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Muscle Maker, Inc. (Nasdaq: GRIL), a prominent player in the global food supply chain sector, has undergone significant transformation and expansion over recent years. Originally focused on the U.S. restaurant business, Muscle Maker has evolved into a diversified, global food-focused organization, operating through its two main business units: Sadot LLC and the MMI Restaurant Group.
Sadot LLC, the company's largest operating unit, was formed in partnership with Aggia LLC FZ and focuses on international trading and shipping of food and feed commodities such as soybean meal, wheat, and corn. Recently, Sadot expanded its operations into North, Central, and South America, facilitated by a strategic agreement with Buenaventura Trading LLC. This expansion has significantly enhanced the company's geographic reach and strengthened its position in the global commodity trading industry.
The MMI Restaurant Group operates over 50 restaurants, including concepts such as Pokémoto Hawaiian Poké & Boba Tea and Muscle Maker Grill. These restaurants and the fresh-prep meal service, Superfit Foods, cater to the growing 'healthier-for-you' market segment. The National franchise development of Pokémoto is a key growth driver, with over 50 franchise units already in the 2023 pipeline.
Muscle Maker's achievements include its recent addition to the Russell Microcap® Index, reflecting the company's strategic advancements and financial performance, notably a 7000% increase in year-over-year top-line revenue in Q1 2023. The company's subsidiary, Sadot LLC, has generated over $500 million in total revenue since its inception in November 2022.
An essential part of Muscle Maker's growth strategy is its commitment to sustainability and innovation. The recent appointment of David Errington, an expert in the sustainability and environmental sector, to the Board of Directors underscores this commitment.
The company's financial condition remains robust, with positive net income and consistent revenue growth. The recent amendment to the services agreement with Aggia LLC FZ is expected to enhance profit potential by reducing non-cash stock-based expenses by 50%, thus improving bottom-line results.
Muscle Maker continues to grow in size, diversity of operations, and financial strength while maintaining its original principles of sourcing and providing healthier food options. For more information, please visit www.musclemakerinc.com.
Muscle Maker, Inc. (GRIL) announced the opening of two Healthy Joe’s locations at Naval Station Newport, Rhode Island, as part of its expansion beyond Army and Marine bases. This initiative includes serving healthier meal options to Navy personnel at the Surface Warfare Officers School and Naval Health Clinic. The company aims to broaden its military portfolio, enhancing its reach into the U.S. Navy. Planning and construction will begin in Q4 2020, with anticipated openings in Q1/Q2 2021. Additionally, Muscle Maker has nominated Major General (retired) Malcolm Frost to its Board of Directors.
Muscle Maker, Inc. (GRIL) shared an investor update on October 14, 2020, focusing on its non-traditional location growth strategy. The company plans to open new stores, including Ghost Kitchens, and targets military expansion after raising $5.6 million in equity. The appointment of Major General (retired) Malcolm Frost to the board aims to enhance military outreach. The company has already opened three Ghost Kitchen locations and plans to expand further. Muscle Maker aims to leverage opportunities arising from the COVID-19 pandemic while maintaining transparency with investors.
Muscle Maker, Inc. (GRIL) has reopened its first Healthy Joe’s location in Tribeca, NYC, after a six-month closure due to COVID-19. The fast-casual restaurant offers healthy meals prepared in a 500-degree conveyor oven, including oven-toasted subs and unique signature dishes. To celebrate, Healthy Joe’s will introduce a 'Cheater' menu, featuring indulgent items. The restaurant is implementing a new contactless ordering system and will operate at 25% indoor capacity alongside outdoor dining to comply with NYC safety guidelines.
Muscle Maker, Inc. (GRIL) recently opened its second campus location at Northern Virginia Community College, Manassas, providing healthier food options for students and faculty. The company plans to complete four locations across the NOVA campuses, with the remaining two set to open next semester. CEO Michael Roper highlighted the need for nutritious food at universities, positioning the company to capitalize on this demand. Muscle Maker Grill continues its non-traditional growth strategy by scouting additional locations, including Texas Tech University Health Sciences Center.
Muscle Maker, Inc. (GRIL) has opened its first campus location at Northern Virginia Community College (NOVA) as part of its expansion strategy. The Loudoun site, which opened on September 23, 2020, features offerings from Healthy Joe’s, focusing on healthier options for students and faculty. Future openings are planned at the Manassas, Alexandria, and Woodbridge campuses, enhancing the brand's presence in the region. The company aims to cater to the increasing demand for nutritious meals among younger generations.
Muscle Maker, Inc. (Nasdaq: GRIL) has announced the signing of a lease to open two new ghost kitchens in New York City, increasing its operational locations to nine across three major U.S. cities. The kitchens will serve the company's food concepts via third-party delivery services. The Manhattan location in Tribeca offers unique pickup options for customers, while the Brooklyn kitchen is positioned in a delivery-centric area. CEO Michael Roper emphasized the company's strong financial position to pursue this growth in response to the demand for healthy food during the pandemic.
Muscle Maker announced its public offering of 3,294,118 shares at $1.70 each, set to close on September 15, 2020. An additional 494,117 shares may be purchased by underwriters. The funds will support the company's growth initiatives, including opening up to 35 ghost kitchens in metropolitan areas, adapting to changes in the restaurant industry due to Covid-19. CEO Michael Roper emphasized the potential for expansion and brand enhancement.
Muscle Maker, Inc. (GRIL) announced the opening of two new ghost kitchens in Philadelphia, increasing its total to seven locations across major U.S. cities. The kitchens will feature menus from Muscle Maker Grill and Healthy Joe’s, available via third-party delivery platforms. This expansion aligns with the company's strategy to enter new markets quickly and economically, capitalizing on the rising demand for delivery services. The company aims to provide healthier meal options and plans to keep shareholders updated on future developments.
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