in La Jolla, California and anticipates opening up to 10 new corporately owned locations in 2010 as well as building out the concept for franchising.
The Kebab Cafe was created by and currently operated by two brothers, Sam and Jag Kambo. Combined, they have over 30 years of experience owning and managing restaurants. Along with Papa Bello's management team, they will both continue to build and manage the brand under the Papa Bello Enterprises umbrella. The current development plan calls for the Kebab Cafe to build out approximately 600 square foot locations in food courts, airports, and malls throughout the World. Specializing in Doner and Durum Kebabs, the restaurant operates a small offering of "Truly Fresh and Delicious" food at a very reasonable price.
Jim Price, CEO of Papa Bello states, "This opportunity to acquire the Kebab Cafe would be a tremendous step in the evolution of Papa Bello. As we continue to expand our company, we see tremendous value in diversifying and adding new concepts that are different from our core brand. We understand that regional tastes vary from state to state and the public demands variety."
Price continued to say, "We have a tremendous Infrastructure and Global Network to build this concept and additional concepts into very large and recognizable brands. It is our mission to perform for our shareholders by exploring all logical expansion opportunities in the food service industry to build Papa Bello into a household name."
Founded in 2005, Papa Bello Enterprises is a Baltimore, Maryland based corporation that owns, operates, and franchises food service restaurants in the United States and abroad. The company was founded on the principles of providing the consumer with the highest standards of quality, value, and service.
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.
SOURCE Papa Bello Enterprises, Inc.