The Burger King® Brand Enters Colombia
MIAMI--(BUSINESS WIRE)--Burger King Corp. (NYSE:BKC) announced today that it has awarded development rights in Colombia for the cities of Medellin and Cali to the Medellin-franchisee group, KINCO S.A. The first BURGER KING® restaurant is expected to open during the first half of 2008 in Medellin. Additional restaurant openings in Medellin and Cali are scheduled during the next two years.
“We are excited to work with KINCO, a business known for strong, experienced restaurateurs, an operational focus, and extensive consumer knowledge.”
“Colombia is a key market for the continued growth of the BURGER KING® brand in Latin America, and is an important piece of the company’s global development strategy,” stated Armando Jacomino, president, Latin America, Burger King Corp. “We are excited to work with KINCO, a business known for strong, experienced restaurateurs, an operational focus, and extensive consumer knowledge."
Felipe Baquero, director of operations for KINCO S.A., said, "We believe that Colombian consumers will enjoy the great taste of the flame-broiled WHOPPER® sandwich and other BURGER KING® products. We are truly excited that Medellin is the first city in Colombia to launch the BURGER KING® brand and can’t wait to give burger-lovers the opportunity to Have It Their Way.”
The BURGER KING® brand currently enjoys a strong consumer following throughout Latin America with a presence in 26 countries across the region and 14 years of positive comparative sales growth. During fiscal 2007, the Latin America region added a net 95 restaurants for a total of 903 restaurants, up 12 percent from fiscal 2006. The company expects to reach the 1,000 restaurant milestone in fiscal 2008.
Certain statements made in this report that reflect management's expectations regarding future events are forward-looking in nature, including statements regarding the Company's expectations regarding restaurant openings in Medellin and Cali during the next two years, reaching a total of 1,000 restaurants in Latin America in fiscal 2008, and the Company's beliefs regarding Colombia as a key market for the growth of the Company's brand and its global development strategy. These forward-looking statements are only predictions based on our current expectations and projections about future events. Important factors could cause our actual results to differ materially from those expressed or implied by these forward-looking statements, including those risk factors set forth in our annual and quarterly reports filed with the Securities and Exchange Commission and the following: (i) our ability to compete internationally in an intensely competitive industry; (ii) our ability to successfully implement our international growth strategy; and (iii) risks related to our international operations.
Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results. Moreover, neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. We do not undertake any responsibility to update any of these forward-looking statements to conform our prior statements to actual results or revised expectations.
About Burger King Corporation
The BURGER KING® system operates more than 11,200 restaurants in all 50 states and 69 countries and U.S. territories worldwide. Approximately 90 percent of BURGER KING® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about Burger King Corporation, please visit the company’s Web site at www.bk.com.
About KINCO S.A.
KINCO S.A. is a private and independent operator of the BURGER KING® brand in Medellin and Cali, Colombia whose core values consist of customer focus, operational perfection and care for the highest quality of services and dishes.