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Papa Bello Announces Sale of Area Representative Agreement for the State of Tennessee

2008-10-02

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The contract was finalized this week with Phoenix Rising Development, LLC, which company also owns the franchising rights for South Carolina. The acquisition of Papa Bello's corporate store in Cleveland, TN was included in the purchase.

Papa Bello Enterprises (Pink Sheets: PAPA) announced today that the company has entered into another Area Representative Agreement with the sale of the development rights for the entire state of Tennessee. The contract was finalized this week with Phoenix Rising Development, LLC, which company also owns the franchising rights for South Carolina. The acquisition of Papa Bello's corporate store in Cleveland, TN was included in the purchase.

Nazir Moosa from Phoenix Rising states, "The addition of Tennessee fits perfectly with our current operations in the neighboring state of South Carolina. With four locations there and one in Tennessee, we are already beginning to exceed our growth expectations."

Chase Canfield, CEO, 31 states, "This agreement represents a substantial enhancement to fulfilling our expansion plans in the South Eastern region of the country. Aligning our efforts with area developers rapidly accelerates Papa Bello towards its growth potential."

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