FORT WORTH, TX / ACCESSWIRE / June 13, 2023 / Muscle Maker, Inc. (MMI), the "Company" (Nasdaq:GRIL), today announced it has named David Errington to its Board of Directors. Sadot LLC generated net income for Muscle Maker of $9.9 million milestone which triggers the final three board nominations by Aggia LLC FZ as outlined in a service agreement reached on November 18, 2022. Mr. Errington is the second nomination to be named of the final three board member seats.
Errington brings more than 20 years of experience in Sustainability and Environmental Sector with 13 years regional expertise in the Gulf Cooperation Council, including KSA, Bahrain, Qatar, Kuwait, UAE and Oman. In his most recent role as the Head of Engineering, David has been responsible for strategic review of sustainable and innovative technologies, research and development activities related to global sustainability and recycling, and the development and management of strategic partnerships and joint ventures. He oversees the engineering department, including design consultants, project management teams, and plays a key role in project design.
Errington has held various leadership positions, including Regional Director of a hazardous waste treatment company, where he was responsible for managing operations in Eastern Saudi Arabia, Bahrain, and Qatar, leading a team of 150 employees. He has also designed and implemented the largest construction waste recycling facility in Saudi Arabia and proposed and implemented sustainable facilities for clients globally. Additionally, he has managed global business development for environmental, waste, and industrial services, developing a pipeline of projects worth over $800 million.
Some highlights of his career include serving on the steering committee for the SIRC Applied Solutions Center at KAUST (King Abdullah University of Science and Technology) to drive the implementation of sustainable technologies in Saudi Arabia. He has also managed joint ventures and strategic partnerships for the market entry of sustainable businesses into Saudi Arabia. Errington has played a key role in planning a recycling project masterplan in Saudi Arabia with an approximate value of 1.2 billion USD. He holds a Bachelor of Science in Chemistry from University of Durham.
"We are thrilled to welcome David to the Muscle Maker board," commented MMI CEO Michael Roper. "His expertise in the sustainability and environmental sector, particularly in the GCC region, will bring valuable insights as MMI continues to grow into a global, food-focused organization."
As disclosed in an 8K filing on November 18, 2022, MMI and its wholly-owned subsidiary, Sadot LLC, entered into a service agreement whereby Sadot engaged Aggia LLC FZ to perform services related to the purchase of and sale of physical food commodities. Upon Sadot generating certain net income targets, Aggia has the right to nominate up to eight directors and would be issued shares of common stock. Based on successfully meeting previous income targets, Aggia has already appointed sevenDirectors to the MMI board. By crossing the $9.9 million threshold, AGGIA has the right to nominate three final candidates to the MMI board of directors. Once the three nominations are approved, AGGIA will have appointed all eight board members as per the service agreement, bringing the current size of the MMI board of directors to 15. The complete Aggia agreements can be viewed in our 8K filing posted on November 18, 2022.
The preliminary, unaudited financial results included in this press release are based on information available as of May 31, 2023, and management's initial review of operations and financial results as of such date. They remain subject to change based on the completion of the Company's customary quarterly financial closing and review procedures and are forward-looking statements. The Company assumes no obligation to update these statements, except as may be required by law. The actual results may be materially different and are affected by the risk factors and uncertainties identified in this press release and in the Company's annual and quarterly filings with the Securities and Exchange Commission. Further, the Company's independent auditor has not reviewed or performed any procedures on the preliminary, unaudited financial results.
About Muscle Maker, Inc.
In late 2022, MMI began its evolution from a consumer-focused, U.S. restaurant business into a global, food-focused organization with two distinct business units:
Sadot LLC
MMI's largest operating unit is its newly-created subsidiary, Sadot LLC. Sadot is an international agri-foods company engaged in trading and shipping food (and feed) commodities such as soybean meal, wheat and corn. Sadot was formed in partnership with Aggia LLC FZ, a Dubai based, international consulting firm that provides services to companies operating in the global food supply chain.
MMI Restaurant Group
MMI's legacy business is our limited collection of 50+ restaurants, including Pokémoto Hawaiian Poké & Boba Tea and Muscle Maker Grill, and our subscription, fresh-prep meal service, Superfit Foods, with 30+ points of distribution plus in-home and national delivery. All three concepts compete in the growing healthier-for-you segment. National franchise development of the Pokémoto concept is the key growth driver with more than 50 franchise units already in the 2023 pipeline.
MMI continues to grow in size, diversity of operations, as well as in human and financial capital, but the principles that guided the Company remain the same - sourcing and providing healthier foods. For more information please visit www.musclemakerinc.com
Forward-Looking Statements
This press release may include "forward-looking statements" pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. To the extent that the information presented in this press release discusses financial projections, information, or expectations about our business plans, results of operations, products, or markets, or otherwise makes statements about future events, such statements are forward-looking. Such forward-looking statements can be identified by the use of words such as "should", "may," "intends," "anticipates," "believes," "estimates," "projects," "forecasts," "expects," "plans," and "proposes." Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements. You are urged to carefully review and consider any cautionary statements and other disclosures, including the statements made under the heading "Risk Factors" and elsewhere in documents that we file from time to time with the SEC. Forward-looking statements speak only as of the date of the document in which they are contained, and Muscle Maker, Inc., does not undertake any duty to update any forward-looking statements except as may be required by law.
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SOURCE: Muscle Maker, Inc.