Passport Restaurants, Inc., a restaurant holding company, today announced plans to raise a second round of capital to complete its acquisition and development plan in the casual/fast casual segments of the U.S. restaurant industry.
In making the announcement, Passport Restaurant’s, Inc. Chairman John Creed said that the three acquisitions that the company made with its initial round of $3.5 million raised in seed capital are being positioned for accelerated growth with specific development plans already developed and being implemented. “We see Passport Restaurants, Inc., as an opportunity for investors interested in participating in the high growth potential of the fast-growing and underdeveloped casual and fast casual dining segments of the U.S. restaurant industry,” Creed added.
Passport Restaurants, Inc., recent acquisitions include: Steve’s Pizza, an eight unit quick-casual pizza restaurant chain in the family dining category; New York NY Fresh Deli, one of America’s fast-growing quick-casual sandwich restaurants; and Playa Grill & Margarita Bar, a quick-casual Mexican grill restaurant. Creed said that Steve’s Pizza is on course to achieve a three-fold growth in franchise units over the next 18 months and that implementation of new marketing and operations management programs to increase system-wide sales and profitability is already underway.
Also, he cited an aggressive growth plan for New York NY Fresh Deli, which the Company acquired in March of this year. Creed expects to increase the New York NY Fresh Deli franchise system by 200% in the next 18 months. Playa Grill & Margarita Bar, a high volume potential concept, is slated for company restaurant expansion early next year.
The rapid progress in implementing Passport Restaurants’ plan is connected to its acquisition of Pacific Ocean Restaurants, a restaurant management company, in June, 2005, for common stock. Pacific Ocean’s principals, senior restaurant executives now leading Passport Restaurants, Inc., are: John M. Creed, who built NYSE listed Chart House Enterprises as its chairman; Christopher R. Thomas, former President and CEO of Sizzler USA and former Chief Financial Officer of NYSE listed Sizzler International, Inc.; Clyde E. Culp III, former President and CEO of Long John Silver and, co-founder and former CEO of Davco Foods, Inc.
Passport Restaurants, Inc. is a multi-concept restaurant management and holding company which acquires, develops and grows emerging restaurant concepts in the casual dining and quick-casual dining segments of the U.S. restaurant industry.
Passport Restaurants, Inc. currently owns Playa Grill & Margarita Bar, a quick-casual restaurant that features high quality, high value, made-fresh Mexican grilled foods in a casual coastal atmosphere, Steve’s Pizza a quick-casual “hometown” pizza restaurant offering a superior quality, affordably priced pizza for dine-in, take-out and delivery and New York NY Fresh Deli, a quick-casual sandwich restaurant which features signature New York Style Hot Sub Sandwiches, Gourmet Deli Sandwiches and Fresh Cut Salads.
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