UFood Restaurant Group to Advance Military Channel Growth Through Joint Venture Agreement
BOSTON, MA--(Marketwire - Sep 12, 2011) - UFood Restaurant Group Inc. (OTCBB: UFFC) announced today that the company has signed a joint venture agreement with MBUF, LLC, a private investment group of military veterans, to focus on the expansion of the UFood Grill concept on U.S. military installations around the world.
This venture will launch with the upcoming opening of the first of three UFood Grills at Aberdeen Proving Ground in Maryland. Construction on the first unit will begin immediately, with an estimated opening in eight weeks.
"This is a very exciting moment for our company," said UFood CEO George Naddaff. "Since we began planning for Aberdeen, we realized that the military could represent a significant growth opportunity for us, given our national focus on nutrition and the well-being of our military. Our partners in this, military veterans themselves with distinguished careers, are uniquely suited to guide us through this expansion. We look forward to our upcoming opening at Aberdeen and to creating new opportunities together."
"We've assembled a group of military veterans who are personally familiar with the eating habits and nutritional needs of the military," said Francis L. Shea, partner, MBUF, LLC. "It is clear that healthier dining options are being mandated by the military leadership, their soldiers and their families. As we have begun meeting with bases to discuss the concept, we've received an overwhelmingly positive reception. Bringing the UFood Grill concept to military installations will give our military and their families access to better-for-you food served fast, a perfect fit for the military lifestyle."
About UFood Restaurant Group, Inc.
Headquartered in Boston, Mass., UFood Restaurant Group, Inc. is a franchisor and operator of fast-casual food service restaurants. UFood Grill offers a healthy lifestyle alternative to consumers in the fast-casual restaurant space and is positioned to become a leading player in the "better-for-you" quick-serve restaurant category. The Company is led by franchise innovator George Naddaff, who founded Boston Market and led the franchising of several companies including Sylvan Learning Center and VR Business Brokers. Mr. Naddaff has assembled a veteran management team with a successful record in the franchise market. UFood is currently launching a growth plan to franchise nationwide. To learn more, visit www.ufoodgrill.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks, delays, and uncertainties that may cause our actual results or performance to differ materially from those expressed or implied by these forward-looking statements. These risks, delays, and uncertainties include, but are not limited to: risks associated with the uncertainty of future financial results, our reliance on our sole supplier, the limited diversification of our product offerings, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.