Rocky Mountain Chocolate Factory, Inc. to Expand into the Republic of the Philippines
DURANGO, CO - (Marketwired - Oct 30, 2014) - Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (the "Company"), which franchises/operates gourmet chocolate stores and manufactures an extensive line of premium chocolates and other confectionery products, today announced a further expansion of its international franchising activities with the signing of a Licensing Agreement in the Republic of the Philippines.
"We are delighted to announce the continued expansion of our international franchising initiative with the signing of a License Agreement with strategic partners in the Philippines," noted Bryan Merryman, Chief Operating Officer of Rocky Mountain Chocolate Factory, Inc. "We commenced our international expansion program approximately two and a half years ago and have since entered into Licensing Agreements in Japan, South Korea, the Kingdom of Saudi Arabia, and now the Philippines. In addition, licensees have operated Rocky Mountain Chocolate Factory stores in Canada and the United Arab Emirates for many years. We continue to evaluate licensing opportunities in a number of additional countries and expect international activities to play an increasing role in our growth in coming years."
Under the terms of the non-exclusive Licensing Agreement for the Philippines, the Licensee will open four (4) stores within 30 months following the execution of the agreement. The Licensee has also been granted a 30-month option to convert its initial License Agreement into an exclusive Master License Agreement. If the Licensee chooses to exercise the option prior to its expiration date, the Licensee will acquire the right for itself and/or through third-party franchisees to develop not less than 30 Rocky Mountain Chocolate Factory stores in the Philippines, inclusive of the four stores developed under the terms of the initial License Agreement.
With a population of approximately 100 million people, the Republic of the Philippines is the seventh most populous country in Asia and the twelfth most populous country in the world.
About Rocky Mountain Chocolate Factory, Inc.
Rocky Mountain Chocolate Factory, Inc., headquartered in Durango, Colorado, is an international franchiser of gourmet chocolate, confection and self-serve frozen yogurt stores and a manufacturer of an extensive line of premium chocolates and other confectionery products. The Company, its U-Swirl, Inc. subsidiary and franchisees currently operate over 628 Rocky Mountain Chocolate Factory and self-serve frozen yogurt stores in 42 states, Canada, Japan, South Korea, The United Arab Emirates, The Kingdom of Saudi Arabia, Pakistan, and Turkey.
The Company's common stock is listed on The Nasdaq Global Market under the symbol "RMCF." The common stock of U-Swirl, Inc. trades on the OTCQB market under the symbol "SWRL."
Certain statements in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements involve risks and uncertainties, and the Company undertakes no obligation to update any forward-looking information. Risks and uncertainties that could cause cash flows to decrease or actual results to differ materially include, without limitation, seasonality, consumer interest in the Company's products, general economic conditions, consumer and retail trends, costs and availability of raw materials, competition, the success of the Company's co-branding agreement with Cold Stone Creamery Brands, the success of international expansion efforts, including but not limited to new store openings, the success of U-Swirl, Inc. and other risks. Readers are referred to the Company's periodic reports filed with the SEC, specifically the most recent reports which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The information contained in this press release is a statement of the Company's present intentions, beliefs or expectations and is based upon, among other things, the existing business environment, industry conditions, market conditions and prices, the economy in general and the Company's assumptions. The Company may change its intentions, beliefs or expectations at any time and without notice, based upon any changes in such factors, in its assumptions or otherwise. The cautionary statements contained or referred to in this press release should be considered in connection with any subsequent written or oral forward-looking statements that the Company or persons acting on its behalf may issue.
SOURCE Rocky Mountain Chocolate Factory, Inc.
Bryan J. Merryman