Franchise Capital Corp.
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Franchise Capital Corp. Increases Its Portfolio Value to over $2 Million in Asset Value
Wednesday October 5, 11:09 am ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 5, 2005--Franchise Capital Corp. (OTCBB: FCCN - News) announced today that on Tuesday, Oct. 4, the company completed a purchase agreement with Creative Eateries Corp. (Creative). Creative purchased from Franchise Capital its interest in Kokopelli Sonoran Grill, Comstock Jakes, Cousin Vinnie's Italian Diner and Kirby Foo's Asian Grill.
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As per the agreement, Creative will deliver $2,161,493 to Franchise Capital for their interest in the said companies, which will be paid in $200,000 cash and 3,583,667 shares of Creative's common stock. The shares carry terms that will protect them from reverse splits and dilution. The $200,000 in cash will be delivered within 90 days after closing. Once $200,000 in cash is received, the FCC will deliver their membership in Kokopelli Franchise Co., LLC to complete the sale. The purchase price for each of the concepts varied due to their different stages of development with Kokopelli at the highest price of $1,301,193.
Creative's price per share last closed at $1.60 per share, and has been trading in the range of $1.05 to $1.75 in price per share. In addition, Creative has disclosed to Franchise Capital they have the funds and resources available to completely develop each of the concepts.
The sale of these concepts will allow Franchise Capital to use their resources to diversify the company's portfolio. Prior to the sale, all of Franchise Capital's resources were used to continually support and develop the four concepts. And, although they are four different concepts, each is sharing the same management team.
Franchise Capital believes it is important for its portfolio companies to be completely diversified. Franchise Capital believes this will give the company, and shareholders, a better security in their investments. As many shareholders would agree, "it is not good to have all your eggs in one basket." In addition to the instant boost in Franchise Capital's portfolio value, true diversification of portfolio companies was a key factor in the decision making process.
Franchise Capital will still have a vested interest in Kokopelli Sonoran Grill, Comstock Jakes, Cousin Vinnie's Italian Diner and Kirby Foo's Asian Grill. In addition to the four concepts, Franchise Capital will also now have a vested interest in Creative's other four concepts, Don Allio's, Fit-n-Healthy, Q's Barbecue and Pasta Pranzo. Whenever any of these concepts have a news event, it will also be a news event for Franchise Capital as well.
"This deal just makes sense," stated Edward C. Heisler, Franchise Capital Corp. president and CEO. He continued by saying, "This is a major step in running this company like a true BDC. We now have the freedom to invest in other franchise companies and I believe diversification will increase our portfolio value even more rapidly. Like many companies on the OTC, we have our eyes set on a higher exchange. Although I do not expect it to happen overnight, whatever we can do to continually increase our portfolio value is a step further in accomplishing that goal."
About Franchise Capital Corp.
Franchise Capital Corp. is a business development company pursuant to Section 54 of the Investment Company Act of 1940. The company is currently invested in Creative Eateries Corp., who develops and operates eight different restaurant franchising companies: Don Allio's Franchise Co., LLC; Q's House of Barbecue Franchise Co., LLC; Fit-n-Healthy Franchise Co., LLC; Pasta Pranzo Franchise Co., LLC; Kokopelli's Mexican Grill Franchise Co., LLC; Cousin Vinnie's Franchise Co., LLC; Kirby Foo's Asian Grill Franchise Co., LLC; and Comstock Jake's Franchise Co., LLC all of which are engaged in business related to restaurant franchise development.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2004 filed with the Securities and Exchange Commission.
--------------------------------------------------
Contact:
For Franchise Capital Corp.
Gary Reid, 866-475-7539
--------------------------------------------------
Source: Franchise Capital Corp.
Wednesday October 5, 11:09 am ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 5, 2005--Franchise Capital Corp. (OTCBB: FCCN - News) announced today that on Tuesday, Oct. 4, the company completed a purchase agreement with Creative Eateries Corp. (Creative). Creative purchased from Franchise Capital its interest in Kokopelli Sonoran Grill, Comstock Jakes, Cousin Vinnie's Italian Diner and Kirby Foo's Asian Grill.
ADVERTISEMENT
As per the agreement, Creative will deliver $2,161,493 to Franchise Capital for their interest in the said companies, which will be paid in $200,000 cash and 3,583,667 shares of Creative's common stock. The shares carry terms that will protect them from reverse splits and dilution. The $200,000 in cash will be delivered within 90 days after closing. Once $200,000 in cash is received, the FCC will deliver their membership in Kokopelli Franchise Co., LLC to complete the sale. The purchase price for each of the concepts varied due to their different stages of development with Kokopelli at the highest price of $1,301,193.
Creative's price per share last closed at $1.60 per share, and has been trading in the range of $1.05 to $1.75 in price per share. In addition, Creative has disclosed to Franchise Capital they have the funds and resources available to completely develop each of the concepts.
The sale of these concepts will allow Franchise Capital to use their resources to diversify the company's portfolio. Prior to the sale, all of Franchise Capital's resources were used to continually support and develop the four concepts. And, although they are four different concepts, each is sharing the same management team.
Franchise Capital believes it is important for its portfolio companies to be completely diversified. Franchise Capital believes this will give the company, and shareholders, a better security in their investments. As many shareholders would agree, "it is not good to have all your eggs in one basket." In addition to the instant boost in Franchise Capital's portfolio value, true diversification of portfolio companies was a key factor in the decision making process.
Franchise Capital will still have a vested interest in Kokopelli Sonoran Grill, Comstock Jakes, Cousin Vinnie's Italian Diner and Kirby Foo's Asian Grill. In addition to the four concepts, Franchise Capital will also now have a vested interest in Creative's other four concepts, Don Allio's, Fit-n-Healthy, Q's Barbecue and Pasta Pranzo. Whenever any of these concepts have a news event, it will also be a news event for Franchise Capital as well.
"This deal just makes sense," stated Edward C. Heisler, Franchise Capital Corp. president and CEO. He continued by saying, "This is a major step in running this company like a true BDC. We now have the freedom to invest in other franchise companies and I believe diversification will increase our portfolio value even more rapidly. Like many companies on the OTC, we have our eyes set on a higher exchange. Although I do not expect it to happen overnight, whatever we can do to continually increase our portfolio value is a step further in accomplishing that goal."
About Franchise Capital Corp.
Franchise Capital Corp. is a business development company pursuant to Section 54 of the Investment Company Act of 1940. The company is currently invested in Creative Eateries Corp., who develops and operates eight different restaurant franchising companies: Don Allio's Franchise Co., LLC; Q's House of Barbecue Franchise Co., LLC; Fit-n-Healthy Franchise Co., LLC; Pasta Pranzo Franchise Co., LLC; Kokopelli's Mexican Grill Franchise Co., LLC; Cousin Vinnie's Franchise Co., LLC; Kirby Foo's Asian Grill Franchise Co., LLC; and Comstock Jake's Franchise Co., LLC all of which are engaged in business related to restaurant franchise development.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2004 filed with the Securities and Exchange Commission.
--------------------------------------------------
Contact:
For Franchise Capital Corp.
Gary Reid, 866-475-7539
--------------------------------------------------
Source: Franchise Capital Corp.
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