NexCen Brands, Inc. signed a master franchise agreement with Teixeira Development Group, an Angolan company, for the expansion of the Company's Great American Cookies, MaggieMoo's, Marble Slab Creamery, Pretzelmaker, TAF, and Shoebox New York brands.
The master franchise agreement calls for the development of 58 stores across the six franchised brands in Angola, Guinea-Bissau, Sao Tome and Principe over a 10-year term. These stores will be the first NexCen franchised stores in these African countries. The Company recently announced the opening of the first TAF store in Botswana under a separate agreement signed in October 2008 with a different developer.
Kenneth J. Hall, Chief Executive Officer of NexCen Brands, Inc., stated, “We look forward to working with Teixeira and other franchisees to expand our franchised brands' presence in Africa, and believe there is great opportunity and appetite for our brands in developing countries. The agreement with Teixeira is a prime example of a master developer taking advantage of our diverse brand portfolio to enter new markets with multiple franchised brands.”
Chris Dull, President of NexCen Franchise Management, Inc., the franchising subsidiary of NexCen Brands, stated, “We are excited to introduce our franchised brands to new consumers in Africa. We hope that our training, marketing and operational support, coupled with Teixeira's knowledge of the local market, will result in strong growth of our franchised brands in Angola, Guinea-Bissau, Sao Tome and Principe.”
