The Ground Round Ioc Is Awarded Nation's Restaurant News' 2005 Franchise Excellence Award

(Wednesday, April 20, 2005) - Ground Round Independent Owners Cooperative, LLC (IOC) was recently awarded Nation's Restaurant News' 2005 Franchise Excellence Award for Leadership in Franchise Management. The award was presented to IOC President and CEO, Jack Crawford, and Mike Ludwig, Chairman of the Board, as part of the Restaurant Leadership Conference held March 20-23 in Scottsdale, Arizona.

Crawford participated in a panel discussion with other award recipients, and updated the conference attendees on the IOC's acquisition of the brand, first year results, and the unique structure of the new company.

"I accept this award for all our franchisees who stepped up and came together to form a unique structure and a stronger future for our brand," stated Jack Crawford in accepting the award.

Crawford noted that the unique structure has the franchisees leading their own brand and has already produced significant results in its first year, including the following:

The Independent Owners Cooperative, LLC's new structure has led to a higher level of commitment and sense of ownership by it members. Each owner and member of the cooperative is also an investor in the brand, and has voting rights in leadership decisions for the brand.

The IOC reported a $660 thousand profit in its first partial year of operation. The former owner of the brand posted a $7 million+ loss in the prior year.

Marketing participation has grown from under 50% to a commitment from all owners to have 100% participation in all 2005 promotions.

The IOC held it's first-ever owners' conference in February of this year and reported record attendance by owners. Owners representing over 90% of its locations attended the conference.

A new test menu was launched in eight locations in February. A systemwide roll-out is planned for May of this year. The new menu sports a new design, several new offerings, and a "choice of sides" format for all entrees.

The IOC opened 6 new locations in 2004 and has plans for 6-8 more to open in 2005. All of this growth comes from current members. Additionally, the group plans to begin offering franchise opportunities to new members beginning in the second part of 2005.

Independent Owners Cooperative, LLC owns and operates more than 70 restaurants in 19 U.S. states, with systemwide sales of $120 million and headquarters based in Freeport, Maine.

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