Rocky Mountain Chocolate Factory Announces Continuing International Expansion With Licensing Agreements in South Korea and Ki...
March 12 2013 - 8:00AM
Marketwired
Rocky Mountain Chocolate Factory, Inc. (NASDAQ: RMCF) (the
"Company"), which franchises/operates gourmet chocolate stores and
manufactures an extensive line of premium chocolates and other
confectionery products, today announced the continuation of its
international expansion strategy with the signing of Licensing
Agreements ("the Agreements") in South Korea and the Kingdom of
Saudi Arabia.
"We are very pleased to announce the continued expansion of our
international franchising initiative with the signing of Licensing
Agreements with strategic partners in South Korea and the Kingdom
of Saudi Arabia," stated Franklin Crail, Chairman and Chief
Executive Officer of the Company. "We commenced the international
expansion program approximately one year ago with the signing of a
Master License Agreement that anticipates the opening of 100 stores
in Japan over a ten-year period. To date, 5 Rocky Mountain
Chocolate Factory stores have opened in Japan, where consumers have
exhibited great enthusiasm for our brand and our products. We
continue to evaluate licensing opportunities in a number of
additional countries and expect the opening of international
franchised stores to gain momentum in coming years."
Under the terms of the Agreement for South Korea, the Licensee
will open five (5) Rocky Mountain Chocolate Factory stores within
30 months following the execution of the Agreement. The Licensee
has also been granted a 30-month option to convert its initial
License Agreement into a Master License Agreement covering the
entire country of South Korea. If the Licensee chooses to exercise
the option prior to its expiration date, the Licensee will acquire
the right to itself and/or through third-party franchisees to
develop not less than 30 Rocky Mountain Chocolate Factory stores,
inclusive of the five (5) stores developed under the terms of the
initial License Agreement.
Under the terms of the Agreement for the Kingdom of Saudi
Arabia, the Licensee will open and begin operating four (4) Rocky
Mountain Chocolate Factory stores within 30 months following the
execution of the Agreement. The Licensee has also been granted a
30-month option to convert its initial License Agreement into a
Master License Agreement covering the entire country of Saudi
Arabia. If the Licensee chooses to exercise the option prior to its
expiration date, the Licensee will acquire the right to itself
and/or through third-party franchisees to develop an additional six
(6) Rocky Mountain Chocolate Factory stores in the Licensed
Territory.
About Rocky Mountain Chocolate Factory,
Inc.
Rocky Mountain Chocolate Factory, Inc. is an international
franchiser of gourmet chocolate, confection and a manufacturer of
an extensive line of premium chocolates and other confectionery
products. As of March 12, 2013, the Company and its franchisees
operated 302 chocolates stores and 55 co-branded stores in 41
states, Canada, Japan and the United Arab Emirates. The Company's
majority-owned subsidiary, U-Swirl, Inc. (OTCQB: SWRL) operates
and/or franchises 68 self-serve frozen yogurt stores as of March
12, 2013.
The Company is headquartered in Durango, Colorado, and its
common stock is listed on The Nasdaq Global Market under the symbol
"RMCF."
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements involve risks and uncertainties, and we undertake
no obligation to update any forward-looking information. Risks and
uncertainties that could cause cash flows to decrease or actual
results to differ materially include, without limitation,
seasonality, consumer interest in our products, general worldwide
economic conditions, consumer and retail trends, costs and
availability of raw materials, competition, the success of our
licensees in international markets, including but not limited to
new store openings, reception of our brand in new markets,
international laws and regulations, the ability to secure
international trademarks, availability of viable locations and
other risks. Readers are referred to our periodic reports filed
with the SEC, specifically the most recent reports which identify
important risk factors that could cause actual results to differ
from those contained in the forward-looking statements. The
information contained in this press release is a statement of our
present intentions, beliefs or expectations and is based upon,
among other things, the existing business environment, industry
conditions, market conditions and prices, the economy in general
and our assumptions. We may change our intentions, beliefs or
expectations at any time and without notice, based upon any changes
in such factors, in its assumptions or otherwise. The cautionary
statements contained or referred to in this press release should be
considered in connection with any subsequent written or oral
forward-looking statements that we or persons acting on our behalf
may issue.
Contact: For Further Information, Contact Bryan J. Merryman
COO/CFO (970) 259-0554
U Swirl (CE) (USOTC:SWRL)
Historical Stock Chart
From Jun 2024 to Jul 2024
U Swirl (CE) (USOTC:SWRL)
Historical Stock Chart
From Jul 2023 to Jul 2024