| Friendly's Restaurants Franchise, Inc., a subsidiary of Friendly Ice Cream Corporation (Friendly's) of Wilbraham, Massachusetts, today announced an agreement that will significantly expand Friendly's presence in the greater Philadelphia area. Under the development agreement with area entrepreneur Bob Bender, Revere Restaurant Group, Inc. (RRG) will open five new Friendly's Restaurants by June 2008. The first will open by the end of March 2006. In addition, Bender, who already operates seven Friendly's Restaurants in Pennsylvania, assumed ownership in late May 2005 of three additional Friendly's franchises now operating in Reading, West Lawn, and Wyommissing. The announcement is part of a continued franchise expansion strategy by Friendly's, which has announced similar development agreements for 45 restaurants in the last twelve months. "Friendly's has been a big winner for our company, our employees and the thousands of guests that we serve," said President Bob Bender, a Friendly's franchisee since September 2001. "This is a brand that enjoys tremendous customer loyalty, and we are very pleased to be expanding our partnership with Friendly's by acquiring these three existing restaurants and by developing five additional locations." "In addition to Friendly's delicious food and signature ice cream, we're looking forward over the next few years to remodeling the Reading, West Lawn, and Wyommissing properties, a significant investment that will make them even more attractive destinations for area diners." Friendly's Chief Executive Officer and President John L. Cutter said, "Franchisees are central to our business strategy, and Bob Bender and his team are outstanding franchise partners. They have always been committed to making sure their guests are 100% satisfied, 100% of the time, and that is the kind of quality and commitment that all of us at Friendly's strive for each day. We are excited by this opportunity to extend and strengthen our current relationship with Bob and the Revere Restaurant Group through this new development agreement." Friendly Ice Cream Corporation (Amex: FRN) is a vertically integrated restaurant company serving signature sandwiches, entrees and ice cream desserts in a friendly, family environment in more than 535 company and franchised restaurants throughout the Northeast. The company also manufactures ice cream, which is distributed through more than 4,500 supermarkets and other retail locations. With a 69-year operating history, Friendly's enjoys strong brand recognition and is currently revitalizing its restaurants and introducing new products to grow its customer base. Additional information on Friendly Ice Cream Corporation can be found on the Company's website (friendlys.com). Information on Friendly's franchise program is available from Jim Sullivan, Director, Franchise Business, 413-543-2400, ext. 2597 or email, jim.sullivan@friendlys.com. |
