PHOENIX, March 31, 2005 (PRIMEZONE) -- Franchise Capital Corporation (OTCBB:FCCN) today announced that a Phoenix-based investment group has purchased the franchise rights for a Kokopelli Mexican Grill Restaurant, a fast-casual Sonoran restaurant, in the Camelback Corridor area of Phoenix, Arizona with expectations of doing three to five more Kokopelli franchises in the greater Phoenix market over the next several years.
Planned for September 2005 opening, this latest franchise brings the total anticipated openings of Kokopelli Mexican Grills in the Phoenix market to nine, with the potential to reach 12-15 locations through this latest development agreement. Over 30 Kokopelli franchises are now planned nationwide.
The franchise rights were purchased from Franchise Capital Corporation's portfolio investment, Kokopelli Mexican Grill Franchise Company LLC, the operator and franchiser of Kokopelli Mexican Grill. Other recent development deals have been reached with investment groups for Kokopelli locations in North Carolina, Nevada and Ohio, as well as the previously announced franchises in the Phoenix market. Kokopelli Mexican Grill Franchise Company LLC intends to continue its successful efforts to grow the Kokopelli brand with locations across the United States.
"The Phoenix market is an excellent fit for Kokopelli Mexican Grill franchises, and we are pleased to add more restaurants in this vibrant and growing area. We continue to field inquiries from development groups across the country, which we believe will increase the value of Franchise Capital Corporation's investment in Kokopelli and our other emerging restaurant concepts," stated Franchise Capital Corporation Chief Executive Officer Bradford Miller
Kokopelli 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 uses only the freshest ingredients with no preservatives, additives or conditioners and 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. The restaurant is targeted for 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.