UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: (Date of Earliest Event Reported):
January 27, 1998
THE QUIZNO'S CORPORATION
(Exact name of registrant as specified in its charter)
Colorado 000-23174 84-1169286
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1099 18th Street, Suite 2850, Denver, Colorado, 80202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (303) 291-0999
Item 5. Other Events. Other event
Press release regarding Canadian Master Franchise Agreement
Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 99
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE QUIZNO'S CORPORATION
Date: February 2, 1998 By:/s/ John L. Gallivan
John L. Gallivan, Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Reg. S-K Item No.
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*99.1 Press release 1
FOR RELEASE 8 a.m. EASTERN TIME, JANUARY 27, 1998
QUIZNO'S SUBS TO OPEN ACROSS CANADA
Denver, Colo.-The QUIZNO'S Corporation (Nasdaq: QUIZ) based here
announced it has sold the master franchise agreement to QUIZNO'S Canada
Corporation to develop QUIZNO'S Subs restaurants throughout Canada.
Alvin Blaise and Chris Moradian, principals in QUIZNO'S Canada, based in
Vancouver, plan on opening as many as 650 franchised QUIZNO'S restaurants over
the next five to ten years. QUIZNO'S, an Italian-style deli serves signature
oven baked subs using high quality meats and cheeses on proprietary recipe
soft Italian baguettes, most with the chain's special red-wine based Q'Talian
dressing.
QUIZNO'S Canada was first granted the rights to develop British Columbia
and exercised an option for all of Canada in late 1997.
The first QUIZNO'S restaurant in Canada opened in September 1996, in the
West Broadway Corridor near Vancouver General Hospital. Since then, eight
more franchises have opened in downtown, West Vancouver and in the North Shore
area. The most recent QUIZNO'S opened last week in Langley Super Centre. Two
more QUIZNO'S are scheduled to open this week at 3rd and Lonsdale in North
Vancouver and in the West Gate Mall in Maple Ridge.
QUIZNO'S Canada estimates it will have as many as 50 QUIZNO'S units open
by the end of the year in British Columbia and in new Canadian markets, such
as Toronto.
Blaise and Moradian say they love the QUIZNO'S product, but also the
chain's upscale image and restaurant ambiance. Blaise was semi-retired with
11 Image Optical franchises when Moradian, with a background in real estate
and finance, came to him with the QUIZNO'S concept about 18 months ago.
"The minute I got the franchise packet, I knew that this was the
Starbucks of sub chains," said Moradian. "This concept is something landlords
would like to see in their centres."
Blaise agreed and the deal was sealed when they traveled to Denver and tasted
the product. "We knew Canadians would love this sub sandwich," he said, "and
they do."
QUIZNO'S Canada currently employs a crew of 15 to 20 through its
corporate headquarters. Each restaurant averages 7 to 10 employees.
The QUIZNO'S Corporation had become the third largest sub sandwich chain
in the U.S. by the end of 1997. Currently there are 278 restaurants open in
35 states, Puerto Rico and Canada. More than 80 Area Directors are developing
markets. In addition, the chain recently acquired the Bain's Deli chain of 63
restaurants located primarily in high profile shopping malls in the Northeast
United States.
This release contains forward-looking statements (as defined in the Private
Securities Litigation Reform Act of 1995) that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements. Such risks and uncertainties
include the effect of national and regional economic and market conditions,
the eating habits of the American public, cost of labor and employee benefits,
cost of marketing, intensity of competition for locations as well as
customers, perception of food safety, legal claims and the availability of
financing for the Company and its franchisees. Such risks are detailed from
time to time in the Company's reports filed with the SEC, including the report
on Form 10-KSB for the year ended December 31, 1996.
For more information contact:
Sue Hoover
Sr. VP, Marketing
The QUIZNO'S Corporation
1-303-291-0999, ext. 3242
