The Company intends to sell the Maui Tacos(TM) New York City location as a franchised Maui Tacos restaurant. The six Smoothie Island Juice Bar(TM) locations in Houston, Texas, will be sold as independent juice bars, not as franchises. According to Joe Morgan, Group President, Blimpie(TM) Subs & Salads/Pasta Central(TM), the action is part of the Company's long-term strategy of developing successful restaurant concepts and franchising them. "Blimpie International, Inc. is in the business of developing and franchising restaurant concepts,'' said Morgan. As we develop new branded concepts, we will continue to operate a limited number of company stores as a sales tool to help open up new geographic territories or alternate concepts. Based on our franchising strategy, however, we may ultimately sell those restaurants to organizations better suited to operate the locations long term." In April 2001, the company opened a tri-branded restaurant in Athens, Georgia, featuring Blimpie Subs & Salads, Pasta Central and Smoothie Island. The company also owns and operates a Maui Tacos/Smoothie Island store in Atlanta. Today's information amplifies the news regarding store closings contained in the financial results released May 8, 2001, for the third quarter of fiscal year 2001 which ended on March 31, 2001.
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