Muscle Maker Inc's (NASDAQ:GRIL) subsidiary Pokemoto has signed three new franchise agreements in southwest Florida, bringing the total of new franchise and development agreements signed to 30 since November 2021.
What Happened: The three new southwest Florida franchise agreements will focus on the Gulf Coast, specifically in Lee and Collier counties.
In addition, the Company is preparing to open three additional corporate-owned and operated Pokemoto locations, with two in Miami and one in Jacksonville.
These locations are currently in the planning and construction stages.
Why It Is Important: These 30 new agreements, once opened, along with six new Pokemoto locations, would represent a Pokemoto division growth rate of 300%.
Muscle Maker also signed a 40-unit Muscle Maker Grill restaurant development agreement in Saudi Arabia, fueling its international pipeline.
"The three newly signed franchise agreements and new corporate locations will bring our total store count to 52, quadrupling our footprint," said Mike Roper, CEO of Muscle Maker.
Price Action: GRIL shares closed at $0.62 on Tuesday.
Photo via company website
