Fast Casual Concepts, Inc. Announces a Master Franchise Agreement in the Pittsburgh Area
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.
- Master franchise agreement to expand brand presence in Pittsburgh.
- Introduction of food trucks alongside existing locations.
- FCCI to earn royalties on gross revenue from franchise operations.
- Board approved retirement of 19% of common shares, potentially enhancing shareholder value.
- None.
Company’s Board Retires Shares
GROVE CITY, Pa., Oct. 19, 2022 (GLOBE NEWSWIRE) -- Fast Casual Concepts, Inc. (OTCPINK: FCCI) announces entering a master franchise agreement to further develop its brand in Pittsburgh, Pennsylvania.
As part of the agreement, the master franchisor will own and operate all existing locations and supplement the brick-and-mortar locations with food trucks. Fast Casual Concepts will collect royalties on the master franchisor's gross revenue.
"A master franchisor adds a promising new dimension to Fast Casual's future. Our focus is to continue to grow the brand. The Pittsburgh area agreement supports this goal by allowing us to focus on franchising rather than daily operations of corporate locations," said Timothy Seivers, Chief Operating Officer of Fast Casual Concepts.
Fast Casual Concepts, Inc. also announced its Board of Directors approved the retirement of
About Fast Casual Concepts, Inc. (OTCPINK: FCCI):
Fast Casual Concepts, Inc. (OTCPINK: FCCI) is a restaurant company featuring a portfolio of brands, including Holy Cow Burgers and Ice Cream, Independent Taco, and Third Eye Pies, with all locations in Pennsylvania. Fast Casual Concepts provides a friendly and pleasant atmosphere for customers and employees. Customer satisfaction is paramount. The Company's values offer the environment for their teammates to grow and thrive. A corporate culture nurtures a healthy, creative, respectful, and fun working environment in which our employees respect the customer and the product quality. The mission of Fast Casual Concepts is to fill the growth sector market of fast-casual dining experience by providing fresh ingredients and higher quality food otherwise not offered by competitor fast food restaurants. Fresh ingredients differentiate us from the competition as our restaurants focus on innovative products, unique promotions, competitive pricing, and an enjoyable experience. Holy Cow Burgers and Ice Cream's first restaurant, a fast-casual burger shop with homemade milkshakes and hard ice cream, opened in 2019. Independent Taco is a fast-casual, build-your-own taco and burrito shop that serves a variety of street tacos, burritos, and bowls which opened in 2020. And the Company's Third Eye Pies is a create-your-own fast casual pizza shop that serves a variety of fast-fired, handcrafted pizzas; two opened in 2020, and the third opened in 2022 -https://fastcasualconceptsinc.com/.
Safe- Harbor Statement:
This information or presentation contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. Except for historical matters contained herein, this press release's statements are forward-looking. Without limiting the generality of the foregoing, words such as "may", "will", "to", "plan", "expect", "believe", "anticipate", "intend", "could", "would", "estimate," or "continue", or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risk, uncertainties, and other factors which may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company's filings with OTC Markets. Except as required by law, we assume no obligation to update these forward-looking statements publicly or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available.
Contact:
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a1514b8-8fb0-420e-affc-85873e3ffbf9
FAQ
What recent agreement did Fast Casual Concepts (FCCI) enter?
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