Pizza Inn, Amegy Bank Announce New Financing Agreement
January 19, 2010 // Franchising.com // THE COLONY, Texas – Pizza Inn (Nasdaq:PZZIPZZI), an international pizza chain with more than 310 restaurants in 10 countries, announced today a new financing agreement with Amegy Bank of Texas. The agreement provides Pizza Inn with improved financial flexibility to execute its long-term strategic plan to develop new Company-owned restaurants.
"We are excited to enter into this strategic alliance with Amegy Bank and believe it is the beginning of a long-term relationship," said Charlie Morrison, CEO of Pizza Inn. "This gives us the right capital structure to achieve our goal of continued growth and profitability."
Under the financing agreement, Pizza Inn established a $2 million revolving line of credit, as well as a $1 million term facility for new restaurant development. The revolving credit facility has a term of three years. Under the term facility, Amegy will make individual term loans for new Company store development over the next year.
"Amegy Bank is proud to partner with Pizza Inn in their effort to grow and expand their business," said Amegy Bank Dallas CEO and President Matt Hildreth. "This partnership demonstrates our commitment to supporting businesses as they rebuild and drive our economy."
Pizza Inn's growth strategy focuses on development of both Company-owned and franchised restaurants. The Company boasts a new concept design to attract a broader demographic and a new unit-level economic model to improve profitability and long-term growth. The new design offers the dine-in buffet format along with delivery and carryout.
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 310 restaurants in 17 states and 10 countries and directly owns and operates three restaurants.