NDIANAPOLIS - Jan. 18, 2013 // PRNewswire // - Noble Roman's, Inc. (OTC BB: NROM), the Indianapolis based franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs, today announced further expansion of its popular take-n-bake (TNB) concept.
On January 14, 2013, a third Noble Roman's stand-alone take-n-bake franchise unit opened in the northwest section of the greater Indianapolis metro area. This stand-alone take-n-bake (TNB) franchise, dubbed "Noble Roman's Take-n-Bake P'za" leverages the popular Noble Roman brand, reputation for taste and quality, and the rapidly growing trend supporting the take-n-bake concept. The newest unit is located in Indianapolis on 96th Street at Michigan Road in the Pyramid North Shoppes.
In addition, the Company has signed additional new franchise agreements, bringing the total number of TNB units open or in development to nine. Six units are currently under development or construction, expected to open during the first half of 2013.
"Consumers continue to gravitate toward take-n-bake pizza, due to the convenience, value, and taste, and the accelerating growth of our franchise concept is evidence of this powerful trend," commented Paul Mobley , Chairman and CEO, Noble Roman's Inc. "We continue to grow our pipeline of franchised units, now with nine units open or scheduled to be open by mid-year. Additional units should add to this total, as this concept is further proven. The fact that our first unit turned a profit in the first month of operation validates the concept and reinforces the opportunity. The expansion of this stand-alone take-n-bake concept represents an additional component to our growth strategy, and I am pleased with the progress we are making with this initiative. Take-n-bake remains the fastest growing segment of the pizza industry and this concept leverages our previous success and brand reputation."
The Noble Roman's Take-n-Bake concept features the chain's popular traditional hand-tossed style pizza, Deep-Dish Sicilian pizza, the SuperThin pizza, and Noble Roman's famous breadsticks with spicy cheese sauce, all in a convenient cook-at-home format. Additional menu items will include such items as fresh salads, cookie dough, cinnamon rounds, bake-able pasta, cheesy sticks and more. The take-n-bake pizza design grew out of the rising popularity of take-n-bake generally, the Company's success in licensing over 1,350 groceries nationwide to carry Noble Roman's take-n-bake pizza, and the company's existing reputation for fun, great tasting pizza. The Noble Roman's stand-alone take-n-bake unit requires only 900 square feet with a minimal amount of equipment and build-out relative to a regular quick-service restaurant, resulting in a much lower investment cost. Additionally, the Company anticipates that the take-n-bake unit will require much less labor and other operating costs, such as utilities, making it simpler and more affordable to operate, contributing to a compelling franchise opportunity for potential franchisees.
As previously announced, the company has signed agreements thus far for nine stand-alone take-n-bake units all to be located in central Indiana. The first seven franchises were all sold to existing Noble Roman's franchisees. Two of the existing franchisees signed agreements for three units each and one existing franchisee signed for a single unit. The eighth and ninth agreements were signed with separate franchisees for locations in north central Indiana.
Noble Roman's, Inc. sells and services franchises and licenses for non-traditional foodservice operations under the trade names "Noble Roman's Pizza," "Noble Roman's Take-n-Bake," and "Tuscano's Italian Style Subs." The Company has awarded franchise and/or license agreements in 49 states plus Washington, D.C., Puerto Rico, the Bahamas, Italy and Canada. The Company has recently developed a stand-alone take-n-bake pizza prototype, with the first unit opened on October 29, 2012, the second unit opened on December 3, 2012 and six additional franchises under development.
The statements contained in this press release concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to, market acceptance of recently introduced products, competitive factors and pricing pressures, the current litigation with certain former traditional franchisees, non-renewal of franchise agreements, shifts in market demand, compliance with the terms of the company's bank credit agreement, general economic conditions and other factors including, but not limited to, changes in demand for the company's products or franchises, the success or failure of individual franchisees and changes in prices or supplies of food ingredients and labor as well. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. The company undertakes no obligations to update the information in this press release for subsequent events.
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