Creative Eateries Corp. acquires Pasta Pranzo
Creative Eateries Corp. (CEAT) is pleased to announce it has acquired 100% of Pasta Pranzo Franchise Co., LLC, a fast-casual restaurant concept developed in Los Angeles.
September 27, 2005
SCOTTSDALE, Ariz., Sep 28, 2005 (BUSINESS WIRE) -- Creative Eateries Corp. (CEAT) is pleased to announce it has acquired 100% of Pasta Pranzo Franchise Co., LLC, a fast-casual restaurant concept developed in Los Angeles. The acquisition includes specific trademarks and service marks, including the Pasta Pranzo trademark, logo and related commercial symbols and slogans, and recipes, including future recipes and the Pasta Pranzo location in the Santa Monica area in west Los Angeles. Existing management will be retained.
Pasta Pranzo's concept is a 1,200 to 1,800 sq. ft. made-to-order pasta restaurant concept which provides a fast-casual alternative to consumers who want great tasting, high quality food, along with speed, value and convenience. It is perceived as an adult fast-food choice with broad appeal among the middle-class segment. The food is prepared fresh daily, with full exhibition kitchen, and a guest check average in the $8.50 range. Average sales are expected to be $750,000 to $800,000 per store and the company expects franchise sales to 30 to 40 by the end of 2006. d and will join the Creative Eateries team.
Unlike Don Allio's Italian Kitchen, Pasta Pranzo will be a smaller fast-casual restaurant that will provide good hearty pasta dishes for those on the go. Franchise fees for Pasta Pranzo will be less at $25,000 per location and a much lower build out fee in the range of $300,000 per unit.
Creative Eateries intends to build a second Pasta Pranzo store in Arizona, and will add this concept to its formidable franchising efforts nationwide. Frank Holdraker, president & CEO of Creative Eateries Corp., said, "We believe there is a large market for this brand, with little competition." The main competitors are Pasta Pomodoro, owned by Wendy's, and Pasta Bravo, which is owned by Yum Brands Inc.About Creative Eateries Corp.
Creative Eateries Corp. is a franchise development company that targets emerging and undervalued franchise concepts. The company is introducing a line of new restaurant brands that fall into the broad category of "fast-casual/full-service" dining. Creative Eateries Corp. will provide the necessary elements to grow these brands by partnering with the existing restaurant companies, thereby owning equity directly in these brands and by providing the concepts a total Franchise Turnkey Program. This formula is the result of several years of development to provide the tools and support needed to create and sustain a successful restaurant franchise with above average per store returns.
Creative Eateries is listed on the NASDAQ Electronic Bulletin Board under the trading symbol CEAT.
Look for our Web site at www.creativeeateries.com.
For further investment information please call Gary Reid at 866-475-7539.
