BALTIMORE, Oct. 20 // PRNewswire-FirstCall // -- Papa Bello Enterprises (Pink Sheets: PAPA) announced today that the company has signed a letter of intent to acquire Pastore's of Rosedale, Inc., a Baltimore based restaurant, deli, and bakery chain. Established in 1999, Pastore's now has two locations in the greater Baltimore area and expects to post revenues of approximately $1.4 million in fiscal year 2009. Pastore's is known for its premium deli meats, cheeses, desserts, and prepared foods. In addition, Pastore's has built a strong catering and delivery program, which Papa Bello will incorporate into its stores as well as the Kebab Cafe. The acquisition is anticipated to close no later than November 30, 2009.
Following the acquisition, Pastore's will assist Papa Bello in the design and deployment of a new franchise concept that the company expects to market nationwide under the name "Pastore's Italian Bistro & Pizzeria."
James Price, CEO of Papa Bello Enterprises, states, "Pastore's is a well known and respected name in the Baltimore area. As we develop this new concept, we will draw from the decade of success that Pastore's has realized and utilize their strengths to forge a strong, profitable franchise model built on high quality food, reasonable prices and impeccable customer service. We intend opening our first new Pastore's Italian Bistro location within the next 60 days in Baltimore, Maryland. This location will be used as the model for franchising the concept as well as training new franchisees."
Founded in 2005, Papa Bello Enterprises is a Baltimore, Maryland based corporation that owns, operates, and franchises food service restaurants. The company was founded on the principles of providing the consumer with the highest standards of quality, value, and service.
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SOURCE Papa Bello Enterprises