BLIMPIE International announces master franchise agreement for Alberta, Canada.ATLANTA--(BUSINESS WIRE)--April 17, 1996--BLIMPIE International, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NMS See NetWare Management System. : BMPE BMPE Black Market Peso Exchange ), the world's second leading submarine sandwich chain, today announced that it has awarded exclusive master franchise development rights for the Province of Alberta, Canada to Edmonton-based BLIMPIE Alberta Inc. Under the terms of the new agreement, BLIMPIE Alberta Inc., headed by David Hardy David Hardy may refer to:
Red Deer, city (1991 pop. 58,134), S central Alta., Canada, on the Red Deer River. It developed as a trade and service center for a region of dairying and mixed farming. . Prior to entering into the master franchise agreement with BLIMPIE International Inc., Hardy, a longtime Edmonton resident, served as area developer for the largest Canadian frozen yogurt franchisor, Yogen Fruz Yogen Fruz is a world-wide chain of frozen yogurt stores. Yogen Fruz serves a variety of other treats focusing on healthier alternatives. In 1986, two young brothers opened their first retail outlet at the Promenade Mall in Toronto, Canada. World-Wide Inc. A founding member of the Alberta Franchise Institute, Hardy has extensive experience in the franchise industry. Earlier in his career, he was the director of franchising for an Ontario-based home improvements franchise. In addition to his experience in the food service industry, Hardy is president and founder of Edmonton-based Foundation Group Mergers & Acquisitions, an Alberta business brokerage firm which specializes in the ownership transfer of privately held companies privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. . "After spending five years researching franchise opportunities, I finally decided on BLIMPIE International, Inc.," says Hardy. "Canadians are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. healthier alternatives to high-fat, fried products offered by traditional fast-food chains, and BLIMPIE provides that exact alternative. The chain has a proven track record and offers the best products." Future Canadian plans include awarding master franchises to each of Canada's ten provinces. BLIMPIE International, Inc. currently has such agreements pending for three other Canadians provinces: British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography , Nova Scotia Nova Scotia (nō`və skō`shə) [Lat.,=new Scotland], province (2001 pop. 908,007), 21,425 sq mi (55,491 sq km), E Canada. Geography and Ontario. "With the success we have achieved in Sweden and Spain, expansion into Canada is a natural progression to our overall global expansion plans," says Anthony Conza, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of BLIMPIE International, Inc. "Although Canadian and U.S. cultures are separate and distinctive, they do share certain similarities in eating and purchasing habits, which should facilitate our rapid expansion." The latest agreement comes on the heels of three other international deals announced by BLIMPIE International, Inc., on Feb. 21, 1996, declaring the submarine sandwich franchisor's plans for major international expansion in the U.K., Spain and Egypt. BLIMPIE International, Inc. currently has units in various stages of development in the UK and Egypt. Plans call for 270 and 68 units to open in those countries, respectively, over the next ten years with master franchisees in those countries. "Sales in our initial location in Madrid reached $13,000 during the first full week of operation," notes Dennis Fuller, BLIMPIE International, Inc. senior vice president of global development. "The successes we've experienced in both Sweden and Spain have prompted an increased concentration on developing additional international outlets." Founded in 1964, BLIMPIE International, Inc. was ranked in 1995 as the nation's fastest growing quick-service restaurant chain by Nation's Restaurant News, the industry's leading trade publication. For the second quarter ended Dec. 31, 1995, BLIMPIE International's revenues rose 50% to $8,783,069 and net income increased 100% to $1,015,846 as compared to the quarter ended Dec. 31, 1994. Earnings per share rose to $.11, compared to $.06 per share for the quarter ended Dec. 31, 1994. Since its founding, BLIMPIE has sold hundreds of millions of submarine sandwiches. The company was ranked 25th and 34th of the 200 Best Small Companies in America by Forbes Magazine for two consecutive years, respectively. CONTACT: BLIMPIE International, Inc. Dennis Fuller, 800/447-6256 ext. 18 or Kirshenbaum & Bond Anthony Sanzio, 212/337-4871 |
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