Pokemoto Inks 37 New Franchise Agreements Since November
League City, TX, March 29, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- Muscle Maker, Inc. (Nasdaq: GRIL), the parent company of Muscle Maker Grill restaurants, Pokemoto Hawaiian Poke and SuperFit Foods meal prep, today announced the signing of five new Pokemoto franchise agreements for Rhode Island. The five additional franchise agreements will bring the total Pokemoto eateries count to six in Rhode Island; a franchise location is currently operating in Providence, Rhode Island.
Pokemoto has now signed 37 new franchise agreements since November 2021 and continues to focus its growth strategy on franchising while also opening Company owned locations in select markets.
Areas of focus for the Rhode Island agreements are Newport, Westerly, Narragansett, East Greenwich and Kingston. The Pokemoto real estate and development teams will work in tandem with the local franchise partners to develop the market.
The Pokemoto franchise model requires $25,000 per unit for the initial franchise fee, when the agreement is signed, while also providing 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.
“Pokemoto is in growth mode and these five new franchise agreements brings us to 37 total agreements signed since November 2021. When these units are fully implemented, along with previously opened locations in Virginia, Maryland and Florida, this will represent a 338% growth rate since the acquisition of Pokemoto in May 2021,” said Michael Roper, CEO of Muscle Maker and Pokemoto. Roper continued, “Once opened, the five additional units will bolster our presence in the Rhode Island market, making us the largest Hawaiian poke player in the state.”
Roper continued, “Millennials account for 27% of the population in Rhode Island which is no surprise with the ocean state being home to higher education institutions such as Brown University, Providence College, Bryant University and the University of Rhode Island. Millennials and Gen-Zs are a demographic focal point for our real estate team and the Rhode Island market checks that box for us.”
Pokemoto is currently open in Connecticut, Massachusetts, Rhode Island, Virginia, Maryland and Florida and will soon be opening in Mississippi, New Jersey and New York.
About Muscle Maker, Inc.
Muscle Maker, Inc. is the parent company of “healthier for you” brands delivering high-quality healthy food options to consumers through traditional and non-traditional locations such as military bases, universities, ghost kitchens, delivery and direct to consumer ready-made meal prep options. Brands include Muscle Maker Grill restaurants, Pokemoto Hawaiian Poke, SuperFit Foods meal prep and multiple ghost kitchen brands such as Meal Plan AF, Wrap it up Wraps, Bowls Deep, Burger Joe’s, MMG Smoothies, Mr. Tea’s House of Boba, Gourmet Sandwich Co and Salad Vibes. Our menus highlight healthier versions of traditional and non-traditional dishes and feature grass fed steak, lean turkey, chicken breast, Ahi tuna, salmon, shrimp, tofu and plant-based options. For more information on Muscle Maker, Inc., visit www.musclemakergrill.com, for more information on Pokemoto visit www.pokemoto.com or for more information on SuperFit Foods visit www.superfitfoods.com.
About Pokemoto
Pokemoto (www.pokemoto.com), a Hawaiian Poke bowl concept known for its modern culinary twist on a traditional Hawaiian classic, has nineteen open locations in Connecticut, Rhode Island, Massachusetts, Florida, Maryland and Virginia with future franchise locations coming soon in Rhode Island, New York, Massachusetts, Connecticut, Florida, New Jersey and Mississippi. Pokemoto offers contemporary flavors with fresh delectable ingredients that appeal 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 and 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.
Contact:
Muscle Maker Grill Marketing
marketing@musclemakergrill.com
Investor Relations:
IR@musclemakergrill.com
