Kahala Corp., a Florida corporation (OTC BB: KAHA.OB) (the "Company") - today announced that it has completed the sale of the exclusive development rights in the states of New Jersey, Pennsylvania, and Delaware for its recently acquired Ranch * 1 grilled chicken quick service restaurant concept for a total of $600,000 to Healthy Food Concepts, LLC, a quick service restaurant development group comprised of experienced hotel, restaurant, and fast food operators and developers based in Basking Ridge, New Jersey ("Healthy Food Concepts"). Under the terms of the development agreements, Healthy Food Concepts has committed to open a total of twenty (20) Ranch * 1 outlets throughout the states of New Jersey, Pennsylvania, and Delaware over the next ten (10) years. During 2001, Healthy Food Concepts purchased the exclusive development rights for the Company’s then existing four quick service restaurant concepts in the same three northeastern states. Healthy Food Concepts paid a total of $500,000 under this original development agreement and committed to open a total of twenty-six (26) outlets of any combination of the Company’s Surf City Squeeze, Frullati Caf� & Bakery, Rollerz, and Tahi Mana brands throughout the states of New Jersey, Pennsylvania, and Delaware over a ten (10) year period. To date under this original development agreement, Healthy Food Concepts has opened Rollerz locations in both Menlo Park Mall in Edison, New Jersey and Newport Centre in Jersey City, New Jersey. Additionally, Healthy Food Concepts will be opening the following during the month of August, 2002: (i) its first Frullati Caf� & Bakery location within the Philadelphia Stock Exchange Building on Market Street in Philadelphia, Pennsylvania; and (ii) its first Surf City Squeeze location inside the newly renovated Continental Airlines Terminal 3 at Newark International Airport in Newark, New Jersey. Kevin Blackwell, the Company’s Chairman and CEO, commented "given their development rate during the past year with the Company’s four other concepts, we are confident that Healthy Food Concepts will be able to grow the Ranch * 1 concept throughout the states of New Jersey, Delaware, and Pennsylvania at an accelerated pace, opening far more than the twenty (20) required units during the ten year term of the agreements. We are also excited with Healthy Food Concepts continued support and commitment to the growth of the Company and its expanding number of brands.
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