Krispy Kreme's development agreement with The Real American Doughnut Company Inc. calls for the development of approximately 30 locations over the next five years, with the first location scheduled to open by the end of 2006. The Real American Doughnut Company Inc. will hold a 100% ownership interest in the franchise.
"We are pleased to continue expanding Krispy Kreme's international reach with our franchisee in the Philippines," said Daryl Brewster, President and Chief Executive Officer of Krispy Kreme. "We remain encouraged by the continued growth in our international markets as we move forward with the Company's turnaround."
"We are proud to partner with Max's," said Jeff Welch, Krispy Kreme's Senior Vice President of International and Development. "We believe that Max's, with over sixty years of experience operating restaurants in the Philippines, is uniquely qualified to introduce Krispy Kreme to this important marketplace."
"We are looking forward to bringing Krispy Kreme and the hot doughnut experience to our customers," said Robert Trota, President of Max's Franchising, Inc. "Since 1945, the people of the Philippines have trusted Max's and our quality food products, and we are confident that they will appreciate and embrace Krispy Kreme's wonderful products as well."
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