SAN DIEGO, Feb. 18 /PRNewswire-FirstCall/ -- Papa Bello Enterprises (Pink Sheets: PAPA) is pleased to announce that the company has partnered with Thilanka Hotels and Resorts to develop and manage Papa Bello Enterprises "Fast Casual" Concepts in the country of Sri Lanka. Under the initial terms of the agreement, Thilanka has agreed to assist Papa Bello in opening a minimum of 3 corporately owned "Multi-Concept" units in the country by the end of 2010. Sri Lanka is a country of approximately 20,000,000 people and has a GDP of approximately $92 Billion.
Mr. Gamini Goonewardena, Managing Director for Thilanka Hotels and Resorts states, "We know the management of Papa Bello quite well and are extremely excited to have the opportunity to market and brand all of the Papa Bello concepts throughout Sri Lanka. At this time, we are experiencing unparalleled growth in the country and we believe that there are numerous opportunities to rapidly develop the Papa Bello Brands in our country. Initially, we will target store openings in the cities of Colombo and Kandy, due to their population density and accessibility."
James Price, CEO of Papa Bello Enterprises states, "I feel that this is the perfect time and location to begin our International expansion and leverage my past twenty years of network building. I have spent nearly a month in Sri Lanka over the past year and have seen firsthand the bountiful opportunities that this country offers. The stock market in Sri Lanka was up nearly 100% in 2009, which was one of the best performing markets in the world. Accordingly, I feel that the time is perfect to introduce Papa Bello and its brands to the people of Sri Lanka who are craving high quality, western style eateries. The management of Thilanka will identify high-traffic areas where we can open "Multi-Concept" locations featuring Papa Bello Pizza, Royal India Express and the Kebab Cafe. These premier locations will service both residential and business patrons.
Our shareholders can be quite pleased with this new international expansion and partnership with Thilanka. Thilanka is deep rooted and very well connected in the country politically and socially and will bring a tremendous history of top level service and hospitality to each location opened."
About Thilanka Hotels
Thilanka Hotels and Resorts is an award winning family owned and managed chain of exquisite resort style facilities. Travelers worldwide have become accustomed to receiving unparalleled customer service and enjoying a lavish lifestyle anytime they stay at a Thilanka Resort. For more information on Thilanka Hotels and Resorts, please visit,
http://www.thilankaresorts.lk/
About Papa Bello Enterprises
Founded in 2005, Papa Bello Enterprises is a San Diego, California based corporation that owns, operates, and franchises food service restaurants in the United States and abroad. The company was founded on the principles of providing the consumer with the highest standards of quality, value, and service. For more information on Papa Bello Enterprises or franchise information, please visit
www.papabelloenterprises.com.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the Company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the Company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
SOURCE Papa Bello Enterprises
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