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|Famous Dave's BBQ to Expand Internationally With Announcement of Multi-Unit Franchise Agreement in Canada|
MINNEAPOLIS, Sep 28, 2011 (GlobeNewswire via COMTEX) --
Marking its first venture outside the US market, Famous Dave's of America, Inc. (Nasdaq:DAVE) announced today that it has awarded a multi-unit franchise agreement to Famous Ribs of Canada Ltd., a subsidiary of Tribal Councils Investment Group of Manitoba Ltd. The first location is anticipated to open June 2012 in Winnipeg, Manitoba.
Tribal Council Investment Group of Manitoba Ltd. (TCIG) is a highly successful private investment holding that owns and operates the territory master franchise of Wok Box; a popular Asian quick-service family of restaurants. TCIG's subsidiary, Arctic Beverages Limited is the only First Nations owned and operated Pepsi bottler in the world which services the largest territory in Canada with Pepsi and Frito Lay products. In addition, TCIG's subsidiaries and key investment areas include wholesale, retail, construction, health services, financial services, transportation and real estate holdings.
Christopher O'Donnell, President and CEO of Famous Dave's said, "This is an exciting announcement for Famous Dave's, as well as for all of our stakeholders. In the past, international opportunities have been presented to the Company, but after due diligence, the timing or the deal did not fit with our business plan. When we began discussions with TCIG, it was clear that their group was an ideal franchise partner. TCIG brings to the table a highly experienced management team in both the restaurant industry, as well as business in general. They are well established in the Canadian market and we are confident that they will represent the Famous Dave's brand with passion, by providing top-notch guest service and introducing our authentic, legendary pit BBQ to new fans across North America."
"We are very excited about this new joint venture and our partner, Famous Dave's. Our core competencies in the hospitality industry, combined with Famous Dave's legendary service and award-winning concept position us to capitalize on what we feel is an opportunity and need in the Canadian marketplace," said Allan C. McLeod, President & CEO of Tribal Councils Investment Group of Manitoba Ltd. He added, "It's an honor to be the first to serve America's award-winning Bar-B-Que in Canada. Canadians travel to the United States to experience authentic Bar-B-Que, now they will be able to enjoy America's best Bar-B-Que in their own backyard."
Victor Salamone, Famous Dave's Vice President of Franchise Operations and Development commented, "When selecting a franchise partner, operational excellence is key in order to meet our high standards and guidelines. We are proud to provide the support, programs and processes to ensure that franchisees are set up for success and can seamlessly duplicate a 'Famous' experience for guests. We are pleased to welcome TCIG to our family of 184 existing restaurants and we are extremely impressed with their tremendous successes in the Canadian market."
About Famous Dave's
Famous Dave's of America, Inc. (Nasdaq:DAVE) was founded by 'Famous' Dave Anderson, whose passion for BBQ led him on a 25-year cross-country trek to find the best regional BBQ recipes in the country before opening the first Famous Dave's in Hayward, WI. As of today, the company owns and franchises 184 restaurants in 37 states, and is known for its on-premise real pit smokers where the BBQ is slow-smoked for up to 10 hours over smoldering hickory wood. Famous Dave's is proud to serve scratch-recipe cooking, and has won over 500 awards, including the People's Choice Award at the 2011 Great American Rib Cook-Off in Cleveland and the People's Choice Award at the 2011 National Capital Barbecue Battle in Washington, D.C., for the sixth year in a row. The extensive menu features award-winning barbequed and grilled meats, a large selection of salads, side items, burgers and sandwiches, and home-baked desserts. www.famousdaves.com.
The Famous Dave's of America, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7726
Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company's actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company's SEC reports.
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SOURCE: Famous Dave's of America
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