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Papa Bello Enterprises Signs Letter of Intent to Acquire Royal India Express |
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Papa Bello Enterprises (Pink Sheets: PAPA) announced today that the company has signed a Letter of Intent (LOI) to acquire the Royal India Express, a San Diego based, fast casual, Indian restaurant concept. |
Established in 2005, Royal India Express operates one flagship location in the Horton Plaza Shopping Mall in the Gas Lamp Quarter of downtown San Diego. With approximately 130 retail stores and over 10,000,000 annual customer visits, this location provides excellent visibility and customer traffic. Additionally, the company is researching additional sites in Southern California for future expansion.
The Royal India Express is another culinary creation by the renowned Kambo Brothers, Sam and Jag. They also operate Papa Bello's Kebab Cafe Concept and are known throughout San Diego for providing quality, innovative food at a reasonable price. The acquisition is pending further due diligence and is expected to close on or around February 28, 2010.
James Price, CEO of Papa Bello Enterprises states, "Royal India Express is another example of the quality work done by the Kambo Brothers. Their San Diego location is doing great business now and with our help, we intend to franchise this concept under the Papa Bello Enterprises umbrella and make it available to other great entrepreneurs. Royal India Express has built a loyal and consistent following in the area and we believe that we can replicate that enthusiasm throughout the country as an exciting new business opportunity.
"Looking forward, I feel Papa Bello Enterprises is well grounded and is in excellent position to expand with the 4 operating concepts. Industry experts have stated that over the next 10 years, Indian and Mediterranean fast casual dining will be two of the fastest growing food styles in the country and Papa Bello Enterprises is well positioned to take advantage of these trends."
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