Muscle Maker, Inc. Expands Executive Team with New CFO Supporting Chain’s Franchise Growth Strategy
Current CFO Appointed as Chief Accounting Officer
LEAGUE CITY, TEX. (January 6, 2022) – Muscle Maker, Inc. (Nasdaq: GRIL) the parent Company of Pokemoto, Superfit Foods and Muscle Maker Grill restaurants, today announced the addition of Jennifer Black as the Company’s Chief Financial Officer. Ms. Black is replacing Ferdinand Groenewald, who is remaining with the Company and has been appointed as Chief Accounting Officer.
The addition of Ms. Black and the expansion of the executive team is designed to support the planned growth strategy of the Company. In this upcoming year, Muscle Maker is focusing its growth strategy on franchising. The Company has signed development and franchise agreements for 65 new franchise locations since November 1, 2021 while also adding multiple corporately owned and operated locations.
Muscle Maker Grill restaurants announced a 40-unit agreement in November 2021 for the Kingdom of Saudi Arabia. The Company’s newest acquisition, Pokemoto, has also announced 25 new franchise agreements signed during that same period of time.
“While we are very excited about adding 40 Muscle Maker Grill locations in Saudi Arabia, we are focusing our domestic expansion on the Pokemoto brand. When we acquired Pokemoto in May 2021, we had 13 open Pokemoto locations. In a few short months, we opened six new locations bringing our total to 19 Pokemoto locations. We have now added 25 newly signed franchise locations. When these locations are opened, this will bring our Pokemoto store count to 44 or roughly a 238% growth rate in a short period of time” said Mike Roper, CEO of Muscle Maker. “Our team is working tirelessly to keep the momentum going into 2022 with new deals and prospective franchisee outreach along with launching marketing campaigns to fill the franchisee prospect pipeline. The Company will also be expanding through strategically placed corporate owned locations. As a matter of fact, we have signed leases and started construction on two new corporate owned and operated locations in the Miami, Florida market and have begun planning for a location in the Jacksonville, Florida market as well.”
Roper continued, “The additional resources are critical in supporting our growth strategy. We plan on growing our companies through extensive franchising efforts, especially the Pokemoto brand. The executive team has experience selling and opening thousands of franchise locations across multiple brands in an expedited manner. This experience provides an understanding of how to build the required infrastructure and resources to support our growth strategy. Adding Ms. Black as Chief Financial Officer and appointing Mr. Groenewald to Chief Accounting Officer is part of the infrastructure and resources needed as we ramp up our franchising efforts in 2022.”
Pokemoto currently has locations in Connecticut, Rhode Island, Maryland, Virginia, Massachusetts and Georgia with locations coming soon in New York, Mississippi and Florida.
For more information on Pokemoto franchising visit www.pokemoto.com/franchise
Pokemoto has nineteen open locations in six states – Connecticut, Rhode Island, Virginia, Massachusetts, Maryland and Georgia with future franchise locations coming soon in New York, Massachusetts, Connecticut and Mississippi. Pokemoto offers up chef-driven contemporary flavors with fresh delectable and healthy ingredients such as Atlantic salmon, Ahi tuna, fresh mango, roasted cashews and black caviar tobiko that appeals to foodies, health enthusiasts, and sushi-lovers everywhere. Guests can choose from a list of signature bowls or be bold and build their own unique combination of a base, protein and various toppings and nine different sauces. Vegetarian options are available, and the bowl combinations are virtually limitless. The colorful dishes and modern chic dining rooms provide an uplifting dining experience for guests of all ages. Customers can dine in-store or order online via third party delivery apps for contactless delivery.
About Muscle Maker, Inc.
Muscle Maker, Inc. is the parent Company of “healthier for you” brands delivering high-quality healthy food options to consumers through traditional and non-traditional locations such as military bases, universities, ghost kitchens, delivery and direct to consumer ready-made meal prep options. Brands include Muscle Maker Grill, Pokemoto, Superfit Foods, Healthy Joe’s and multiple ghost kitchen brands such as Meal Plan AF, Wrap it up Wraps, Bowls Deep, Burger Joe’s, MMG Smoothies, Mr. Tea’s House of Boba, Gourmet Sandwich Co and Salad Vibes. Our menus highlight healthier versions of traditional and non-traditional dishes and feature grass fed steak, lean turkey, chicken breast, Ahi tuna, salmon, shrimp, tofu and plant-based options.
For more information on Muscle Maker, Inc, visit www.musclemakergrill.com, for more information on Pokemoto visit www.pokemoto.com or for more information on Superfit Foods visit www.superfitfoods.com.
This press release may include “forward-looking statements” pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as “should”, “may,” “intends,” “anticipates,” “believes,” “estimates,” “projects,” “forecasts,” “expects,” “plans,” and “proposes.” Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading “Risk Factors” and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Muscle Maker, Inc does not undertake any duty to update any forward-looking statements except as may be required by law.
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