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Friendly Ice Cream Corporation (AMEX: FRN) today announced the
appointment of George M. Condos as the Company’s
President and Chief Executive Officer and a member of its Board of
Directors, effective January 8, 2007.
Mr. Condos, 51, brings with him 30 years of experience in the restaurant
and hospitality industry, including his most recent position as Brand
Officer for Dunkin Donuts. Dunkin Donuts is owned by Dunkin Brands which
also owns Baskin Robbins ice cream and TOGOS sandwich shops. As Brand
Officer, Mr. Condos was directly responsible for leading brand strategy
and execution for more than 4,850 franchised stores in the United States
generating $4.3 billion in sales.
“Over the past few months, we conducted an
extensive, national CEO search and interviewed a number of
well-qualified candidates. We are very excited to have attracted George
Condos, a seasoned and accomplished executive with significant
experience in the restaurant and ice cream industry, and we welcome his
leadership at this important time in our company’s
history,” said Donald N. Smith, Chairman of
the Board. “His efforts in the development and
marketing of over 2,000 Dunkin stores in the Northeast have resulted in
making Dunkin Donuts a powerful brand.”
Mr. Smith added, “We admire and are attracted
by the many innovations developed during George’s
time at Dunkin, which were designed to create a day-long experience at
Dunkin Donuts and strengthen opportunities for and relationships with
franchise owners. We are also impressed by his experience in the
Northeast, the core of the Friendly’s base,
and his desire to remain in this area of the country. We look forward to
the fresh ideas and experience George will offer us and our shareholders
both in his capacity as a new member of our Board of Directors and as
our President and Chief Executive Officer.”
After starting his career in operations for International Dairy Queen,
Mr. Condos joined Allied Domecq QSR, the parent company of Dunkin
Brands, in 1987, serving in various roles for U.S. and international
operations until being named Brand Officer in 2003 and served in that
capacity until 2006.
“After a long career in building high profile
brands, seeking opportunities in existing and new markets, and driving a
culture of customer service, it is a great privilege to join a company
like Friendly’s with such a storied history
and rich foundation,” Mr. Condos said. “I
look forward to the opportunities and challenges that lie ahead and, as
a native of New England, believe I can make significant contributions to
a company I know well and respect highly.”
Mr. Condos succeeds John L. Cutter, who resigned in September 2006.
About Friendly Ice Cream Corporation
Friendly Ice Cream Corporation is a vertically integrated restaurant
company serving signature sandwiches, entrees and ice cream desserts in
a friendly, family environment in 514 company and franchised restaurants
throughout the Northeast. The company also manufactures ice cream, which
is distributed through more than 4,500 supermarkets and other retail
locations. With a 71-year operating history, Friendly's enjoys strong
brand recognition and is currently revitalizing its restaurants and
introducing new products to grow its customer base.
Forward Looking Statements
Statements contained in this release that are not historical facts
constitute "forward looking statements" as that term is defined in the
Private Securities Litigation Reform Act of 1995. These statements
include statements relating to the expected contributions of Mr. Condos
to the Company’s future growth and
prospectus. All forward looking statements are subject to risks and
uncertainties which could cause results to differ materially from those
anticipated. These factors include risks and uncertainties arising from
accounting adjustments, the Company's highly competitive business
environment, exposure to fluctuating commodity prices, risks associated
with the foodservice industry, the ability to retain and attract new
employees, new or changing government regulations, the Company's high
geographic concentration in the Northeast and its attendant weather
patterns, conditions needed to meet restaurant re-imaging and new
opening targets, the Company's ability to continue to develop and
implement its franchising program, the Company's ability to service its
debt and other obligations, the Company's ability to meet ongoing
financial covenants contained in the Company's debt instruments, loan
agreements, leases and other long-term commitments, unforeseen costs and
expenses associated with litigation, and costs associated with improved
service and other similar initiatives. Other factors that may cause
actual results to differ from the forward looking statements contained
herein and that may affect the Company's prospects in general are
included in the Company's other filings with the Securities and Exchange
Commission. As a result the Company can provide no assurance that its
future results will not be materially different from those projected.
The Company expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any such forward looking statement
to reflect any change in its expectations or any change in events,
conditions or circumstances on which any such statement is based.