Good Times Announces New Distribution Agreement with Food Services of America
GOLDEN, Colo. - June 7, 2013 - (BUSINESS WIRE) - Good Times Restaurants Inc. (NASDAQ: GTIM) today announced that it has entered into a five year distribution agreement with Food Services of America (FSA) that covers distribution of over 95% of the Company’s products.
Nick Biegel, Director of Purchasing for the Company said, “After Yancey’s was acquired by FSA and after going through a lengthy competitive bidding process, we are pleased that we are able to maintain our longstanding relationship with the team at Yancey’s and we are looking forward to all of the new resources that FSA can bring to us as a much larger company, including improved purchasing and freight efficiencies which should help reduce our cost of sales.”
Biegel added, “The distribution agreement will cover not only Good Times Burgers & Frozen Custard restaurants, but the future growth related to the recent announcement of the development of Bad Daddy’s Burger Bar restaurants in Colorado and other states, including the benefit of FSA’s relationship with a much larger distribution cooperative that covers the country. As we develop Bad Daddy’s Burger Bar restaurants out of Colorado and FSA’s direct distribution area, the national cooperative provides us with the ability to support our franchisees with much of the same purchasing power we have in Colorado.”
About Good Times
Good Times is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% all natural chicken tenderloins, fresh frozen custard, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 39 restaurants.
About Bad Daddy’s Burger Bar
Bad Daddy’s Burger Bar is a North Carolina-based restaurant chain of full service restaurants featuring signature recipe burgers, sandwiches, chopped salads, appetizers and a full bar specializing in a selection of craft microbrew beers in a high energy, family friendly atmosphere. The Company has certain development rights to the Bad Daddy’s concept in Colorado, Kansas and Arizona and owns 48% of the franchisor entity Bad Daddy’s Franchise Development LLC, which is more fully described in its Form 8k filing on April 15, 2013.
This press release contains forward-looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek” and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, which may cause Good Times’ actual results to differ materially from results expressed or implied by the forward-looking statements. These risks include such factors as the uncertain nature of current restaurant development plans and the ability to implement those plans, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, and other matters discussed under the “Risk Factors” section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 30, 2012 filed with the SEC. Although Good Times may from time to time voluntarily update its forward-looking statements, it disclaims any commitment to do so except as required by securities laws.
Good Times Restaurants Inc.
Boyd E. Hoback
President and CEO