Famous Dave's Enters Franchise Agreement and Area Development Agreement for Five Restaurants in Arkansas
MINNEAPOLIS--(BUSINESS WIRE)--June 5, 2007--FAMOUS DAVE'S OF AMERICA, INC. (NASDAQ:DAVE) President and CEO David Goronkin announced today that Pat C. Boyd, through his company Famous Bar-B-Que, LLC, has purchased the Rogers, Arkansas Famous Dave's Legendary Pit Bar-B-Que(R), along with the right to franchise a total of four additional Famous Dave's in Arkansas.
The Famous Dave's in Rogers, Arkansas, is located at 609 North 46th St. The restaurant opened in June 2003, and has been owned and operated by Famous Dave's of America, Inc. Pursuant to a franchise agreement, Mr. Boyd acquired ownership and operation of the restaurant on June 4, 2007. Pursuant to an area development agreement, Mr. Boyd has committed to opening four additional Famous Dave's restaurants in a territory that includes the State of Arkansas and Bowie County, Texas (the location of the City of Texarkana).
Mr. Boyd, through his company Hand Cut Steaks, Inc., currently owns and operates Colton's Steakhouse & Grill restaurants, a Colton's Woodfired Grill, the Saddle Creek Woodfired Grill, and the West End Smokehouse & Tavern. The restaurants are located in five states, including several in Arkansas.
"Famous Dave's had an opportunity to expand in Arkansas by converting to a franchise market, and we found a great partner in Pat Boyd," said David Goronkin, President and CEO of Famous Dave's. "Introducing Famous Dave's to a market through a company-owned restaurant, followed by franchisee expansion, is a strategy that we feel can maximize our brand presence in a highly efficient manner. Pat Boyd and his partner Bob Fain lead a seasoned management team that has demonstrated the ability to successfully operate multiple concepts in the state of Arkansas, and we are delighted to now have them on the Famous Dave's team."
"We are thrilled to join the Famous Dave's organization," said Patrick Boyd, Jr., Vice President of Famous Bar-B-Que, LLC. "It's exciting to continue to serve America's best barbeque in Rogers, and we look forward to bringing Famous Dave's to more Arkansas locations."
Famous Dave's Bar-B-Que features award-winning hickory-smoked St. Louis-style spare ribs, Texas beef brisket, Georgia chopped pork and a variety of Famous Dave's regional BBQ sauces. Additionally, the menu offers barbeque and country roasted chicken, BBQ sandwiches, burgers and salads. Plus, the restaurant prepares and serves up such down home classics as coleslaw, potato salad, Wilbur Beans, corn bread muffins and Famous Fries. Famous Dave's delectable homestyle desserts include its award-winning bread pudding and hot fudge Kahlua brownie.
Having won over 200 awards for everything from best sauce to best ribs to best cookbook, Famous Dave's has received wide acclaim and praise from customers and critics alike. Famous Dave's Rib Team regularly competes in rib competitions across the country, and has raked in 1st place awards at the Best in the West Nugget Rib Cook-Off in Sparks, Nevada, the Southern Florida Championship Cook Off in Jupiter, Florida, the Great American Rib Cook-off in Ohio, the Sioux Empire Rib-fest in Sioux Falls, South Dakota, the Rib Fest & More in Fargo, North Dakota, the Pontiac Rib America Rib Fest in Pontiac, Michigan, the Twin Cities Rockin' Rib Fest in Minneapolis, Minnesota and the Rib America Indianapolis Rib Fest in Indianapolis, Indiana to name just a few.
About Famous Dave's. Famous Dave's of America, Inc. (NASDAQ:DAVE) develops, owns, operates and franchises barbeque restaurants. The company currently owns 40 locations and franchises 110 additional units in 35 states. Its menu features award-winning barbequed and grilled meats, an ample selection of salads, side items and sandwiches, and unique desserts. For more information, please visit www.famousdaves.com or contact Pat Courtemanche at (612) 746-1776.
Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company's actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company's SEC reports.
CONTACT: Golden & Associates Pat Courtemanche, 612-746-1776 SOURCE: Famous Dave's of America, Inc.