Papa Bello Enterprises (Pink Sheets: PAPA) announced today that the company has filed the necessary paperwork to register its franchise in the states of Maryland, Virginia and California.
The registration process is expected to take a few weeks, pending individual state review, comment, and due diligence. These new geographic locations contain significant potential markets for Papa Bello and enjoy unique, positive characteristics in this challenging economy.
Over the past two years, the Mid Atlantic area has been relatively insulated from the roughest aspects of the recession, due to the high concentrations of federal and state government agencies, universities, health care conglomerates, and military installations. In addition, the state of California boasts the 8th largest economy in the world and the recent resetting of some commercial real estate prices offers enhanced leasing opportunities for prime locations throughout the state.
Jim Price, CEO of Papa Bello Enterprises states, "We look forward to completing this process and, when finished, will aggressively pursue strong franchisees with the ability to grow the Papa Bello franchise model throughout the respective regions. This opportunity is very real. We have seen a significant migration from high priced restaurants to more cost effective, family style eateries that offer more value for their money. Parties interested in opening a Papa Bello franchise should go to our website, www.papabellopizza.com, and review the informational video detailing the current opportunities and benefits to owning a Papa Bello restaurant."
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