Odd Burger Signs Second U.S. Franchise Agreement for the Development of 40 Locations in Florida
LONDON, ON, May 17, 2024 /CNW/ – Odd Burger Corporation (“Odd Burger” or the “Company”) (TSXV: ODD) (OTCQB: ODDAF) (FSE: IA9) is delighted to announce the signing of its second U.S. Area Representative Agreement. This new Agreement is set to facilitate the development of 40 locations in Florida over the next eight years. The Agreement was finalized with StarMatt Corporation, a real estate and franchise development company based in Florida.
This strategic Agreement enables Odd Burger to strengthen its U.S. presence and penetrate new markets. Previously, in June 2023, Odd Burger signed its inaugural U.S. Development Agreement to establish 20 locations in Washington State. With the addition of the new Agreement in Florida, Odd Burger now boasts a total of 60 locations under Franchise Development Agreements across the U.S.
“We couldn’t be more excited to start the process of expanding into the Florida market,” said James McInnes, CEO and co-founder of Odd Burger. “We are very fortunate to have such a strong partnership with StarMatt, and we are confident that they will be successful in expanding into the Florida market.”
StarMatt Corporation is a joint venture led by Prashant Dalal and Vishal Valsadia. Mr. Dalal is currently Odd Burger’s area representative for Ontario, where he has nearly doubled the number of Odd Burger restaurants operational or under development in just the past year. Mr. Valsadia is President of Matti Homes, a real estate development company that has built over 1,000 homes across Ontario and has extensive experience in commercial property development.
“We see an incredible opportunity in the Florida market,” said Prashant Dalal, President and co-founder of StarMatt Corporation. “We feel that our team has the perfect experience to succeed in developing this territory and we believe that the Odd Burger brand will rapidly expand across Florida.”
Odd Burger is expanding in the U.S. exclusively through a territory development strategy. The Company sells franchise development rights of each state to area representatives who possess local market knowledge and can facilitate growth in those regions. Area representatives are responsible for securing franchise partners, assisting with site selection, overseeing construction, and providing ongoing operational support for franchisees. In return for developing the territory, area representatives receive a percentage of the franchise fee, development fees, and recurring royalties from operational locations within their territory.
