INDIANAPOLIS, IN - ACCESSWIRE - July 6, 2015 - Noble Roman's, Inc. (NROM), the Indianapolis based franchisor and licensor of Noble Roman's Pizza and Tuscano's Italian Style Subs, today announced it has secured additional financing for working capital in conjunction with its recently announced plans for achieving accelerated growth.
Earlier this week the company announced that it had hired industry veteran Fred Ruehl to fill a newly created position as Vice President of Supermarket Development, Procurement and Distribution. The company also announced that it had hired an additional franchise sales executive and had entered into an arrangement with a well-established national franchise broker.
All three moves were designed to assist in significant acceleration of franchise and licensing sales. The financing secured by the company consists of a $600,000 note with a maturity date of July 1, 2017 and an interest rate of 8% per annum payable quarterly in arrears. In addition, the company issued a warrant for the purchase of 300,000 shares of common stock of the company at a price per share of $2.00, which expires July 1, 2020.
Scott Mobley, President and Chief Executive Officer, commented, "We believe the company is now well positioned for an accelerated growth trajectory in all three of its target venues as we push to increase the number of Noble Roman's locations nationwide. We believe the company has hired the talent necessary to help accomplish that goal, and this additional working capital will help us to implement those plans."
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 all 50 states plus Washington, D.C., Puerto Rico, the Bahamas, Italy, Canada and the Dominican Republic.
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, competitive factors and pricing pressures, non-renewal of franchise agreements, shifts in market demand, the success of new franchise programs with limited operating history including the stand-alone take-n-bake locations, general economic conditions, changes in purchases of or demand for the company's products, licenses or franchises, the success or failure of individual franchisees and licensees, changes in prices or supplies of food ingredients and labor, and dependence on continued involvement of current management. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may differ 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.
SOURCE Noble Roman's, Inc.