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Creative Restaurant Concepts, Inc. is a newly revitalized restaurant acquisition, development and franchising company aimed at middle market, less competitive expansion of successful restaurant concepts. The company will feature two proven restaurant businesses plus an internally generated, unique restaurant concept now in the design stages called "Chicago Joe's". In December 1997 CRC acquired the City Bites Sandwich Shop located in Wichita, Kansas. Since the CRC takeover, sales at the unit have risen 24% over the previous year and increased profits to record levels. In May 1998 CRC acquired 100% of the Ground Floor Caf‚ Corporation, which owns the three high profile Ground Floor Caf‚ - Bakery Restaurants (GFC's) in Oklahoma City, OK. The three units were opened in 1993-1997 and feature a 3600 sq. ft. unit with seating for 120 and kitchen facilities that produce the food for all three restaurants. The other two locations are 1500 sq. ft. each. The concept of licensing the GFC's will be used in 1999 in Tulsa, Oklahoma and Wichita, Kansas. Projected sales from the three units for 1998 are $1,100,000 with a pre tax profit of 13% A prototype unit is being laid out for the third restaurant concept. "Chicago Joe's" will replicate the world famous Italian Beef, Hot Dog and Sausage Sandwich restaurants that have long been the favorite neighborhood hangouts of native Chicagoians. Add in an authentic deep dish Chicago style pizza and we'll interest even the most challenging tastes. Creative Restaurant Concepts president is Joe Johnston, one of the original developers of Chi Chi's Mexican Restaurants. Mr. Johnston has previously served as President of Kelly-Johnston Enterprises (Chi Chi's Mexican Restaurants first and largest franchisee). Johnston, formerly Vice President of Operations for Kentucky Fried Chicken, discovered a small Mexican restaurant operating in the back of a 30,000 sq. ft. bar (The Left Guard) in Minneapolis in 1977. After designing the free standing, prototype building, writing the operations manuals, setting up the training program and writing the franchise agreement, he built the first Chi Chi's in Oklahoma City in 1978. The Chi Chi's chain was sold in the late 80's for $750 million. Subsequent to that time, Mr. Johnston has been involved in several successful restaurant and retail franchise operations including Two Pesos Mexican Restaurants, Magnolia Cafes, Skolnicks Bagel Bakeries, C D Warehouse and more. Now, Joe Johnston brings his years of experience and expertise to Creative Restaurant Concepts in it's quest to become a premier restaurant acquisition, development and franchising company. Can lightning strike twice? There are many that would say, the chances of success are better than good with Joe at the helm. On April 20th 1998 the company had a 1 for 20 reverse stock split leaving 2.5 million shares after the split. "This move was taken to improve the marketability of the companies common stock and to begin to move it out of the penny stock category. With the rapid progress the company is making from an operational stand point it just makes sense to also improve our stock market position and potential" says ceo Joe Johnston The company has set it's sights on future acquisitions of company owned units as well as franchising out it's concept units. We will see very rapid developments in this direction. | ||||||||||||||
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