Richtech Robotics Expands Agreement with Ghost Kitchens to Manage 20 Additional Walmart-Located Restaurants, Growing its Restaurant Operations Model
October 17 2024 - 8:30AM
Richtech Robotics Inc. (Nasdaq: RR) (“Richtech Robotics” or the
“Company”), a Nevada-based provider of AI-driven service robots,
today announces that it is expanding its restaurant operations
model with the signing of a binding Letter of Intent (LOI) with
Ghost Kitchens America. Under the terms of the LOI, Richtech
Robotics agreed to enter into a franchise agreement with Ghost
Kitchens America, pursuant to which the Company will acquire
exclusive rights to operate 20 Walmart-located restaurants in
Arizona, Colorado, and Texas. These restaurants will be directly
managed by Richtech Robotics’ subsidiary, AlphaMax Management LLC,
with the aim of optimizing restaurant operations through robotics
and AI cloud technology. Each location is expected to generate
between $700 thousand and $2 million in annual revenue.
Richtech Robotics is deploying its proprietary
automation to enhance operational efficiency, augment and
personalize customer experiences, and lower operational costs. The
establishment and ongoing management of these restaurants is
anticipated to provide a clear, repeatable operational blueprint
that businesses can use to scale robotic deployment and optimize
their business model.
Matt Casella, President of Richtech Robotics,
stated: "Richtech Robotics is committed to the commercialization of
robotics, through both robotic sales and the operation of our own
robot-powered restaurants. This agreement will significantly add to
our restaurant portfolio, and these high-traffic locations will
bring greater visibility to our brand and our solutions. Our
restaurant operations will showcase the very same robotic and AI
platforms offered through our RaaS (Robotics-as-a-Service) business
model. We expect these platforms to become a fast-growing and
stable revenue stream for us as we leverage them to manage
thousands, and eventually tens of thousands, of restaurant
operations in the future.”
George Kottas, CEO of Ghost Kitchens America,
commented: "All Walmart locations where we’ve signed agreements
with Richtech Robotics have strong sales numbers and steady
customer traffic. Based on our previous collaborations, Ghost
Kitchens is confident that Richtech Robotics’ robotic technology
and operational management services will maximize the performance
of these restaurants. We look forward to further expanding our
partnership with Richtech Robotics as we rapidly grow our
restaurant footprint."
In addition to today’s announcement, the Company
has already secured exclusive operational rights for the Ghost
Kitchen at a Walmart location in Rockford, Illinois. Additionally,
Richtech Robotics has signed a franchise agreement for another
Walmart restaurant in Peachtree, Georgia, which is expected to
begin operations later this year.
Through AlphaMax Management LLC, Richtech
Robotics is operating these restaurants and advancing the
application of robotic technology in the food service industry,
with the goal of helping businesses reduce costs and improve
efficiency.
About Richtech Robotics
Richtech Robotics is a provider of
collaborative robotic solutions specializing in the service
industry, including the hospitality and healthcare sectors. Our
mission is to transform the service industry through collaborative
robotic solutions that enhance the customer experience and empower
businesses to achieve more. By seamlessly integrating cutting-edge
automation, we aspire to create a landscape of enhanced
interactions, efficiency, and innovation, propelling organizations
toward unparalleled levels of excellence and satisfaction. Learn
more at www.RichtechRobotics.com and connect with us on X
(Twitter), LinkedIn, and YouTube.
About Ghost Kitchens International (GKI)
With restaurants across Canada and the US, GKI
is expanding to open 240 new restaurants under the ONE KITCHEN
banner in USA and Canada. Each restaurant features multiple
national brands made to order, a single operator, innovative front
and back-of-house technology, and walk-in and delivery customers.
For more information go to www.ghostkitchenbrands.com.
Forward Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
by the use of forward-looking words such as “anticipate,”
“believe,” “forecast,” “estimate,” “expect,” and “intend,” among
others. Forward-looking statements are predictions, projections and
other statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Such forward-looking statements include, but are
not limited to, statements regarding the anticipated success and
benefits of the partnership with Ghost Kitchens America, including
the ability of each location to generated expected annual
revenue.
These forward-looking statements are based on
Richtech Robotics’ current expectations and actual results could
differ materially. There are a number of factors that could cause
actual events to differ materially from those indicated by such
forward-looking statements include, among others, risks and
uncertainties related to the parties’ ability to negotiate and
execute a definitive agreement in connection with the LOI; Richtech
Robotics’ ability to implement the definitive agreement; the
ability of each location to generated the expected amount of annual
revenue; and Richtech Robotics’ ability to realize the benefits
described herein. Investors should read the risk factors set forth
in Richtech Robotics’ Annual Report on Form 10-K/A, filed with
the SEC on March 27, 2024, the Registration
Statement and periodic reports filed with the SEC on or
after the date thereof. All of Richtech Robotics’ forward-looking
statements are expressly qualified by all such risk factors and
other cautionary statements. The information set forth herein
speaks only as of the date thereof. New risks and uncertainties
arise over time, and it is not possible for Richtech Robotics to
predict those events or how they may affect Richtech Robotics. If a
change to the events and circumstances reflected in Richtech
Robotics’ forward-looking statements occurs, Richtech Robotics’
business, financial condition and operating results may vary
materially from those expressed in Richtech Robotics’
forward-looking statements.
Readers are cautioned not to put undue reliance
on forward-looking statements, and Richtech Robotics assumes no
obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact:
Investors:CORE IRMatt Blazeiir@richtechrobotics.com
Media: Timothy TanksleyDirector of MarketingRichtech
Robotics, Incpress@richtechrobotics.com702-534-0050
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