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/C O R R E C T I O N -- Ultimate Franchise Systems/
In regards to the news release issued earlier today by Ultimate Franchise
Systems over PR Newswire, we are advised by the company that the release should
be disregarded and the following taken into consideration:
HEATHROW, Fla., April 11 /PRNewswire-FirstCall/ -- Ultimate Franchise Systems
Inc. (OTC:UFSY) (BULLETIN BOARD: UFSY) today released a summary of significant
events for 2004. The company completed several significant transactions during
the year, which added three new brand affiliations and increased UFSY's
franchise investments from 385 to almost 600. This was a 57% increase in the
number of franchise affiliates in the one-year period.
The following events were undertaken by UFSY in 2004 to increase its
shareholder value:
1. The name of Sobiks Franchising Systems Inc. was changed to Quality
Restaurant Ventures Inc. (OTC Pink Sheets: QRVI) to better position the company
for acquisitions and new franchise expansion.
2. UFSY assisted QRVI in the investment into Food Group, (OTC Pink Sheets:
FFDG), owner of the Famous Uncle Al's Hot Dog chain of twelve fast food units.
3. UFSY assisted QRVI in the investment in Westshore Pizza, based in Tampa,
Fla. with 50 restaurants.
4. UFSY acquired 100% of Obee's Franchising Systems, Inc. (OTC:OBFC) (BULLETIN
BOARD: OBFC) then spun the company off into its own public corporation late in
the year. OBFC now has commitments to open 1300 franchises over the next 10
years.
5. UFSY acquired 100% of the Juicy Lucy's Hamburger chain of nine units adding
3.6 million dollars in sales.
6. UFSY invested sizably in Picadilly Cafeterias and Harvey's Bistro
Restaurants.
7. UFSY opened over 30 new franchises in its family of brands.
8. UFSY formed a new public company, FransAction, Inc. (OTC Pink Sheets: FCTN),
to lead the company's new thrust of franchise expansion.
"2004 was a very strong year for UFSY," said Christopher Swartz, UFSY CEO. "The
OBFC spin-off was a major event that went smooth and has attracted national
attention to our company. We also increased our brand affiliations to thirteen
and grew from operating in twenty states to thirty states across the country.
Our next step will be to develop an investor relations program that carries
this important message to our shareholders and the investment community."
UFSY's affiliate brands include: Gator's Dockside Restaurants, Jreck Subs,
Inc., Central Park Hamburgers, Li'l Dino's Deli and Grille, Sobiks Subs, Famous
Uncle Al's Hot Dogs (OTC Pink Sheets: FFDG), Flamers Hamburgers, Westshore
Pizza, Mountain Mike's Pizza, New York Burrito, Picadilly Restaurants, and
Juicy Lucy's Hamburgers. UFSY also has affiliations with Quality Restaurant
Ventures Inc. (OTC Pink Sheets: QRVI), Obee's Franchise Systems Inc. (OTC Pink
Sheets: OBFC) and FransAction Inc. (OTC Pink Sheets: FCTN).
This press release may contain forward-looking information within the meaning
of Section 27A of the Securities Act of 1933 or Section 21E of the Securities
and Exchange Act of 1934 and is subject to the safe harbor created by these
sections. Ultimate Franchise Systems, Inc., Obee's Franchise Systems, Inc. and
Quality Restaurant Ventures, Inc., assume no obligation to update the
information contained in this press release. Certain information included
herein may contain statements that are forward-looking, such as statements
relating to plans for future expansion and other business development
activities as well as operating costs, capital spending, financial sources and
the effects of competition. Such forward-looking information is subject to
changes and variations which are not reasonably predictable and which could
significantly affect future results. Accordingly, such results may differ from
those expressed in any forward-looking statements made by or on behalf of the
Companies.
CONTACT: Christopher Swartz of Ultimate Franchise Systems, 407-333-8587, Web
site: http://www.ufsi.net/
DATASOURCE: Ultimate Franchise Systems Inc.
CONTACT: Christopher Swartz of Ultimate Franchise Systems,
+1-407-333-8587
Web site: http://www.ufsi.net/