New World Coffee Names New CEO

New World Coffee-Manhattan Bagel, Inc., the nation's largest bagel bakery chain and a leading "fast casual" Restaurant company, announced that former Boston Market and KFC executive Anthony D. Wedo, 42, has been named Chief Executive Officer. Current CEO Ramin Kamfar will retain the title of Chairman of the Board of Directors and will focus on strategic and financing issues.

With the recent acquisition of the assets of Einstein/Noah Bagel Corp., New World presides over a network of nearly 800 company-operated, franchised and licensed retail locations in 34 states and the District of Columbia, and also operates manufacturing facilities on both coasts.

Wedo comes to New World with more than 17 years experience in the foodservice and Franchise industries. From 1994 through 1997, he served as President and CEO of Mid-Atlantic Restaurant Systems, a Boston Market franchisee which he built from a startup operation into the most profitable Boston Market franchise system with 175-units in seven states and annualized sales of over $250 million. In 1996, Boston Market awarded Wedo nine category leadership awards including highest sales, highest profits, and Area Developer of the Year, and subsequently purchased the company.

From 1988 through 1993, Wedo was employed by Pepsico Inc.'s KFC division, most recently as the chain's youngest Division Vice President, directing an Orlando-based unit with more than 1,200 stores in 15 states generating $750 million in annual sales. While in that position, he increased the division's cash flow from 7% t 13% o sales, developed the chain's in-counter and buffet service system, and served on the new product development team where he was responsible for the national launch of the Rotisserie Gold product.

In 1997, Wedo was named an "Entrepreneur of the Year" in an Ernst & Young, NASDAQ, USA Today and Merrill Lynch competition. Since 1998, Wedo has served as CEO and Managing Partner of the Atlantic Restaurant Group, a venture group focused on acquiring high-growth restaurant concepts.

New World Coffee-Manhattan Bagel, Inc. currently franchises, licenses or owns stores in 34 states and Washington, D.C. The Company is vertically integrated in bagel dough manufacturing and coffee roasting, with plants in New Jersey, California and Connecticut.