Pokemoto, Hawaiian Poke Chain Surpasses 50 Franchise Agreements Signed Milestone
Fort Worth, Texas, Dec. 14, 2022 (GLOBE NEWSWIRE) -- Pokemoto, Muscle Maker, Inc.’s (Nasdaq: GRIL) expanding Hawaiian poke bowl restaurant concept, today announced it has signed its first franchise agreement in Northern California. This franchise agreement marks the brand’s entrance into the West Coast and the state of California bringing the brand’s market count to 16 states once opened.
The recently announced milestone of 50 franchise agreements signed highlighted the company’s expansion into 16 new and existing markets which include, among others, Florida, Kansas, New York, New Jersey, Connecticut, Pennsylvania, Massachusetts and now California. Specific location details can be found on the Pokemoto website – www.Pokemoto.com/locations.
The franchise agreement in Northern California will focus on Sonoma and Marin counties. The franchise group benefitted from Pokemoto’s Veteran discount program. The program offers a $15k discount on the initial $25k franchise fee bringing the total cost per agreement to $10k and is in place as a thank you to the men and women who have served in the United States military. The program includes active and retired members of all branches of the United States military.
The CEO of Pokemoto, Michael Roper stated “Entering a new market is always a big win for the company. We’re in growth mode and want to plant as many flags as possible as a brand. Now we get to introduce Pokemoto in Northern California and can tout that we have a coast-to-coast presence. Just two weeks ago we announced reaching our milestone goal of 50 franchise agreements signed by the end of the year and we’re still signing deals with a couple weeks left in the year. We’ll continue to execute against our franchising strategy while leveraging our partnerships which help us connect with entrepreneurs looking for a unique opportunity in the restaurant space and believe we’ll continue to see our efforts bear fruit in 2023.”
Roper continued, “We’re proud to have brought another Veteran franchise partner into our Pokemoto Ohana (family). There are approximately 19 million veterans in the United States and veterans account for 14 percent of franchisees nationwide. Their leadership qualities and ability to follow a process make veterans great candidates of the franchising system and we’re lucky to have the Northern California franchise group on board the Pokemoto team. We’re thrilled to introduce the brand to this new market and look forward to sharing locations details in the future.”
Each Pokemoto franchise location generates up to $25,000 as an initial franchise fee once the franchise agreement is signed, while also providing up to 6% of net sales as an ongoing monthly royalty rate once each location is opened. The Company does allow, in certain instances, for discounted fees for multi-unit or special agreements. The typical franchise agreement is for 10 years with a 5-year renewal option.
About Pokemoto
Pokemoto, a Hawaiian Poke bowl concept known for its modern culinary twist on a traditional Hawaiian classic has open or coming soon locations in Connecticut, Massachusetts, Florida, Maryland, Virginia, Rhode Island, New York, New Jersey, Pennsylvania, Tennessee, Texas, South Carolina, Georgia, Mississippi, Kansas and California. Pokemoto offers contemporary flavors with fresh delectable ingredients that appeals to foodies, health enthusiasts, and sushi-lovers everywhere. Guests can choose from a list of signature bowls or be bold and build their own unique combination of a base, protein, various toppings and nine different sauces. Vegetarian options are available, and the bowl combinations are virtually limitless. The colorful dishes and modern chic dining rooms provide an uplifting dining experience for guests of all ages. Customers can dine in-store or order online via third party delivery apps for contactless delivery.
Forward-Looking Statements
This press release may include “forward-looking statements” pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as “should”, “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes.” Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Muscle Maker, Inc., does not undertake any duty to update any forward-looking statements except as may be required by law.
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