Pizza Inn Increases Credit Facility in Effort to Expand Company Store Growth
THE COLONY, Texas, Jan. 13, 2011 // GLOBE NEWSWIRE // -- Pizza Inn, Inc. (Nasdaq:PZZI) today announced an agreement to expand its term loan credit facility with Amegy Bank to $2.56 million, providing additional capacity for continued growth of company-owned stores. The additional available credit will enable the company to add up to six new company restaurants in the next year. Pizza Inn has opened five new company-operated restaurants in the last two years.
"Amegy Bank has been a valuable partner in executing our growth strategy," said Charlie Morrison, President and CEO of Pizza Inn. "The expansion in the facility demonstrates both Pizza Inn's and Amegy's confidence in our new buffet-style restaurant concept."
"Amegy Bank is excited to build upon our existing relationship with Pizza Inn as they continue to grow their business," said Amegy Bank Dallas CEO and President Matt Hildreth. "Supporting growing businesses as they work to strengthen our economy is a big priority for us at Amegy and our partnership with Pizza Inn demonstrates that."
Amegy Bank of Texas, is one of the fastest growing banks in Texas. With assets of more than $11 billion, local decision making and a history of relationship banking, Amegy has the resources to serve leading Texas companies as a source of capital as well as provide efficient and effective treasury management, international and investment services. The Bank, with more than 80 locations in the state, specializes in small business banking as well as private financial management and trust services for families and individuals, and retail and mortgage banking services.
Pizza Inn is actively seeking new franchisees with a program designed to encourage new and existing franchise owners to invest in new Pizza Inn Buffet franchise locations. The program includes zero royalties the first year of business and only 2 percent the second year on all franchise agreements for new stores awarded by March 31, 2011.
Headquartered in the Dallas suburb of 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 and directly owns and operates five restaurants. For more information, please visit www.pizzainn.com.