Muscle Maker, Inc. Announces Business Updates
HOUSTON - (BUSINESS WIRE) - April 19, 2018 - Muscle Maker, Inc. (“Muscle Maker”), the owner of Muscle Maker Grill, which promotes a healthy lifestyle by offering a nutritious alternative to traditional dishes, today provided the following business updates:
- Added 10 military locations to its pipeline
- Announced 9 new franchise agreements in last 90 days
- Announced the resignation of CEO Robert E. Morgan for personal reasons and the appointment of Kevin J. Mohan as interim President
- Filed registration statement for its common stock with the Securities and Exchange Commission (the “SEC”)
Muscle Maker Grill continues to take steps to ramp up its strategic growth with ten military locations presently in its pipeline and ongoing discussions with additional military sites including food trucks. In addition, Muscle Maker has announced nine franchise agreements in key markets. Committed to providing healthier fuel for an active lifestyle, these franchise agreements represent a mix of single and multi-unit deals, including plans to open ten locations throughout Hawaii, ten in and around Virginia Beach, Virginia, five additional locations in the greater Houston area and one on Offutt Air Force Base near Omaha, NE.
Recent franchise agreements include:
- Atlanta, GA (2 franchise groups)
- The Hawaiian Islands
- Orlando, FL
- Raleigh, NC
- Houston, TX
- Virginia Beach, VA
- Katy, TX
- Rice Village, TX
In February 2018, Muscle Maker Grill announced a number of new franchise agreements. Since then, locations have been secured and construction has begun within the following markets, where we are anticipating grand openings occurring throughout the spring.
Locations opening soon include:
- Fort Benning, GA (second location)
- Fort Benning, GA (third location – food truck)
- Fort Sill, OK
- Fort Bragg, NC
- Offutt (Offutt Air Force Base), NE
- MacDill Air Force Base, FL
- Philadelphia, PA
- West Palm Beach, FL
- Chesapeake, VA
- Fountain Valley, CA
- Ventnor, NJ
- Norfolk, VA
The Muscle Maker brand has also recently opened locations in core markets, both new and existing, and hosted multiple grand opening events that featured ribbon cuttings with local dignitaries, along with offering free or discounted wraps to customers. The restaurants have been well-received in the new areas they are serving, and the community members have been incredibly welcoming at the following new locations:
- Lubbock, TX – July 2017
- Saugus, MA – August 2017
- Lynchburg, VA – October 2017
- Woodbury Heights, NJ – October 2017
- Salmiya, Kuwait – November 2017
- Northfield, NJ – December 2017
- Sugar Land, TX – December 2017
- Fort Benning, GA – December 2017
- West Hollywood, CA – January 2018
Muscle Maker also announces the resignation of its CEO Robert E. Morgan for personal reasons and the appointment of Kevin J. Mohan as interim President. “We thank Bob for his many years of service to Muscle Maker Grill. We wish him all the best and we are currently in discussions with several potential CEO candidates with extensive industry experience,” said Kevin J. Mohan, interim President of Muscle Maker, Inc.
Mr. Mohan continued, “We are pleased to announce that we have registered our common stock with the SEC and are now a public company. We intend to apply for quotation of our common stock on the OTC Markets in the near future. Within the next twelve months, we will be strategically streamlining our operations, which has included closing seven of our non-military corporate stores so that we can focus exclusively on our military buildout. We will also continue to work closely with our franchisees both domestically and internationally. We expect that this calculated shift should have a significant cost savings impact on our company going forward as we focus on achieving profitability.”
“As it relates to our military business, I will be working closely with our Chief Development Officer Pat Chiacchia. Pat is a former Navy Pilot who has worked with the Army and Air Force Exchange (“AAFES”) since 2001 and has been a key part of our military expansion to date. In addition, he has been building restaurants since 1980. As we shift our focus solely to new corporate stores for the military along with our franchise operations we believe that Pat will be instrumental as we look to increase our footprint,” concluded Mr. Mohan.
It is the hope of management that the anticipated quotation on the OTC Markets will make our company more attractive to the investment community.
Founded in 1995, Muscle Maker Grill’s diverse menu was created for the masses, including fitness enthusiasts, those starting their journey to a healthier lifestyle, and people trying to eat better while on-the-go. Providing “Great Food with Your Health in Mind,” Muscle Maker Grill’s menu features items with grass-fed steak and all-natural chicken, as well as options that satisfy the most popular dietary preferences – from the carb-free consumer to guests following gluten-free and vegetarian diets. Muscle Maker Grill does not sacrifice taste to serve healthy options. Now, guests can have delicious, nutritionally balanced food without the regret. More than just food, Muscle Maker Grill restaurants are a friendly, relaxed and social environment where guests can enjoy great-tasting food and engage with fellow health enthusiasts in their local area.
For more information on Muscle Maker Grill and its menu, visit www.musclemakergrill.com. Muscle Maker Grill also can be found on Facebook, where fans can participate in online promotions, engage with other health-conscious individuals and receive updates on new menu items, store openings and tips on how to live a healthy lifestyle, and its Muscle Maker Grill TV YouTube Channel.
About Muscle Maker Grill
Muscle Maker Grill features high-quality, great-tasting food, freshly prepared with guest’s health in mind. Its lean, protein-based menu features chicken, seafood, pasta, wraps, and entrée salads. Muscle Maker Grill also offers a wide selection of fruit smoothies in a variety of assorted flavors, protein shakes and supplements.
This press release may include "forward-looking statements." To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as "should," "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes." Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Muscle Maker, Inc. does not undertake any duty to update any forward-looking statements except as may be required by law.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. There is no assurance that Muscle Maker will be able to acquire additional funding, that any financing will be available in amounts or on terms acceptable to Muscle Maker, that Muscle Maker’s OTC Markets application, if submitted, will be approved or that a market for Muscle Maker’s common stock will develop.
Muscle Maker, Inc.
SOURCE Muscle Maker, Inc.