ATLANTA, Jan. 15, 2003 (PRIMEZONE) -- Church's Chicken, a division of AFC Enterprises, Inc. (Nasdaq:AFCE), announces the completion of a deal with WETCO Restaurant Group, LLC, to convert 35 company-operated restaurants throughout Louisiana, into franchise ownership. WETCO Restaurant Group, LLC is owned and operated by businessman W. E. "Bill" Tucker, Jr. of Baton Rouge, Louisiana. This purchase brings the total number of WETCO-owned and operated Church's Chicken restaurants to 39.
"We are delighted to provide another vehicle for growth to one of our existing franchise partners," said Hala Moddelmog, president of Church's Chicken. "This deal follows our franchise growth model by providing more opportunities for success for AFC franchise partners."
This sale represents part of AFC Enterprises' ongoing business strategy of converting hundreds of its company owned and operated units to franchise units, while retaining a smaller number of units which will serve as best-practice models for the entire system. In addition, WETCO Restaurant Group, LLC has signed an agreement to build an additional 14 Church's restaurants, which will be added to its current holdings.
"This acquisition represents an excellent opportunity for WETCO to further its goal of becoming one of the premier QSR operators in the country, while making a substantial investment in the urban community historically served by the Church's Chicken concept," said Bill Tucker, CEO & President of WETCO Restaurant Group, LLC.
In addition to serving as CEO & President of WETCO Restaurant Group, LLC, Tucker holds the posts of CEO & President at WETCO Capital, LLC, a seed capital fund investing in the high-tech sector, W. E. Tucker Construction Company, Inc., specializing in home building and light commercial construction, W. E. Tucker Insurance Agency, Inc., a full-service, independent insurance provider, WETCO Financial, Inc., a licensed, residential mortgage broker and consumer lender, and W. E. Tucker Company and Affiliates, a diversified real estate firm specializing in residential and commercial sales, property management and maintenance services.
In 1998, Tucker founded the W. E. Tucker Family Foundation, an affiliate of the National Heritage Foundation, and has served as its director since its inception.
About Church's Chicken
Church's Chicken, one of the world's largest quick-service chicken restaurant concepts, focuses on high quality food served at a value price, utilizing the new tagline Full Flavor, Full Pockets, Full Life(tm). Menu specialties include Southern-style chicken and side items such as corn on the cob, okra, mashed potatoes and gravy and signature Honey Butter biscuits. Church's Chicken has more than 1,500 locations worldwide driving system-wide sales of approximately $900 million in 2001. Visit Church's Chicken on the World Wide Web at www.churchs.com.
About AFC Enterprises
AFC Enterprises, Inc. (Nasdaq:AFCE) is the franchisor and operator of 3,970 restaurants, bakeries and cafes in the United States, Puerto Rico and 30 foreign countries under the brand names Church's Chicken(tm), Popeyes(r) Chicken & Biscuits, Cinnabon(r), Seattle's Best Coffee(r), and Torrefazione Italia(r) Coffee. AFC's primary objective is to be the world's Franchisor of Choice(r) by offering investment opportunities in highly recognizable brands and exceptional franchisee support systems and services. AFC Enterprises had system-wide sales of approximately $2.6 billion in 2001 and can be found on the World Wide Web at www.afce.com.
AFC Forward-Looking Statement: Certain statements in this release, and other written or oral statements made by or on behalf of AFC or its brands, are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management's expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the cost and availability of our principal food products, labor shortages or increased labor costs, our ability to franchise new units and expand our brands, our and our franchisees' ability to successfully operate existing units and open new units, changes in consumer preferences and demographic trends, competition, general economic, political and regulatory conditions and the risk factors detailed in our Annual Report on Form 10-K for the year ended December 30, 2001 and the other documents we file with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, since those statements speak only as of the date they are made.