Apple Sauce Completes Sale-Leaseback with GE Commercial Finance.

SCOTTSDALE, Ariz. -- Apple Sauce, Inc., owner and operator of 70 Applebee's Neighborhood Bar & Grill Restaurants, in Indiana, Ohio, Florida, and Illinois, recently completed a sale-leaseback deal with GE Commercial Finance, Franchise Finance (GEFF). The deal includes 10 Applebee's locations in the Midwest and is valued at $19.5MM.

"Working with the GEFF team was great," says W. Curtis Smith, president of Apple Sauce, Inc. "We certainly see GEFF as part of our financial future, because they've been able to develop innovative solutions which are critical in maintaining the long-term profitability of our business."

Apple Sauce, Inc., based in Kentucky, has owned and operated Applebee's franchises for more than 12 years and is currently developing its ongoing growth strategy. The current sale-leaseback deal allows Apple Sauce to free a substantial amount of capital to fund that growth. The company is currently listed No. 22 on the Restaurant Finance Monitor Top 200 Franchisee List, which tracks the performance of the largest restaurant franchisees.

Bill Pabst, GEFF vice president, handled the deal. "Apple Sauce saw an opportunity to strengthen their financial position while enhancing long-term prospects," says Pabst. "They are in it for the long run."

GE Commercial Finance, Franchise Finance (GEFF) is a leading lender for the franchise finance market via direct sales and portfolio acquisition in the United States and Canada. With more than $12 billion in served assets, GEFF serves more than 6,000 customers and more than 21,000 property locations, primarily in the restaurant, hospitality, branded beverage, storage, and automotive industries. GEFF offers customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units and remodels for single- and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).

GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of more than US$217 billion and is headquartered in Stamford, Conn., USA. General Electric (NYSE: GE) is a diversified technology and services company dedicated to creating products that make life better.