FORT WORTH, TX / ACCESSWIRE / June 14, 2023 / Muscle Maker, Inc. (MMI), the "Company" (Nasdaq:GRIL), today announced it has named Dr. Ahmed Khan 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. Dr. Khan is the third nomination to be named of the final three board member seats.
Dr. Khan brings more than 15 years of background in research and development (R&D) and operations, with experience in various sectors, including sustainability in the form of waste management and the automotive areas. Most recently, Khan led a team of engineers and laboratories at Saudi Investment Recycling Company, which advises government agents on waste management strategies and ensures compliance with regulatory bodies.
Prior to Saudi Investment Recycling Company, Khan held several leadership positions including R&D Technical Director at Guilford Europe where he was responsible for ensuring planning and direction of technical and innovation programs, including design validation plans and technical oversight. He also held several positions at UtilEco Middle East including the role of R&D Director where he was responsible for planning and direction of technical and customer led programs. He holds a Doctorate in Biochemical Engineering and a Master of Research, Biochemical as well as a Bachelor of Science, Biochemistry and Bachelor of Engineering, Biochemical.
"I am excited to be joining the MMI board of directors", said Dr. Khan. "I have confidence that the new company strategy regarding the global agri-commodity food supply chain will be transformational for the company and feel honoured to have been accepted to be a part of building something special."
"We are happy to welcome Dr. Khan to the Muscle Maker board," commented MMI CEO Michael Roper. "His experience in areas of the world in which Sadot is targeting as part of its geographical diversification will be a valuable asset going forward. The operational expertise he brings in building, guiding, and retaining high-performance teams showcases his leadership capabilities. His technical expertise will serve the Company's innovation initiatives, as well as problem-solving skills, operations management experience, and leadership abilities make him a great addition to our board."
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. By crossing the $9.9 million threshold, AGGIA has the right to nominate three final candidates to the MMI board of directors of which two of the three have previously been announced. 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.
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.
Investor Relations:
Frank Pogubila
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Integrous Communications
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SOURCE: Muscle Maker, Inc.