Spicy Pickle Franchising, Inc. fast casual restaurants announced today the acquisition of Bread Garden Franchising, Inc., the franchisor of the Bread Garden Urban Cafes, a chain of franchised fast casual restaurants located in the greater Vancouver, Canada area. Currently there are 11 operating restaurants.
Spicy Pickle purchased substantially all of the assets of Bread Garden Franchising, Inc. including all of its rights to operate as the franchisor of the Bread Garden Urban Cafes. As consideration for the acquisition Spicy Pickle issued 5,177,500 shares of its common stock and warrants to purchase up to 3,038,750 shares of its common stock. Bread Garden Franchising, Inc. is a profitable company and the transaction is expected to bring additional working revenue from day one. Spicy Pickle will take over the existing small Bread Garden franchising office located in downtown Vancouver.
Immediately after the acquisition, there will be 53 restaurants in 15 states and 2 countries, including both Spicy Pickle(R) restaurants and Bread Garden Urban Cafes. At the present time there are no plans to convert the Bread Garden Urban Cafes to Spicy Pickle(R) restaurants.