Deals to Open a Dozen Famous Dave's Restaurants Signed
MINNEAPOLIS, Oct. 7, 2013 (GLOBE NEWSWIRE) -- Famous Dave's of America, Inc. (Nasdaq:DAVE) announces the signing of development deals by four Franchise partners for a total of 12 locations throughout New York, Maryland, Michigan, Ohio and Puerto Rico during the next three to five years.
The four franchise partners behind the deals include two existing owners who are expanding their collection of restaurants and two developers new to the concept. "We are excited for all of our signings," says Victor Salamone, VP of Development and Franchise Sales. "Our growth through existing partner expansion demonstrates BBQ's viability and the franchisees new to the Famous Dave's family show confidence in our Brand's potential."
While new to Famous Dave's, Florida-based developer Eric Bachelor of Bachelor Restaurant Holdings, LLC, isn't new to the business. He has a variety of restaurant, real estate and hotel ventures under his belt. His two unit development deal is for Price Georges County, Md. He expects to open his first location in the Boulevard at Capital Centre located in Largo next year.
Craig Cohen, also new to Famous Dave's, has a four unit deal for Westchester and Rockland counties in N.Y. He comes to the brand with experience as a franchisee in two other restaurant systems.
Elliot Baum, Blue Ribbon BBQ LLC, currently has five Famous Dave's locations in Michigan and one in Ohio. He will add to his group of restaurants in the next five years with development focused in Cleveland and Akron, Ohio and Ann Arbor, Mich.
After opening in Carolina, Puerto Rico with record-breaking sales earlier this year, Jorge Colon-Geren is breaking ground on his second Famous Dave's. The Bayamon location is slated to open in the first quarter of 2014.
About Famous Dave's
Famous Dave's of America, Inc. (Nasdaq:DAVE) develops, owns, operates and franchises barbeque restaurants. At the close of third quarter 2013, the company owned 53 locations and franchised 138 additional units in 34 states, the Commonwealth of Puerto Rico and 1 Canadian Province. Famous Dave's menu features award-winning barbequed and grilled meats, a large selection of salads, side items and sandwiches, and unique desserts. Famous Dave's has won more than 700 awards for everything from "Best Ribs" to "Best Bar-B-Que Sauce" to "Best Cookbook" to "Top Barbeque Restaurant Franchise." For more information, please visit www.famousdaves.com.
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.
CONTACT: Victor Salamone, Vice President
Development and Franchise Sales
Famous Dave's of America