January 20, 2010 // Franchising.com // LAKEWOOD, Colo. – Einstein Noah Restaurant Group, Inc. (NASDAQ:BAGL) is pleased to announce the signing of a multi-unit development agreement with Ellaicy Restaurant Company, Inc. to franchise Einstein Bros. Bagels restaurants and continue to expand the popular brand.
Ellaicy Restaurant Company, Inc.'s multi-unit franchise agreement continues Einstein Bros. Bagels' strategy of expansion through increased franchising with the right business partners who can carry on the Einstein Bros. tradition.
Based in Peoria, Ill., Ellaicy Restaurant Company, Inc. plans to open five Einstein Bros. restaurants within the next five years in the Peoria, East Peoria and Bloomington-Normal markets. The first location is scheduled to open in October 2010.
"The craveable food and comfortable atmosphere of the popular Einstein Bros. brand fit in well with the neighborhood," said Khalid Khairy, chairman of Ellaicy Restaurant Company, Inc. "I am pleased that we are planning to bring its neighborhood friendly atmosphere and variety of great tasting menu items with high-quality ingredients and quick casual service to the residents."
As the franchised restaurants open their doors, neighbors and guests in Peoria, East Peoria and Bloomington-Normal will be able to fill their breakfast, lunch and snack cravings with Einstein Bros. Bagels' menu, featuring award-winning bagels and shmear varieties, made-to-order breakfast and lunch sandwiches, Darn Good Coffeeïƒ¢ and specialty coffee drinks, hearty soups, fresh innovative salads, baked goods and decadent desserts.
"This new franchise agreement confirms that demand for our brand is building," said Jeff O'Neill, chief executive officer of Einstein Noah Restaurant Group (NASDAQ: BAGL). "We want to be the fastest growing fast-casual restaurant chain in America, and we are accelerating growth by increasing our focus on expansion through franchising."
As of January 8, 2010, the company has signed 14 multi-unit franchise agreements, which, when fully developed, represent a total of 57 additional stores. The first two franchise locations opened in Jacksonville, Fla., and Rogers, Ark., in 2008.
"Khalid is an astute and experienced entrepreneur with strong ties to Peoria, East Peoria and Bloomington-Normal," said O'Neill. "Executing our aggressive growth phase with franchise partners such as Khalid is a sign that we are attracting high-quality investors. We are very excited to have him join the Einstein Bros. family."
Einstein Noah Restaurant Group, Inc. is a leading company in the quick casual restaurant industry that operates and licenses locations primarily under the Einstein Bros. and Noah's New York Bagels brands and primarily franchises locations under the Manhattan Bagel brand. The company's retail system consists of approximately 600 restaurants in 36 states and the District of Columbia. It also operates a dough production facility. The company's stock is traded on the NASDAQ under the symbol BAGL.
Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "estimate," "project," "plan to," "is designed to," "expectations," "intend," "indications," "expect," "should," "would," "believe," "target," "trend," "will be able," "is going to be," "is slated to," "will play" and similar expressions and all statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the actual results or achievements to differ from those expressed or implied by such forward-looking statements. These factors include but are not limited to the following: the ability of Ellaicy Restaurant Company, Inc. to build, open and successfully run Einstein Bros. locations is dependent upon, among other factors, its ability to find suitable locations, reach acceptable lease terms, obtain acceptable financing, have adequate capital, find acceptable contractors, obtain licenses and permits, locate and train staff appropriately and properly manage the new restaurants. These and other risks are more fully discussed in the Company's SEC filings.