Muscle Maker's
Pokemoto Division Expands in Rhode Island -
Five
New Agreements Signed
Pokemoto
Inks 37 New Franchise Agreements Since November
League
City, TX -- March 29, 2022 -- InvestorsHub NewsWire
-- 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 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.
Contact:
Muscle
Maker Grill Marketing
marketing@musclemakergrill.com
Investor
Relations:
IR@musclemakergrill.com
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