PHOENIX, May 18, 2005 (PRIMEZONE) -- Franchise Capital Corporation (OTCBB:FCCN) today announced that the company has filed its Form 10-QSB for the quarter ending March 30, 2005 with the Securities and Exchange Commission. Highlights of the quarterly results include an increase in current asset value of almost $200,000 over the previous quarter and a decrease in liabilities of over $200,000 over the same period.
Total current assets were valued at $818,507, up from $619,099 as of December 31, 2004. Total liabilities decreased from over $660,000 in the previous quarter to $454,112 (unaudited) as of March 31.
Franchise Capital Corporation Chief Executive Officer Bradford Miller commented, "While this report covers just our first full quarter operating as an investment fund and is clearly a transitional period for the company, it does show that there has been progress in virtually every financial category. Net asset value and gross profits for the quarter have increased while liabilities and expenses have decreased.
"The last several months have brought a number of milestones in the business of Franchise Capital Corporation, and we anticipate improved performance each quarter as our portfolio investments develop and bring value to the company's portfolio," added Mr. Miller
About Franchise Capital Corporation
Franchise Capital Corporation is a Business Development Company pursuant to Section 54 of the Investment Company Act of 1940. The company currently has five operating, synergistic investments holdings: Kokopelli's Franchise Company, LLC; Cousin Vinnie's Franchise Company, LLC; Kirby Foo's Asian Grill Franchise Company, LLC; Comstock Jake's Franchise Company, LLC; and Fathom Business Systems, Inc., all of which are engaged in business related to restaurant franchise development. Safe Harbor Statement: The statements in this release that relate to future plans, expectations, events, performance, and the like are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. Actual results or events could differ materially from those described in the forward-looking statements due to a variety of factors, including those set forth in the company's report on Form 10-KSB for fiscal year 2004 filed with the Securities and Exchange Commission.