Noble Roman's Inc., the Indianapolis-based franchisor of Noble Roman's Pizza and Tuscano's Italian Style Subs, announced an initiative to reduce future dilution and simplify the company's capital structure.
In addition, the company announced that it had restructured its current bank line on favorable terms. To do so, it is purchasing all shares of its Series B Preferred stock outstanding pursuant to the call provision of the preferred stock.
Additionally, Noble Roman's announced it has now signed a total of 37 franchise agreements for its newest venue of standalone take-n-bake pizza franchises. Of the 37 franchise agreements signed, 12 locations have now been opened with four additional locations scheduled to open next week.
Company executives said there is "a significant backlog of leads" and they expect to sign several more franchises before year-end and open several more of the signed franchises before year-end, as well.
"Our marketing initiatives to attract potential take-n-bake franchisees continue to be successful in generating a significant number of leads," said Paul Mobley, chairman and CEO. "Our initial goal was to sign 30 locations in 2013. Take-n-bake continues to be one of the fastest growing segments of the pizza industry, and Noble Roman's is leveraging this growth opportunity with our economical concept, our reputation for fine quality products, and our proven ability to support our franchisee base."
To generate interest in the concept, Noble Roman's expanded its advertising efforts last week, increasing the use of web-based franchise referral systems. The company began using the systems in late January 2013 and increased the effort from three portals to five portals. In addition, the company initiated direct advertising on Google.
Read more about franchising and growth.