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Ultimate Franchise Systems Releases 2004 Review Showing 57% Growth
April 11, 2005 4:05:00 PM ET


HEATHROW, Fla., April 11 /PRNewswire-FirstCall/ -- Ultimate Franchise Systems Inc. (OTC Bulletin Board: UFSY) today released a summary of significant events for 2004. The company completed several significant transactions during the year, adding three new brand affiliations and increasing UFSY's franchise restaurants from 385 to almost 600. This was a 57% increase in the number of franchise affiliates in the one-year period.

The following events were undertaken by UFSY in 2004 to increase its shareholder value:

1. The name of Sobiks Franchising Systems Inc. was changed to Quality Restaurant Ventures Inc. (OTC Pink Sheets: QRVI) to better position the company for acquisitions and new franchise expansion.

2. UFSY assisted QRVI in the acquisition of Famous Food Group (OTC Pink Sheets: FFDG), owner of the Famous Uncle Al's Hot Dog chain of 12 fast food units.

3. UFSY assisted QRVI in the acquisition of Westshore Pizza, based in Tampa, Fla., with 50 restaurants.

4. UFSY acquired 100% of Obee's Franchising Systems Inc. (OTC Bulletin Board: OBFC) then spun the company off into its own public corporation late in the year. OBFC now has commitments to open 1,300 franchises over the next 10 years.

5. UFSY acquired 100% of the Juicy Lucy's Hamburger chain of nine units, adding $3.6 million in sales.

6. UFSY invested sizably in Picadilly Cafeterias and Harvey's Bistro Restaurants.

7. UFSY opened more than 30 new franchises in its family of brands.

8. UFSY formed a new public company, FransAction Inc. (OTC Pink Sheets: FCTN), to lead the company's new thrust of franchise expansion.

"2004 was a very strong year for UFSY," said Christopher Swartz, UFSY CEO. "The OBFC spin-off was a major event that went smoothly and has attracted national attention to our company. We also increased our brand affiliations to 13 and grew from operating in 20 states to 30 states across the country. Our next step will be to develop an investor relations program that carries this important message to our shareholders and the investment community."

UFSY's affiliate brands include: Gator's Dockside Restaurants, Jreck Subs Inc., Central Park Hamburgers, Li'l Dino's Deli and Grille, Sobiks Subs, Famous Uncle Al's Hot Dogs, Flamers Hamburgers, Westshore Pizza, Mountain Mike's Pizza, New York Burrito, Picadilly Restaurants, and Juicy Lucy's Hamburgers. UFSY also has affiliations with Quality Restaurant Ventures Inc., Obee's Franchise Systems Inc. and FransAction Inc.

This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities and Exchange Act of 1934 and is subject to the safe harbor created by these sections. Ultimate Franchise Systems Inc., Obee's Franchise Systems Inc. and Quality Restaurant Ventures Inc. assume no obligation to update the information contained in this press release. Certain information included herein may contain statements that are forward-looking, such as statements relating to plans for future expansion and other business development activities as well as operating costs, capital spending, financial sources and the effects of competition. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results. Accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Companies.

CONTACT: Christopher Swartz of Ultimate Franchise Systems, 407-333-8587, Web site: http://www.ufsi.net

© 2005 PRNewswire