PHOENIX, Feb. 22, 2005 (PRIMEZONE) -- Franchise Capital Corporation (OTCBB:FCCN) today announced that Kokopelli Mexican Grill Franchise Company LLC, operator and franchiser of Kokopelli Mexican Grill, a fast-casual Sonoran restaurant, has signed a development agreement with its local franchisee to build an additional three restaurants, bringing a total of eight in the greater Phoenix market. Franchise Capital Corporation holds a 50% equity position in Kokopelli Mexican Grill Franchise Company.
Two of the new sites, located in the cities of Maricopa and Casa Grande, Arizona are planned to open before the end of the year. The first Kokopelli franchise restaurant is scheduled to open later this month, while the second and third are intended to open in June and September of 2005 respectively. The fourth site is currently being approved for development and is scheduled to open in early 2006.
Franchise Capital Corporation Chief Executive Officer Bradford Miller commented, "We are extremely pleased with the growth of Kokopelli's and anticipate that this latest agreement is the next step in building both revenues and awareness of the Kokopelli's brand. As the major investor in Kokopelli Mexican Grill Franchise Company, we plan to sponsor the continued growth of Kokopelli's and our other portfolio companies in order to bolster revenues and add value to our holdings. The latest expansion of Kokopelli's in the Phoenix market is congruent with our long term plans, which include acquainting the public with these fast-casual restaurant chains and expanding not only the number of restaurants across the United States but also the value they will bring to our shareholders."
Kokopelli's was founded in Phoenix, Arizona in 1997 and offers made-to-order big-burritos, tacos, fajitas, and other Sonoran favorites. The menu includes beer, frozen margaritas and other beverages. Kokopelli uses only the freshest ingredients with no preservatives, additives or conditioners and offers dine-in and take-out service in high volume retail centers and other high traffic commercial locations.
About Franchise Capital Corporation:
Franchise Capital Corporation is a Business Development Company pursuant to Section 54 of the Investment Company Act of 1940. The company currently has five operating, synergistic investments holdings: Kokopelli's Mexican Grill Franchise Company, LLC; Cousin Vinnie's Franchise Company, LLC; Kirby Foo's Asian Grill Franchise Company, LLC; Comstock Jake's Franchise Company, LLC; and Fathom Business Systems, Inc., all of which are engaged in business related to restaurant franchise development.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2004 filed with the Securities and Exchange Commission.