Thursday October 14, 8:01 am Eastern Time
Company Press Release
Wrapsters Announces 3rd Quarter Record New Store Growth
PHOENIX--(BUSINESS WIRE)--Oct. 14, 1999--NYBFoods Inc. a newly acquired subsidiary of Wrapsters Inc. (OTC BB: WRAP) Thursday announced its new store numbers for the third quarter of 1999.
``New York Burrito is building momentum across the country as the nation's leading wrap sandwich chain. Since the end of March 1999, we have opened an additional 22 stores for a total of 66. This equates to about one store every seven days. Growing at this pace, the company is clearly a leader in the restaurant industry.
``As we continue to move forward, our growth plans include our continuing to identify a number of target companies for possible acquisition, companies with complementary brands that can further enhance our overall growth within the restaurant industry,' stated Wrapsters/NYB Chairman and Chief Executive Officer Robert Palmer.
During the latter part of November 1999, the company will hold a shareholders' meeting in Phoenix where it will propose to change the name of the company from Wrapsters Inc. to NYBFoods Inc. Also slated to be discussed at the annual meeting is the election of the board of directors.
Palmer also stated that, ``As we move ahead, our primary goals will be to:
Increase our exposure in the financial community, potential franchisees, the restaurant industry as well as the general public. We feel that we have the business model in place to develop our brand into a market dominant position and will be relentless in the pursuit of this goal.
To increase the flow of information between the company and our shareholders. This will start with the company becoming fully reporting with the SEC and progress towards a comprehensive system that will include periodic newsletters.
To grow by acquisitions. By increasing our total market share through strategic acquisitions, we can make improvements to synergistic franchising concepts by plugging them into our proven franchising model.
-- Attaining NASDAQ status as soon as possible.
``We plan to open an additional 4 stores in the month of October, and another 15 stores that should be open by the end of the year, bringing our total NYB store count to 85.'
Expected systemwide, annualized sales for the fiscal year ending March 31, 2000 (fiscal 1999) are estimated to be approximately $20 million.
Forward Looking Statements:
This news release contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a new ``Safe Harbor' for these types of statements.
To the extent statements in this news release involve, without limitation, product development and introduction plans, the company's expectations for growth, estimates of further revenues, earnings, cash flow, franchise sales, balance sheet items, forecasts and/or demand for product and for the industries in which the company operates or any other guidance of future periods, these statements are forward looking.
The company assumes no obligation to update forward looking statements.
For more on Wrapsters and New York Burrito, including franchising information, please visit us at www.newyorkburrito.com or:
Wrapsters Inc.
Robert Palmer, 800/711-4036
or
Visibility Consulting Inc.
Financial and Media Relations, 407/658-7760
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Contact:
Wrapsters Inc.
Robert Palmer, 800/711-4036
or
Visibility Consulting Inc.
Financial and Media Relations, 407/658-7760 |
