Carbone Coal Fired Pizza Inc. Announces Non-Binding Term Sheet for Master Rights to Develop Locations in India, Egypt and Turkey
Toronto, Ontario--(Newsfile Corp. - July 18, 2019) - Carbone Coal Fired Pizza Inc. ("the Company"), is pleased to announce that it has entered into a non-binding term sheet (the "Term Sheet") with an Alberta-based development company ("DevCo") with strong ties to India, Egypt and Turkey (the "Regions"), outlining the terms for the master rights for the development of the Company's fast-casual pizza brand, "FAST FIRED by Carbone", in the Regions. Under the Term Sheet, the Company and DevCo would work to open a minimum of 12 locations within 24 months from execution of the Term Sheet, in the Regions. DevCo has already begun discussions with landlords and business owners in the Regions. The Term Sheet also sets out milestones on performance to be met to maintain the master rights.
"The population of the associated regions collectively surpass 1.47 Billion (1.3B in India, 97M in Egypt, and 79M in Turkey according to World Population Prospects: The 2017 Revision ESA.UN.org), over 40 times greater than the Canadian population where the Company currently operates," stated Benjamin Nasberg, President & CEO of Carbone Coal Fired Pizza Inc. "We are pleased with the new strategic partnership and the pace at which the discussions have progressed thus far. This partnership will be a pivotal point in company's history. We are taking a conservative approach entering into each market to make sure necessary systems are in place to ensure everything meets the Carbone brand expectations of quality and service."
Nasberg continued: "Several countries are beginning to see saturation in this new and lucrative fast-casual pizza space while we have not seen activity taken place in India, Egypt, and Turkey. The first to market opportunity with these 12 locations beginning development on an immediate basis will layout the framework for a substantial growth plan that will far exceed our Canadian operation. The partnership is a recipe for success."
Carbone Coal Fired Pizza, is a pizzeria chain currently with six operating entities and twenty-four new locations underway in Canada, Australia, India, Egypt and Turkey. Carbone is the only multi-unit restaurant in Canada using the authentic style of anthracite coal heating for cooking pizzas at 850 degrees Fahrenheit. Along with the cooking methods, Carbone is the first in Manitoba to allow customers to "pour their own beer" at specified draft beer tables in their downtown Winnipeg operation. Carbone is positioning to be a significant player in the fast-casual pizza market with its "Fast Fired" brand. The Fast Fired brand utilizes a stone oven fueled by natural gas, as customization, quality ingredients, unique recipes, and price point were key metrics in the fast-casual market as oppose to cooking style. Carbone is seeking to expand and sell approximately 50 - 100 new locations across Canada by the end of 2020, along with similar milestones with developers in other countries. Since 2010, Carbone Coal Fired Pizza has been setting a precedent to become a leader in the Canadian restaurant industry, with notable innovations, and a fresh focus on local quality ingredients and a friendly customer experience.
Carbone has teamed up with internationally-renowned Australian chef, restaurateur, author, Netflix producer & TV presenter, Pete Evans, known for his award-winning pizza recipes, to deliver the Taste of Summer Pizza Series. To cater to the public's growing appetite for gourmet, vegan, keto, paleo and health-conscious pizzas, Carbone's Taste of Summer offering has been inspired by the consumer shift in eating habits, with a focus on charred and blistered crusts, lined with quality toppings and accompanied by delicious salads and desserts to bring a taste of Italy to your table.
Carbone has structured its expansion plan in a way in which specified geographical areas can be allocated to certain persons or groups for the development or sale of multiple locations.
Notice Regarding Forward Looking Information
This press release may include "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information is not representative of historical facts or information or current condition, but instead represents only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside its control. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information contained herein include, but are not limited to, information concerning the Term Sheet and the Company's plans to develop business in the Regions and expectations on whether such development will be completed.
By identifying such information and statements in this manner, the Company is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information contained in this press release, the Company has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: the ability to complete the transactions disclosed herein; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with government regulation; and the diversion of management of time on the transactions. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information and the Company can give no assurance that it will prove to be correct, as actual results and future events could differ materially from those anticipated in such information. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
For further information please contact:
Benjamin Nasberg, President & CEO
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46359