CEAT acquired interest in Kokopelli Franchise Co., LLC, the owner of Kokopelli Sonoran Grill, which has sold 73 of the Mexican theme restaurant franchises across the country; Comstock Jake's Franchise Co., LLC, owner of Comstock Jake's, a mining theme restaurant of which the first is expected to open for business in November; Cousin Vinnie's Franchise Co., LLC, owner of the Cousin Vinnie's Italian Diner; and Kirby Foo's Franchise Co., LLC, an Asian food concept.
The purchase price for the four concepts is $2,161,493, and will be paid in the form of $200,000 cash, and 3,583,667 shares of the company's common stock.
These assets will round out Creative Eateries concepts to eight, including three already operating, or in advanced stages of development; namely, Pasta Pranzo Franchise Co., LLC, owner of Pasta Pranzo, a small Italian fast-casual restaurant concept based in West Los Angeles, Calif., and acquired last week by Creative. Creative intends to build a second Pasta Pranzo corporate store in the greater Phoenix area in the coming year; and Q's Franchise Co., LLC, owner of the Q's, House of Barbecue. The Q's brand has been completely developed, and Creative is actively pursuing a location for its first corporate store; and, Fit & Healthy Franchise Co., LLC, owner of Fit & Healthy Market Cafe. This concept is nearing the development stage, and will likely be open for business by mid-year 2006.
Frank Holdraker, CEO of Creative Eateries Corp., was quoted as saying, "This acquisition will make our company more competitive, both for real estate, and variety of product for potential franchisees." Holdraker continued by saying, "These acquisitions will also give us the ability to attract larger financial institutions that will help us in achieving our goal to become a world-class restaurant franchising company."
About Creative Eateries Corp.
Creative Eateries Corp. is a franchise development company that targets emerging and undervalued franchise concepts. The company is introducing a line of new restaurant brands that fall into the broad category of "fast-casual" dining. Creative Eateries Corp. will provide the necessary elements to grow these brands by partnering with the existing restaurant companies, thereby owning equity directly in these brands and by providing the concepts a total franchise turnkey program. This formula is the result of several years of development to provide the tools and support needed to create and sustain a successful restaurant franchise with above average per store returns.
Creative Eateries is listed on the NASDAQ Electronic Bulletin Board under the trading symbol CEAT.
Look for our Web site at www.creativeeateries.com.
For further investment information please call Gary Reid at 866-475-7539.
Green is good in so many ways....
