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Subway(R) and TurboChef Technologies Reach an Agreement for TurboChef to be the
Exclusive Worldwide Supplier of Rapid Cook Ovens to Subway Restaurants
DALLAS, March 8 /PRNewswire/ -- TurboChef Technologies, Inc. (OTC Bulletin
Board: TRBO.OB) today announced that it has reached an agreement with Subway
Restaurants to be the exclusive supplier of rapid cook ovens to more than 20,000
Subway restaurants worldwide. TurboChef expects to start delivering ovens to
Subway restaurants in the U.S. during the second quarter of 2004.
"We are delighted by Subway's confidence in TurboChef and honored to be
partnering with one of the largest food franchises in the world," said Richard
E. Perlman, Chairman of the Board of TurboChef. "To have our technology,
products and new management team validated by Subway is extremely satisfying to
us and to our employees who have worked for years to develop the best and most
innovative rapid cook oven technology."
Jan Risi, President and Chief Executive Officer of the Independent Purchasing
Cooperative for Subway franchisees, added "After a long and comprehensive
evaluation of TurboChef's proprietary ovens, Subway decided to partner with
TurboChef Technologies as a way to maximize its future growth and capitalize on
emerging trends and innovation in the quick service restaurant business."
James K. Price, Chief Executive Officer of TurboChef, added, "The Subway
relationship represents a significant step towards our goal of becoming the
world leader in rapid cook technologies. Today, TurboChef's market
opportunities cover all food service providers, from quick service to full
service restaurants, hotels to hospitals, convenience stores to bars and night
clubs, movie theaters to theme parks and small food concessions to concessions
at the largest sports and entertainment complexes. Under the leadership of its
new management team, TurboChef will continue to develop its portfolio of
patented rapid cook technologies and advance innovation in the world of
cooking."
About TurboChef
TurboChef is engaged in designing, developing and marketing its proprietary
rapid cook technologies. TurboChef's proprietary rapid cook ovens, which
require no ventilation, employ a proprietary combination of high speed forced
air and microwave energy to "cook to order" a variety of food products at faster
speeds and to quality standards comparable, and in many instances superior to,
other conventional commercial and residential ovens currently available.
"Safe Harbor" Statementunder Private Securities Litigation Reform Act of 1995:
Certain statements contained in this news release constitute "forward- looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve a number of known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially different from any
future results, performance or achievements expressed orimplied by such
forward-looking statements. Such factors include, but are not limited to, new
management becoming familiar with the Company's business, the uncertainty of
market acceptance and demand for the Company's products, the ability to obtain
additional financing necessary to continue operations, the uncertainty of
consumer acceptance of new products or technologies that may be offered by
TurboChef, the dependence on a limited number of customers, relationships with
and dependence on third-party equipment manufacturers and suppliers, impact of
competitive products and pricing and other risks detailed in the Company's
filings with the Securities and Exchange Commission. The words "looking
forward," "believe," "expect," "likely" and similar expressions identify
forward-looking statements. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only for the date the statement
was made. TurboChef Technologies, Inc. undertakes no obligation to update any
forward-looking statements contained in this news release.
DATASOURCE: TurboChef Technologies, Inc.
CONTACT: James A. Cochran, Chief Financial Officer, TurboChef
Technologies, Inc., +1-678-742-5943