Noble Roman's Announces Additional Growth
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NYSE - LSE
Noble Roman's Announces Additional Growth
Noble Roman's, Inc. (OTCQB:NROM), the Indianapolis based franchisor and licensor of Noble Roman's Pizza and Noble Roman's Craft Pizza & Pub, announced the continued rapid expansion of its non-traditional franchises, primarily in convenience stores and travel plazas. According to the company's current opening schedule, it will open approximately 19 new franchise locations in the fourth quarter of 2024, which includes three new units for Majors Management LLC. As the numbers indicate, the company maintains an extremely diversified sales and new unit pipeline in addition to the multi-unit Majors Management development agreement. With the additional new unit openings in the 4th quarter, the company expects a total of approximately 70 new unit openings in 2024. In addition, the company is building a significant backlog of new units to open in the first quarter of 2025, including several more Majors Management locations.
In addition to the growth in the company's non-traditional segment, at this point in the 4th quarter the company-owned Craft Pizza & Pub locations are running a positive same-store sales increase compared to the same corresponding weeks last year. The company currently expects that trend to continue and expand during the remainder of the 4th quarter and into the 1st quarter of 2025.
As previously reported, the company intends to complete financing to replace its existing senior loan and the subordinated debentures.
The statements contained in this press release concerning the company's future revenues, profitability, financial resources, market demand and product development are forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) relating to the company that are based on the beliefs of the management of the company, as well as assumptions and estimates made by and information currently available to the company's management. The company's actual results in the future may differ materially from those indicated by the forward-looking statements due to risks and uncertainties that exist in the company's operations and business environment, including, but not limited to the ability of franchisees to timely prepare their units for scheduled openings, the company's ability to maintain adequate staff for new openings, competitive factors and pricing and cost pressures, non-renewal of franchise agreements or the openings contemplated by the development agreement not occurring, shifts in market demand, the success of franchise programs, including the Noble Roman's Craft Pizza & Pub format, general economic conditions, changes in demand for the company's products or franchises, the company's ability to service and refinance its loans, the impact of franchise regulation, the success or failure of individual franchisees and inflation, other changes in prices or supplies of food ingredients and labor and, as well as the factors discussed under "Risk Factors" contained in this company's Annual Report on Form 10-K for the year ended December 31, 2023. Should one or more of these risks or uncertainties materialize, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. If activist stockholder activities ensue, the company's business could be adversely impacted.
FOR ADDITIONAL INFORMATION, CONTACT:
For Media Information: Scott Mobley, President & CEO ([email protected])
For Investor Relations: Paul Mobley, Executive Chairman ([email protected])
Mike Cole, Investor Relations: 949-444-1341 ([email protected])
SOURCE: Noble Romans, Inc.
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