Noble Roman's Signs 46 Unit Area Development Agreement for Counties Surrounding Columbus, Ohio
INDIANAPOLIS, May 28 /PRNewswire-FirstCall/ -- Indianapolis based Noble Roman's, Inc. (OTC Bulletin Board: NROM) today announced the signing of another Area Development Agreement for 46 units, along with receipt of the development fees, for its dual-branded concepts, Noble Roman's Pizza and Tuscano's Italian Style Subs. This newest development territory is for 20 counties surrounding Columbus, Ohio, and includes a development schedule requiring 46 new franchise locations within the territory over the next six years. Area developers pay a development fee of $.05 per capita in their development area, and receive 30% of the initial franchise fee and 2/7ths of the royalty from the locations developed pursuant to their agreements. Noble Roman's, Inc. retains all training and supervision responsibilities, and must approve all franchisees and all locations. In order to maintain the right to develop their territory, each area developer has to meet the minimum development schedule as stipulated in their Area Development Agreement. The territory covered by this development schedule has a population of approximately 2.1 million people. The company has franchises in 45 states from coast-to-coast within the United States. In addition, it has sold franchise agreements for US military bases overseas, and for entertainment facilities in Canada. In past years the company's growth strategy was to expand primarily through franchising in non-traditional locations. The company is continuing its growth by franchising non-traditional locations and, in addition, it is also part of the company's strategy to sell dual-branded franchise agreements for traditional locations through both the internal efforts of the company and its area developers. The statements contained in this press release concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those projected in the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment including, but not limited to: competitive factors and pricing pressures, shifts in market demand, the ability to successfully operate certain franchises on a temporary basis and to re-franchise them, general economic conditions and other factors, including (but not limited to) changes in demand for the company's products or franchises, the success or failure of individual franchisees, the success or failure of area developers who may or may not maintain their minimum development schedule, and the impact of competitors' actions. Should one or more of these risks or uncertainties adversely affect the company or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended.
SOURCE Noble Roman's, Inc.
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