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Effective February 28, 2006, NF Treachers Corp., a wholly owned subsidiary of Nathan's Famous, Inc., acquired from PAT Franchise Systems, Inc., a wholly owned subsidiary of TruFoods Systems, Inc., the worldwide rights to all trademarks and other intellectual property relating to the "Arthur Treacher's" brand (including the worldwide rights to all trademarks, recipes and other intellectual property comprising the "Arthur Treacher's" restaurant system).
Simultaneously with the acquisition, NF Treachers Corp. granted a license back to PAT Franchise Systems, Inc. to allow it to act as the franchisor of traditional "Arthur Treacher's" quick service restaurants within a limited geographic region.
For a number of years prior to the acquisition, Nathan's licensed from PAT Franchise Systems, Inc. the right to use the Arthur Treacher's trademarks and signature products for the purpose of co-branding within its own Nathan's and Miami Subs restaurants. Wayne Norbitz, President and Chief Operating Officer said, "Based upon the success of our co-branding effort, we realized the value of the Arthur Treacher's trademarks and are very pleased to have been able to complete this acquisition. We intend to explore the possibility of marketing Arthur Treacher's products outside of our restaurant system through various channels of distribution."