Benzinga | Aug 17, 2021 10:10AM EDT

Pizza Inn Announces Expansion To Qatar

* Rave Restaurant Group Inc's (NASDAQ:RAVE) subsidiary Pizza Inn has signed a development agreement with Principal Master Licensee Walid Haider, Chairman of Azalea Investment LLC in Dubai, UAE. The financial terms of the deal remain undisclosed.

* As per the agreement, five Pizza Inn stores will open in Qatar, with the first store expected in Doha in March of 2022.

* The licensee has the option to open additional new stores.

* "RAVE is excited for Mr. Walid to help expand Pizza Inn's presence in the Middle East. Once these five new stores open, Pizza Inn will have 37 international locations across the globe," said RAVE Restaurant CEO Brandon Solano.

* Price Action: RAVE shares are trading lower by 0.01% at $1.1599 on the last check Tuesday.