– Craveworthy Operates Expanding Restaurant Brand System –
– Second Challenge Less than FG Money Group’s Lately Launched Service provider Banking Division –
– Project Introduced in Partnership with Gregg Majewski, Former CEO of Jimmy John’s Gourmet Sandwiches –
– Original System will Contain Four Models with Six Craveworthy-Owned Spots, Thirteen Franchise Destinations and Eighteen Franchise Areas In Development –
– Targeted on Developing Royalty and Franchise Cost Profits Although Strategically Positioning New Craveworthy-Owned Spots –
– Craveworthy is Cultivating Rising Pipeline of Possible Acquisitions –
ST. PETERSBURG, Fla., January 26, 2023–(Enterprise WIRE)–FG Economical Group, Inc. (Nasdaq: FGF) (the “Corporation”), now announced the development of Craveworthy LLC (“Craveworthy”) in partnership with Gregg Majewski, a confirmed cafe market govt with various successes below his management. This is the next undertaking underneath FG Economical Group’s just lately declared Merchant Banking division. FG Fiscal is a reinsurance and asset administration keeping company focused on collateralized and reduction capped reinsurance and merchant banking that allocates money in partnership with Basic World wide®, a personal partnership led by Kyle Cerminara and Joe Moglia, as effectively as other strategic investors.
Craveworthy is a rising restaurant brand platform built up of various, suitable and very scalable brands. The 4 original manufacturers consist of 3 current ideas, Wing It On!, Krafted Burger + Faucet and The Budlong Very hot Rooster, and 1 new brand, The Lucky Cat Poke Firm. Initial suppliers will include 6 Craveworthy-owned areas and 13 franchise places with an added eighteen franchise places in different stages of the development pipeline. The Blessed Cat Poke Corporation expects to start its 1st standalone locale together with roughly fifty ghost kitchen destinations in 2023.
Gregg Majewski is the CEO of Craveworthy. He held several senior management positions at Jimmy John’s Gourmet Sandwiches like CEO. Even though at Jimmy John’s, Majewski expanded the business from 33 restaurants to 300 dining places open up and a different 600 bought. Majewski applied and restructured all 300 of Jimmy John‘s restaurants’ operational benchmarks by introducing new devices, strategies, administration incentive programs, instruction applications and franchise enablement packages. In addition, he shifted advertising towards a grassroots method with a focus on “Freaky Speedy” shipping and delivery.
Majewski commented, “I’m enthusiastic to launch Craveworthy in partnership and with support from the crew at FG Economical. Every single of our latest brand names is primed for sizeable expansion, equally by additional franchise areas and by way of Craveworthy-owned destinations. In addition, we are cultivating likely acquisition chances that can further incorporate to Craveworthy’s system progress.”
FG Fiscal Team CEO Larry Swets commented, “I’ve recognized Gregg for quite a few years and I’m enthusiastic to be partnering with him on Craveworthy. He’s a wonderful operator whose had important achievement in his profession. We think he can carry that success to Craveworthy. The development of Craveworthy is further more evidence of the abilities of our Service provider Banking team. We look forward to escalating Craveworthy into a major restaurant model platform.”
FG Economical Group Chairman and Elementary World-wide CEO Kyle Cerminara commented, “We are thrilled to launch Craveworthy with Gregg at the helm. This is a wonderful possibility to be section of a multi-manufacturer system and a franchise-focused organization with the potential for a regularly developing royalty stream. Our aim is to assist expand Craveworthy into a person of the most nicely-revered and biggest cafe model platforms in the country.”
FG Money Group, Inc.
FG Economic Group, Inc. is a reinsurance and asset administration holding company focused on collateralized and reduction capped reinsurance and service provider banking that allocates funds in partnership with Basic International®, a non-public partnership led by Kyle Cerminara and Joe Moglia, as nicely as other strategic buyers. The Company’s principal business enterprise operations are performed by means of its subsidiaries and affiliates.
Forward Looking Statements
This push launch has forward-wanting statements inside of the which means of Segment 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Part 21E of the Securities Exchange Act of 1934, as amended (the “Trade Act”). These statements are therefore entitled to the security of the risk-free harbor provisions of these guidelines. These statements may well be discovered by the use of forward-looking terminology these types of as “anticipate,” “imagine,” “funds,” “can,” “ponder,” “keep on,” “could,” “visualize,” “estimate,” “anticipate,” “evaluate,” “forecast,” “target,” “guidance,” “reveal,” “intend,” “possible,” “may possibly,” “could possibly,” “outlook,” “plan,” “potentially,” “possible,” “predict,” “possible,” “in all probability,” “professional-forma,” “venture,” “seek,” “should really,” “focus on,” “watch,” “will,” “would,” “will be,” “will keep on,” “will probable result” or the negative thereof or other versions thereon or equivalent terminology. In unique, discussions and statements concerning the Company’s future organization plans and initiatives are forward-hunting in character. We have centered these forward-looking statements on our existing expectations, assumptions, estimates, and projections. When we believe these to be sensible, this kind of ahead-wanting statements are only predictions and entail a selection of threats and uncertainties, many of which are past our command. These and other important aspects may possibly induce our precise benefits, effectiveness, or achievements to vary materially from any potential final results, general performance or achievements expressed or implied by these ahead-wanting statements, and could impact our capability to put into practice and execute on our long run organization strategies and initiatives. Management cautions that the ahead-hunting statements in this launch are not assures of potential performance, and we are unable to suppose that these types of statements will be recognized or the ahead-hunting events and situations will take place. Elements that may bring about these a big difference contain, without the need of limitation: pitfalls involved with our inability to discover and comprehend enterprise prospects, and the enterprise of any new this sort of opportunities basic ailments in the world financial state, such as the impact of health and safety issues from the existing COVID-19 pandemic our deficiency of operating history or established standing in the reinsurance marketplace our incapability to receive or retain the necessary approvals to work reinsurance subsidiaries dangers connected with running in the reinsurance business, together with inadequately priced insured challenges, credit chance associated with brokers we may possibly do company with, and insufficient retrocessional protection our incapability to execute on our investment decision and investment decision administration technique, together with our approach to commit in the possibility capital of distinctive function acquisition companies (SPACs) probable reduction of worth of investments hazard of getting to be an expenditure enterprise fluctuations in our limited-expression results as we put into practice our new business method challenges of being not able to catch the attention of and retain experienced administration and staff to put into practice and execute on our small business and progress system failure of our details engineering programs, knowledge breaches and cyber-attacks our ability to build and preserve an efficient system of inside controls our restricted functioning heritage as a community corporation the demands of currently being a public organization and dropping our position as a lesser reporting corporation or starting to be an accelerated filer any probable conflicts of desire among us and our controlling stockholders and distinctive passions of managing stockholders likely conflicts of desire among us and our directors and executive officers threats affiliated with our connected bash transactions and investments and hazards related with our investments in SPACs, including the failure of any these types of SPAC to complete its initial enterprise combination. Our anticipations and foreseeable future plans and initiatives could not be understood. If one of these dangers or uncertainties materializes, or if our fundamental assumptions confirm incorrect, precise results could range materially from people predicted, believed or projected. You are cautioned not to area undue reliance on forward-wanting statements. The ahead-looking statements are manufactured only as of the date hereof and do not essentially reflect our outlook at any other stage in time. We do not undertake and especially decrease any obligation to update any these types of statements or to publicly announce the benefits of any revisions to any these types of statements to replicate new information and facts, long term activities or developments.
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IMS Investor Relations
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