Business
Pokemoto Expansion Accelerates, Reaches 55 Franchise Agreements Signed
Company Crosses Key Milestone Heading Into Year End On High Note Fort Worth, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Pokemoto, Muscle Maker, Inc.’s (Nasdaq: GRIL)
About this update from Sadot Group Inc.
[{"type":"text","content":"Company Crosses Key Milestone Heading Into Year End On High Note Fort Worth, Dec. 21, 2022 (GLOBE NEWSWIRE) -- Pokemoto, Muscle Maker, Inc.’s (Nasdaq: GRIL) expanding Hawaiian poke bowl restaurant concept, today announced it has crossed a new threshold milestone of 55 franchise agreements signed, reaching 16 states once opened. Pokemoto will soon have a presence in new markets while expanding in existing markets, including Texas, South Carolina, New Jersey, Connecticut, Massachusetts, Rhode Island, Florida, Kansas, Maryland, Virginia, New York, Pennsylvania, Mississippi, Tennessee, Georgia and the most recently announced market, California. Just last week the brand announced a newly signed franchise agreement for Sonoma and Marin counties in California allowing the brand to cast its net from coast to coast. Specific location details can be found on the Pokemoto website – www.Pokemoto.com/locations. “Just two weeks ago we were ecstatic about crossing the 50 agreements signed mark before the end of 2022 and here we are with 55 agreements signed and a little over a week left in the year” said Michael Roper, CEO of Pokemoto. “We’re focusing our efforts on getting franchise agreements signed to expand our reach across the United States, the latest agreement landing the brand in Northern California; a large market with a lot of potential. This franchising initiative not only generates more brand recognition fueling franchising momentum but also gives the brand a larger footprint to reach our target audiences that simply loves our food.” Roper added, “we’ve got a lot going on heading into 2023. We expect to be busy next year as we not only expand Pokemoto but also fully integrating the recently announced new subsidiary, Sadot LLC, into the overall Company. Sadot delivered $54.19 million in revenue in November, its first 30 days of operation. That’s a great start for the company. We are excited about diversifying the company and how Sadot and our agreement with AGGIA can influence our overall financials moving forward.” The Pokemoto franchise model generates up to $25,000 per unit for the initial franchise fee, when the agreement is signed while also providing up to 6% of net sales as an ongoing monthly royalty rate once each location is opened. The typical franchise agreement is for 10 years with a 5 year renewal option. The Company do...