Wrapsters To Acquire New York Burrito

Wrapsters Inc. and NYB Foods Inc. announced that it has signed a letter of intent to acquire Mesa, Ariz. based New York Burrito restaurants, franchisor of the largest Wrap chain in America. Since January 1997 when only two stores were open New York Burrito has averaged an opening pace of one new restaurant every 11 days. New York Burrito is the second fastest growing restaurant chain in America when compared to the Top 50 Growth Chains as outlined in the July 15, 1999 issue of Restaurant Business just ahead of Quizno's(R) and Pappa Johns Pizza(R). NYB Foods Inc. began franchising its limited cooking, central preparation concept in 1996 and specializes in serving giant exotic burritos, gourmet wraps and smoothies under its brand name New York Burrito Gourmet Wraps. It now has operations in 18 states and Puerto Rico. Current annualized system-wide sales are approximately $15 million. The brand includes two upscale design concepts, Classic and High Tech plus a highly efficient kiosk alternative for dual branding.

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