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Fast Casual Concepts (OTC: FCCI) has announced the acquisition of 100% of CK Distribution, a wholesale and retail distributor of nonalcoholic mixers in Florida. This acquisition marks FCCI's first step towards a new business direction. Prior to the acquisition, the company completed a 1:4 reverse stock split, resulting in 26,112,754 total common shares outstanding. Management views this acquisition as positioning the company for future growth and opportunity in what they describe as a lucrative market.
Fast Casual Concepts (OTCPINK: FCCI) announced a master franchise agreement to enhance its brand presence in Pittsburgh, Pennsylvania. The deal enables the franchisor to manage all current locations and introduce food trucks, with FCCI earning royalties on gross revenue. The company's COO expressed optimism about the expansion, highlighting a strategic focus on franchising over direct operations. Additionally, the Board of Directors approved the retirement of 19% of total common shares, aimed at improving shareholder value.
Fast Casual Concepts, Inc. (OTCPINK: FCCI) announced the launch of a new food truck program aimed at capitalizing on the growing $1.2 billion US food truck industry. The company plans to open 15 food trucks within the next year, anticipating a revenue increase of 80% or more. As part of its expansion, FCCI has successfully opened five restaurants since 2019 and is also focusing on franchising its food truck business. COO Tim Seivers emphasized that this initiative allows for lower financial entry points and aims to enhance brand recognition while delivering quality food.
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