Pokemoto Crosses Milestone of 50 Franchise Agreements Signed

Rhea-AI Summary

Pokemoto, a Hawaiian poke chain and subsidiary of Muscle Maker, Inc. (GRIL), has signed its 50th franchise agreement, expanding to 15 states.

This milestone reflects the company’s growing footprint and successful franchising efforts. Franchisees can expect initial fees of up to $25,000 per unit with a 6% royalty rate on net sales. The company has partnered with Newtek Business Services to assist franchisees in securing funding. The franchise model aims to attract entrepreneurs seeking innovative dining concepts as Pokemoto continues its momentum in new and existing markets.

Positive

• 50 franchise agreements signed, indicating strong growth.
• Expansion into 15 states enhances market presence.
• Partnership with Newtek Business Services may facilitate funding for franchisees.
• Low initial franchise fee ($25,000) and 6% royalty on net sales make it attractive for investors.

Negative

• None.

Pokemoto, Hawaiian Poke Chain has signed its 50th Franchise Agreement

Burleson, Texas, Dec. 06, 2022 (GLOBE NEWSWIRE) -- Pokemoto, Muscle Maker, Inc.’s (Nasdaq: GRIL) expanding Hawaiian poke bowl restaurant concept, today announced it has crossed a threshold milestone of 50 franchise agreements signed, reaching 15 states once opened, since putting its foot on the gas with franchising efforts. Pokemoto will make a splash in new markets while expanding in existing markets, including Texas, South Carolina, New Jersey, Connecticut, Massachusetts, Rhode Island, Florida, Kansas, Maryland, Virginia, New York, Pennsylvania, Mississippi, Tennessee and Georgia. Specific location details can be found on the Pokemoto website – www.Pokemoto.com/locations.

“Achieving 50 franchise agreements signed for a relatively young brand is a major accomplishment for our team” said Michael Roper, CEO of Pokemoto. “The team has been working tirelessly to keep the momentum going as we near the year’s end. Franchise sales efforts are set on seeking out entrepreneurs looking to be a part of something fresh and new to the restaurant space; an opportunity outside of your standard burger, pizza and salad concepts. We believe we have a unique opportunity with a trending food concept that boasts “healthier for you” benefits, a low cost of entry and ease of operations. Seeing our footprint grow shows that our franchise marketing efforts are working and that we’re resonating with the right audiences. We continue to seek out new partnerships, vendors and resources to expand our tool kit for prospective and current franchisees so that they can focus their efforts on expanding their Pokemoto portfolios.”

Roper continued, “We’re thrilled to announce franchise agreements signed in markets where we’ve recently opened company owned locations in addition to a few new markets; especially since we’ve recently gone through a brand redesign and believe we’ve hit a home run on the new look. It really sets the vibe in our stores. The bright colors, Hawaiian graphics and decor and neon lights complete the guest experience and now we get to really show it off to our guests and to prospective franchisees. We look forward to sharing more details on the opening of our newly announced agreements in the near future!”

Pokemoto’s 50 signed franchise agreements news comes on the heels of a recent announcement of Pokemoto’s partnership with Newtek Business Services Corp. (Nasdaq: NEWT), a qualified lending source to assist current and prospective franchisees with securing funding to open Pokemoto eateries across the United States; providing another partner to potentially assist with an array of business solutions for Pokemoto franchisees.

The Pokemoto franchise model generates up to $25,000 per unit for the initial franchise fee, when the agreement is signed while also providing up to 6% of net sales as an ongoing monthly royalty rate once each location is opened. The typical franchise agreement is for 10 years with a 5 year renewal option. The Company does allow, in certain instances, for discounted fees for multi-unit or special agreements.

About Pokemoto
Pokemoto, a Hawaiian Poke bowl concept known for its modern culinary twist on a traditional Hawaiian classic has open or coming soon locations in Connecticut, Massachusetts, Florida, Maryland, Virginia, Rhode Island, New York, New Jersey, Pennsylvania, Tennessee, Texas, South Carolina, Georgia, Mississippi and Kansas. Pokemoto offers contemporary flavors with fresh delectable ingredients that appeals to foodies, health enthusiasts, and sushi-lovers everywhere. Guests can choose from a list of signature bowls or be bold and build their own unique combination of a base, protein, various toppings and nine different sauces. Vegetarian options are available, and the bowl combinations are virtually limitless. The colorful dishes and modern chic dining rooms provide an uplifting dining experience for guests of all ages. Customers can dine in-store or order online via third party delivery apps for contactless delivery.

Forward-Looking Statements

This press release may include “forward-looking statements” pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. 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.

Contact:
Muscle Maker Grill Marketing
marketing@musclemakergrill.com

Investor Relations:
IR@musclemakergrill.com

FAQ

What is the recent milestone achieved by GRIL's Pokemoto?

Pokemoto has signed its 50th franchise agreement.

How many states will Pokemoto operate in with the new franchise agreements?

Pokemoto will be expanding to 15 states.

What is the initial franchise fee for opening a Pokemoto unit?

The initial franchise fee can go up to $25,000 per unit.

What is the ongoing royalty rate for Pokemoto franchisees?

Franchisees are required to pay a royalty rate of 6% on net sales.

Who is assisting Pokemoto franchisees with funding?

Pokemoto has partnered with Newtek Business Services to assist franchisees in securing funding.