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Nasdaq SmallCap -
GTIM
December 5, 2007
GOOD TIMES ANNOUNCES A 25
RESTAURANT DEVELOPMENT AGREEMENT
(GOLDEN, CO) Good Times Restaurants
Inc. (GTIM) today announced that Good Times Drive Thru Inc., its
wholly-owned subsidiary, has entered into a Development Agreement
and Management Agreement for the development of up to twenty-five
Good Times Burgers & Frozen Custard restaurants in the Midwest
with a group of investors led by a member of its Board of
Directors. The Development Agreement provides for the development
of up to ten restaurants initially with an option to develop an
additional fifteen restaurants that is exercisable over the next
five years. The development area for the initial ten restaurants is
in the Omaha and Des Moines markets.
Commenting on the agreements, Boyd
Hoback, President & CEO, said "This is a great opportunity for
us to move outside the Colorado market in a way that allows us to
reach critical mass for media advertising support and operational
efficiencies very quickly. We will manage and operate the
stores with our own personnel just as we do with company-owned
stores and it will allow us to generate an income stream both from
the management fees and from incentive participation in the profits
of the restaurants without having to commit any of our own capital
for development."
The co
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