DEERFIELD, Ill.--(BUSINESS WIRE)--BAB Systems, Inc., the wholly owned subsidiary of BAB, Inc. (OTCQB:BABB), and Mont Royal General Trading LLC, now known as Mont Royal Restaurant and Café, LLC (“Mont Royal”), today announced that they have terminated the 2014 Master Franchise Development Agreement for the development of Big Apple Bagels stores throughout the Middle East, and entered into a new exclusive licensing agreement for the development of Big Apple Bagels Cafés within the United Arab Emirates (“UAE”), which, in addition to bagels, muffins and coffees, will offer a full service dining experience and a broader menu than the typical Big Apple Bagels store.
As a result of the termination of the 2014 agreement which extended exclusive development rights to nine Middle East countries in addition to UAE, the new agreement will apply only to UAE thereby releasing the rest of the Middle East for further development and the new licensing agreement will provide BAB with a fixed annual licensing fee for the existing store and each subsequent store developed.
BAB, Inc. franchises and licenses Big Apple Bagels®, My Favorite Muffin®, SweetDuet Frozen Yogurt & Gourmet Muffins® and Brewster’s® Coffee. The Company’s stock is traded on the OTCQB under the symbol BABB and its web site can be visited at www.babcorp.com.
Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast,” “estimate,” “project,” “intend,” “expect,” “should,” “would,” “believe” and similar expressions and all statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the company’s actual results, performance (financial or operating), or achievements to differ from the future results, performance (financial or operating), or achievements expressed or implied by such forward-looking statements. The above factors are more fully discussed in the company’s SEC filings.