Pokemoto Now Has 32 New Franchise Agreements Inked
LEAGUE CITY, TX, March 23, 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 a new Pokemoto franchise agreement for the Hoboken, New Jersey area. This new franchise agreement marks the first entry for Pokemoto into the New Jersey market.
Pokemoto has now signed 32 new franchise agreements since November 2021 and continues to focus its growth strategy on franchising while also opening Company owned locations in select markets.
The Pokemoto franchise model requires an initial franchise fee of $25,000, per unit, 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.
Michael Roper, CEO of Pokemoto, commented, “while it’s exciting to sign new franchise agreements and expand into new states, it’s even more exciting to get them opened. We currently have 6 franchise locations and 2 additional Company owned locations under construction and multiple LOIs for leases being negotiated. Once opened, Pokemoto will have locations operating across Connecticut, Massachusetts, New York, Rhode Island, Virginia, Maryland, Mississippi, Florida and now New Jersey.”
Roper continued, “Hoboken is a millennial and Gen Z focused community and home to a large population of young professionals. It also has Stevens Institute of Technology with approximately 8,000 students. Universities are a key demographic for our locations. Any time you combine a densely populated area with young professionals, families and university students you have a potentially great location.”
Hoboken is known as the “Hidden Gem” due to its location of about 10 miles outside New York City. The area was chosen as one of Apartment Therapy’s “coolest suburbs” in 2019.
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 New York, Massachusetts, Connecticut, Florida, New Jersey and Mississippi. 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 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.
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