CALGARY, Alberta, May 16, 2016 /PRNewswire/ -- JR Canada Restaurant Group Ltd. (the "Corporation"), the master franchisee developer for Johnny Rockets in Canada, is pleased to announce the completion of its initial private placement on May 6, 2016. Due to interest surpassing initial expectations, the Corporation expanded its original C$5 million offering to successfully raise C$6.7 million. Lewis Gelmon, President and CEO, stated, "Our success with the initial placement is a result of the strong brand recognition of Johnny Rockets in Canada, along with the confidence our investors have placed in our experienced team." Gelmon went on to say that over 95% of the funds invested came without the need for commissioned fund raising efforts which illustrates, "excitement of the possibilities for the brand in Canada."
The Corporation plans to open its first two restaurants in Western Canada before the end of the year with more to follow in 2017. "Our plan is to open our initial restaurants without resorting to debt, giving us greater operational flexibility, including the opportunity to attract the best people to our team," Gelmon explains. Mr. Gelmon is hopeful that Canada will become a significant market for Johnny Rockets in terms of locations and sales. Gelmon adds, "Research shows that the brand is already recognizable to Canadians and we believe will be strongly sought after by all age groups, especially millennials looking for a superior food service experience from a quality, community friendly company."
About JR Canada Restaurant Group Ltd.
JR Canada Restaurant Group Ltd. is the master franchisee developer of Johnny Rockets in Canada. Johnny Rockets is an international restaurant franchise that offers high quality, innovative menu items including fresh, never frozen 100% beef cooked-to-order hamburgers, chicken, crispy fries and rich, delicious milkshakes. This dynamic lifestyle brand offers friendly service and upbeat music contributing to the chain's signature atmosphere of relaxed, casual fun. Founded in 1986, Johnny Rockets operates more than 350 franchise and corporate locations in 28 countries around the world.
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SOURCE Johnny Rockets