Industry News | May 1, 2001

Cinnabon Signs Agreement in South Korea

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Cinnabon, a subsidiary of AFC Enterprises, Inc. (Nasdaq: AFCE), announced today its emergence into the South Korean market by signing a development agreement for 50 Cinnabon bakeries over the next six years. The first bakery opened in Seoul on April 17.

Cinnabon's new franchise partner, YBM FNB, Inc., is a diversified media company that was founded in 1961 by Y.B. Min. YBM is the largest publisher of English language media, video, audio and print in Korea. It is also the exclusive distributor for major magazines such as Newsweek, National Geographic and Reader's Digest. Among some of its other businesses, YBM is the publishing partner of Random House, MacMillan (USA), Simon Schuster/Prentice Hall, Walt Disney Video and Sesame Street Video.

YBM also includes in its business portfolio retail, wholesale and recording companies in the music industry, such as Music Land and Seoul Records. "With a company as successful in so many diversified industries, we are confident that Cinnabon will become equally successful for this growing company,'' said Jerry W. Bell, chief operating officer Cinnabon International Division. "We are proud to be associated with YBM.''