Riding the 'Rave' of Success: Raving Brands Franchise Fortifies Corporate Organization by Naming President, Recapitalizing Moe's Southwest Grill Brand

Raving Brands, the Atlanta-based multi-brand Restaurant Franchise company, today announced the promotion of Stephen M. LaMastra to president and chief operating officer, along with a $25 million recapitalization with Wells Fargo for its Moe's Southwest Grill brand. The two actions were undertaken to enhance Raving Brands' corporate structure for continued growth, and to strengthen Moe's Southwest Grill's position as a leader in the fast-casual arena.

LaMastra took over management of day-to-day operations for Raving Brands in 2005 and has been instrumental in restructuring and focusing the areas of real estate, store development, operations, financing, franchise sales and development, and marketing within the company. Selected for the position by Founder and CEO Martin Sprock, LaMastra is charged with bringing razor-sharp focus to Raving Brand's portfolio to ensure all brands are best-in-class in the fast-casual sector in the long term.

"Steve was the obvious choice to take Raving Brands to the next level," said Sprock, who will retain the title of CEO and remain the driving force for growth and the cornerstone of the company's culture. "His background in business generally, and in strategic business development specifically, is exactly the right fit for moving this company to the next level. With Steve at the helm, we are prepared to enter primetime."

Before joining Raving Brands, LaMastra served as senior vice president of corporate strategy, as well as general counsel, for Washington, D.C.-based Ritz Camera Centers, where he helped propel the company to a 1400-store billion-dollar industry leader. Prior to that, he helped to build Atlanta-based Wolf Camera to national retail prominence in the late 1990's as its chief corporate officer. LaMastra started his career in real estate finance and development as an attorney with the Atlanta law firm Alston & Bird in the early 1990's.

"We need to continue to put in place strategic and sustainable business practices, a tough and tested management team, and clearly-defined brand platforms that distinguish our brands from all others," said LaMastra. "My goal is for Raving Brands to be the best, and to execute on that goal every day, in everything we do. We want to be the first choice for franchisees within the fast-casual industry."

Strengthening LaMastra's plans for strategic growth and best-in-class performance is the finalization of a $25 million recapitalization of the Moe's Southwest Grill brand that will help further its industry-leading growth. The two-year recapitalization facility, underwritten by Wells Fargo, will bring increased stability and a stronger platform for increased growth of Moe's Southwest Grill, which has already proven highly successful.

"The multimillion dollar recapitalization with a world-class financial partner like Wells Fargo not only adds credibility to the strategic growth plans for Moe's Southwest Grill but will also continue to fuel the explosive growth of Moe's through both acquisitions and increased marketing," LaMastra said.

Adds CEO Sprock: "With Steve's business experience and savvy, he is guiding this process to assure that the recap will bring added value to our business model, and strengthen our position in the industry."

Founded by entrepreneur Martin Sprock in 2000, Raving Brands has been turning industry heads as much for its ability to pioneer winning fast-casual brand concepts as for its stunning growth. In 2005, the company sold over 1,000 Franchises among its eights brands. Its flagship brand, Moe's Southwest Grill, is quickly dominating fast-casual dining with its explosive growth - nearly 300 Moe's franchises have already opened with 125 more scheduled to open in 2006 and another 600 in development across the U.S.

About Raving Brands
Founded in 2000, Atlanta-based Raving Brands is a multi-brand restaurant Franchise Company with nine different brands, including Moes Southwest Grill, Doc Green's Gourmet Salads & Grill, and Shane's Rib Shack. The company was ranked #1 in Fast Casual magazine's "2005 Top 100 Movers and Shakers." The company's flagship brand, Moe's Southwest Grill, is a 2005 Inc. magazine Top 25 Company, was rated 6th in Fast Casual magazine's "2005 Top 100 Movers and Shakers" and was Nation's Restaurant News' 2004 Hot Concepts! award winner. Collectively, Raving Brands expects to operate more than 1,000 locations of its brands nationwide by 2008.