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Franchise Capital Corp. Enters LOI to Acquire a 20% Interest in Lucky Lou's Monday October 10, 12:56 pm ET
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Oct. 10, 2005--Franchise Capital Corp. (OTCBB: FCCN - News) is very pleased to announce today that it has entered into a Letter of Intent (LOI) to acquire a 20% interest in Lucky Lou's restaurants. As per the terms of the LOI, Franchise Capital will acquire the 20% interest through a share exchange agreement with the partners of Lucky Lou's. Franchise Capital has already begun its due diligence process and anticipates closing the transaction shortly. ADVERTISEMENT
Lucky Lou's is a casual restaurant concept that sports a Las Vegas-style decor with polished concrete floors, dark wood, an open bar, plenty of televisions for viewing sporting events, a comfortable sound system for music, and a beautiful roulette wheel behind the bar that provides a bustling atmosphere for all to enjoy. In addition, an open kitchen along the back end of the bar allows the customers to see the quality and care that goes into preparing each and every meal. Their quality menu consists of hand-cut steaks, homemade soups, fresh sandwiches, burgers, and onion rings, cut and battered fresh daily.
Lucky Lou's first location, in east Mesa, Ariz., boasted $1 million in gross revenues in its first year and currently, in their second year, they are on track to book revenues well ahead of their first year of business. Lucky Lou's is currently slated to open two additional locations in the next year with plans to expand outside of Arizona including Las Vegas.
Franchise Capital President and CEO Edward C. Heisler was quoted as saying, "I love this restaurant! The food is great, the staff is very professional, the Vegas atmosphere is very cool and fun, and best of all ... it makes money! Businesses that make money are always a welcome addition to our investment portfolio."
About Franchise Capital Corp.
Franchise Capital Corp. is a business development company pursuant to Section 54 of the Investment Company Act of 1940. The company is currently invested in Creative Eateries Corp., a developer and operator of eight different restaurant franchising companies: Don Allio's Franchise Co., LLC; Q's House of Barbecue Franchise Co., LLC; Fit-n-Healthy Franchise Co., LLC; Pasta Pranzo Franchise Co., LLC; Kokopelli's Mexican Grill Franchise Co., LLC; Cousin Vinnie's Franchise Co., LLC; Kirby Foo's Asian Grill Franchise Co., LLC; and Comstock Jake's Franchise Co., LLC.
Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2005 filed with the Securities and Exchange Commission.
-------------------------------------------------------------------------------- Contact: Franchise Capital Corp. Gary Reid, 866-475-7539
-------------------------------------------------------------------------------- Source: Franchise Capital Corp.
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