New York City-Ultimate Franchise Systems Inc., a franchise management company, announced that as of February 2, 2001, its subsidiary SBK Franchise Systems Inc., which operates the Sobik's Sub chain, has been spun off into its own public company. The company's name will now be Sobik's International Franchising Inc.
"The company believes that by giving Sobik's the flexibility to aggressively grow on its own while continuing to have the access of Ultimate Franchise Systems Inc.'s purchasing power and infrastructure of management, [it] will strengthen both Ultimate Franchise Systems Inc. and Sobik's International Franchising Inc.," said Christopher M. Swartz, president and CEO of Ultimate Franchise Systems. "Further, we believe with Sobik's long-standing presence in Florida and a new aggressive growth strategy for this region, we will open up new opportunities for raising capital and development of strong financial partners." -Market News Publishing