PHOENIX, March 29, 2005 (PRIMEZONE) -- Franchise Capital Corporation (OTCBB:FCCN) today announced that a Charlotte-based restaurant company has purchased the rights to develop eleven Kokopelli Mexican Grill Restaurants in the greater Charlotte, North Carolina market. The first of the eleven restaurants is planned to open by fall 2005 with additional units expected to open in early 2006.
The rights to develop the eleven Kokopelli restaurants were purchased from Franchise Capital Corporation's portfolio investment Kokopelli Mexican Grill Franchise Company LLC, operator and franchiser of Kokopelli Mexican Grill, a fast-casual Sonoran restaurant. These additional locations continue the fulfillment of the company's stated goal of bringing the Kokopelli brand to targeted markets across the United States.
Franchise Capital Corporation Chief Executive Officer Bradford Miller, commented, "With each Kokopelli Mexican Grill franchise expected to generate up to $60,000 or more per year for the franchise company on an on-going basis from royalties, in addition to the cash sum from the purchase itself, the coast-to-coast growth of Kokopelli is an extremely positive step for the company and its shareholders. There is clearly significant interest from restaurant developers who see the upside potential of the quality fast casual dining experience that the Kokopelli brand represents. Franchise Capital Corporation plans to continue the expansion of this franchise concept, increasing the value of our investment and providing growth at a manageable pace."
Kokopelli's was founded in Phoenix, Arizona in 1997 and differentiates itself from other fast-casual chains by serving authentic hand-blended Sonoran spices, beans slow cooked everyday, never refried and tortillas steamed to order. All food is served to its customers "platter" style on hard plates with flatware. Additionally, Kokopelli serves menu items found in full service Mexican restaurants such as Grilled Salmon with Mango Salsa, Steak Verde with Tomatilla Salsa, Pollo Colorado with Smoked Cheese and Peppers, beer, wine and frozen-margaritas.
Kokopelli's offers made-to-order big-burritos, tacos, fajitas, and other Sonoran favorites, using only the freshest ingredients using no preservatives, additives or conditioners on a dine-in and take-out service in high volume retail centers and other high traffic commercial locations throughout the United States.
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.