Tuesday, April 15, 2008 1:13:09 AM
On April 8, 2008 the Company entered into a Letter of Intent with Messrs. Khalid Yussuf and Mohammed Munir to enter into an Area Franchise Agreement for the United Kingdom. The UK Area Franchise Agreement is under the existing Area Franchise Agreement between the Company and Mr. Ahmad Nosratabadi who will be opening his first franchised store in Dubai within 30 days.
Under the terms of the Letter of Intent, which will be incorporated into the UK Area Franchise Agreement, Messrs Yussuf and Munir will form a new corporation to be owned 50% by them and 50% by Mr. Nosratabadi, which corporation will be the UK Area Franchisee. The UK Area Franchisee will open 70 stores within the first twelve (12) months after incorporation. It is anticipated that in order to meet that commitment the approximately 70 existing stores currently owned by Messrs. Yussuf and Munir will be converted to the Dixie Lee brand. It is also anticipated that the formal UK Area Agreement will be entered into within the next 30 days.
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