New York, N.Y. - Maui Tacos International, Inc., the majority owned subsidiary of Blimpie International, Inc. announced that it has signed a subfranchise agreement with Restaurant Concepts International to develop a minimum of 41 Maui Tacos restaurants over the first seven-year period in metro Atlanta. This area includes 13 counties with 3.2 million people. The Company also announced that it will open its first company-owned Maui Tacos in October of 1998 in Dunwoody, Georgia, an Atlanta suburb. The development of Maui Tacos is the first step in Blimpie International's new growth initiative, building on Blimpie's strength and proven expertise as a global brand franchising company.
Maui Tacos offers a freshly prepared menu of "Maui-Mex" items, including traditional Mexican foods like tacos and burritos filled with charbroiled steak, chicken and seafood entrees marinated in pineapple, lime juices and Hawaiian spices. Maui Tacos is well-known on the islands of Hawaii, with six established restaurants and one restaurant under construction. The concept was created in 1993 by nationally renowned chef Mark Ellman, and later jointly developed by Shep Gordon, producer and promoter.
Restaurant Concepts International is owned by Ed Tyler and Bob Koven, two highly skilled entrepreneurs with backgrounds in restaurant operations and business management. Mr. Tyler is a former president of Atlanta-based Mrs. Winners Chicken & Biscuits, a 115 unit restaurant chain, and Mr. Koven, a former president of an investment firm, is a founder and board member of Milton National Bank with two locations in the metro Atlanta area. The two principles have been looking for a restaurant business venture in the Atlanta area, where they have many business contacts in the food service industry. Their initial plans call for opening one company-owned restaurant, as well as finding qualified franchisees to support future expansion.
Robert Sitkoff, President of Maui Tacos, said, "Since acquiring the trademark and development rights for Maui Tacos last year, we are awarding subfranchises across the U.S. in much the same way that rights are awarded for our BLIMPIE subfranchises. We expect the Atlanta franchise to be a good start on the road to our goal. By combining the control of a company-owned restaurant with the energy and resources of a subfranchisor well-equipped to execute our vision for brand expansion in the Atlanta marketplace, we believe we are well on our way to penetrating this market and establishing a strong brand presence." Maui Taco International's first company-owned restaurant is approximately 2,100 square feet with 50 seats and is currently under construction in a well- trafficked shopping center in Dunwoody, Georgia.
Headquartered in New York, Blimpie International, Inc. franchises BLIMPIE Subs & Salads and Pasta Central and is the majority owner of Maui Tacos International, Inc., the franchisor of Maui Tacos and Smoothie Island. BLIMPIE Subs & Salads, a quick-service sandwich chain, has approximately 2,000 units operating in locations throughout the United States and in 12 other countries. The Company also owns the subsidiary B I Concept Systems, Inc., a professional design and equipment service company.
With the exception of any historical information contained in the release, the matters described herein contain forward-looking statements that are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve various risks and may cause actual results to differ materially. These risks include, but are not limited to, changes in global and local business and economic conditions; consumer preferences, spending patterns and demographic trends; food, labor and other operating costs; availability and cost of land and construction; currency exchange rates; and other risks outside the control of the Company referred to in the Company's registration statement and periodic reports filed with the Securities and Exchange Commission.
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