Nathan's Famous, Inc. (Nasdaq Symbol: NATH), announced the sale of its subsidiary, NF Roasters Corp., to Roasters Asia Pacific (Cayman) Limited, its Master Developer of franchised Kenny Rogers Roasters restaurants in Malaysia and certain other foreign territories. The purchase price was approximately $4,000,000 in cash plus certain accruals.
In connection with the sale, NF Roasters Corp. entered into a license agreement with a subsidiary of Nathan's, pursuant to which NF Roasters Corp. licensed to the Nathan's subsidiary certain intellectual property necessary for Nathan's to continue to make available 'Kenny Rogers' products at existing Nathan's Famous and Miami Subs restaurants.
Nathan's products are distributed in 50 states, and four foreign countries through its restaurant system, Branded Product Program and retail licensing activities. Following the sale of NF Roasters Corp., Nathan's restaurant system consisted of 223 franchised or licensed units and six company-owned units (including one seasonal unit).
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