FORT LAUDERDALE, FL--(Marketwired - August 13, 2015) - The Grilled Cheese Truck, Inc. (OTCQB: GRLD), an emerging growth public company capitalizing on opportunities within the burgeoning gourmet food truck sector, announced today the company has agreed to acquire the Master Franchise Rights from SoupMan, Inc. (OTCQB: SOUP), the parent company for the Original SoupMan® soups, subject to New York State approval. The announcement was made jointly by Robert Lee, Executive Chairman of The Grilled Cheese Truck and Jamieson Karson, Chairman and CEO of SoupMan.
The acquisition of these rights cannot be completed until New York State approval has been secured which is anticipated within the next thirty days.
The agreement to acquire the rights by The Grilled Cheese Truck is part of a strategy being executed by GCT to seek multiple brands that complement the Company's grilled cheese products pursuant to a consolidation business model.
"We believe this opportunity to partner with The Grilled Cheese Truck can propel SoupMan to the next level," said Jamieson Karson, Chairman of SoupMan, Inc. "We expect that as The Grilled Cheese Truck begins to penetrate markets such as military bases, universities and casinos, SoupMan, as its partner, will benefit directly through that additional market penetration."
Mr. Karson continued, "At SoupMan, we share The Grilled Cheese Truck's commitment to serving our American veterans and believe that the pairing of these two great brands, embodying consummate Americana products, coupled to opportunities for veterans, is a win-win in a significant number of ways."
Robert Lee, the Executive Chairman of The Grilled Cheese Truck noted, "This Master Franchise Agreement with SoupMan creates enormous opportunities for GCT and serves as a milestone in our execution of a brands consolidation under one public umbrella."
Mr. Lee concluded, "We also believe that there is nothing more complimentary than SoupMan's famous gourmet soup paired with our gourmet grilled cheese. In addition, it provides GCT with incremental revenue and profit margin without additional capital investment."
The parties have negotiated The Grilled Cheese Truck purchasing Original SoupMan products directly from SoupMan at traditional wholesale costs and receive 25% of the franchise fees and ongoing royalties collected from Original SoupMan operators by The Grilled Cheese Truck. Subject to New York State approval the Agreement will be for a term of 10 years with a renewal that can extend to fifty years and covers North America. The Master Franchise Agreement will be effective after New York State approval.
About The Grilled Cheese Truck, Inc.
The Grilled Cheese Truck, Inc. is an American entrepreneurial "emerging growth" company with a brand and menu that is widely followed throughout the nation within the Gourmet Food Truck space. The company currently operates and licenses grilled cheese food trucks in the Los Angeles, Tacoma and Phoenix areas and is rolling out into additional markets with the goal of becoming the largest operator in the gourmet food truck space. The Company is pursuing major "gates" of revenue while building significant market share in the gourmet food truck industry. The company and brand maintain a growing following of customers, social media followers and general media attention all attracted to The Grilled Cheese Truck's leading position in the rapidly growing industry. The Company is among the first movers seeking to consolidate the Gourmet Grilled Cheese restaurant space with an aggressive strategic growth plan that includes significant and accretive acquisitions. The company's business strategy includes The Grilled Cheese Truck offerings at stadiums, military bases, universities, casinos and related venues, festivals, motorsports, action sports, team sports, large outdoor events/concerts, large churches and schools. Management has extensive experience and success in managing rapid roll-ups in early stage, highly fragmented industries. The Company seeks to franchise its Gourmet Grilled Cheese Trucks operations and intends to offer franchised grilled cheese trucks to Veterans, having invested significant time and resources over the last two years to develop a business model that creates jobs, business opportunities and support for Veterans. For more information about The Grilled Cheese Truck, Inc., please visit www.thegrilledcheesetruck.com.
About SoupMan, Inc.
In 1984, The Original SoupMan opened its doors at 55th Street & 8th Avenue in Manhattan and quickly became a worldwide destination. Rated #1 by Zagat and praised by the New York Times as "Art, not Soup," it set the standard for innovation and excellence long before the famous "Seinfeld" episode made it a cultural icon. We sell soup across America in Tetra Pak cartons in grocery stores next to Campbell's and Progresso as well as in our franchise restaurants, soupmobiles and foodservices. Shaquille O'Neal is an advisor and equity partner, as are Mr. October, Reggie Jackson and the award-winning actor, Jason Alexander. SoupMan Inc. is a fully reporting public company trading under the symbol SOUP. Jamieson Karson is SoupMan's Chairman of the Board and CEO. Mr. Karson is the former Chairman of the Board and Chief Executive Officer of Steve Madden, LTD. the global footwear, accessories and apparel company. For additional information on our company please visit www.originalsoupman.com.
Forward-Looking Statements
Statements in this press release and of the management or representatives of The Grilled Cheese Truck, Inc. (the "Company") in connection therewith that relate to beliefs, plans, objectives, goals, expectations, anticipations, intentions and future financial condition, results of operations or business performance constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management's current expectations about future events. These statements can be identified by the fact that they do not relate strictly to historical or current facts, and by words such as "may," "could," "should," "would," "believe," "expect," "project," "anticipate," "estimate," "intend," "plan" or other similar words or expressions, and include statements regarding the anticipated timing and receipt of the approval of the Master Franchise Agreement by New York State and the complimentary benefits expected from the proposed partnership between GCT and SoupMan. Any or all of the forward-looking statements in this press release may turn out to be inaccurate or wrong. This can occur as a result of inaccurate assumptions or as a consequence of significant known or unknown risks and uncertainties, including the risks related to the Company's ability to penetrate markets such as military bases, universities and casinos and otherwise create opportunities with the Master Franchise Agreement by partnering with SoupMan and the anticipated timing and receipt of the approval of the Master Franchise Agreement by New York State. The Company and SoupMan address these risks, as applicable to them, in the risk factors discussed their filings with the SEC. Copies of these filings are available at www.sec.gov. Because of these risks and uncertainties, the Company's and SoupMan's actual results may differ materially from those that might be anticipated from its forward-looking statements. Therefore, you are cautioned not to place undue reliance on such forward-looking statements. The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. All trademarks and logos referenced herein belong to their respective companies.