Twistee Treat

Minden, Ontario Twistee Treat restaurant

Twistee Treat is a corporate owned chain of ice cream restaurants, founded in 1983 in North Fort Myers, Florida. The restaurants are characterized by buildings shaped in the form of soft-serve ice cream cones.[1] The company is currently expanding throughout the Orlando and Tampa markets, building new stores. Corporate stores are marked with a chocolate dip and LED colored "sprinkles" on the roof of the cone.

History

The original Twistee Treat was a franchised chain of ice cream restaurants, founded in 1983 in North Fort Myers, Florida. The restaurants are characterized by buildings shaped in the form of soft-serve ice cream cones.[1]

The original company, which had 23 locations in Florida, went into bankruptcy in the early-1990s. A new Twistee Treat company, based in Warrensburg, Missouri, was formed in 1996. As of 1999, the new company had 35 locations in Florida and Missouri. The company also sold a franchise to a Chatham, Ontario-based company that year.


Twistee Treat Corporation TM (the "Company") was incorporated in Missouri on April 27, 1995 and redomiciled in Delaware in June 1997. The original Twistee Treat Corporation was formed in the early 1980s as a Colorado corporation doing business primarily in Florida. By the mid 1980s it had opened approximately 5000 company stores, but no franchise units. The original Twistee Treat Corporation utilized proprietary cone-shaped buildings to sell its dessert products and obtained certain federal and state patents, trademarks and service marks in connection with its business. In 1989, Twistee Treat's original founder retired and Twistee Treat filed for bankruptcy protection (U.S. Bankruptcy Court, Middle District of Florida, Ft. Myers Division, Case No. 89-4700-9P1). On August 6, 1990, Andrew Brennan, a founder and former principal stockholder of Twistee Treat, purchased the assets of the original Twistee Treat Corporation from the Bankruptcy Court, including its patent, trademark and service mark rights. Subsequently, Mr. Brennan sold 50% of his interests in such assets to Don Matthews, owner of Soft Serve System, Inc., a Missouri corporation. In 1996, Messrs. Matthews and Wells reorganized the Company, with Mr. Matthews contributing his 50% of the assets obtained from the original Twistee Treat Corporation. On May 6, 1997, Mr. Brennan sold his 50% interest in the assets obtained from the original Twistee Treat Corporation.[2]

As of November 30, 2005, the Company had three inactive franchises. The Canadian franchisee is still producing revenues, but is not paying any franchise fee to Twistee Treat pending a resolution of outstanding claims described elsewhere in this report. The Company is attempting to raise funding for its product line or engage in alternative business activities by merger or acquisition. The Company conducted no direct operations during the last two (2) fiscal years ended November 30, 2004 and 2005, respectively.[2]

In 2010 a new company, Twistee Treat USA began building new stores.

Bankruptcy and Original Franchises

When the original and subsequently the second parent company for Twistee Treat ceased operations, the rights to the name and building were handed over to the individual franchisees.

Twistee Treat USA

In 2010 Twistee Treat USA acquired the patents and rights to the company. They began building new stores under the Twistee Treat name, utilizing old buildings purchased from previous franchisees. A new building design was also created and will be used for future company expansion.

Existing stores owned by previous franchisees

While all new Twistee Treat stores are corporate owned, several privately owned stores from the previous corporations still operate around the US. These currently existing stores were granted the rights to use the name and building design, and are allowed to operate as they are. New buildings under the Twistee Treat banner are corporate owned.

References

  1. ↑ 1.0 1.1 Bahr, Jeff (2009). Amazing and Unusual America. Chicago, Illinois, USA: Publications International, Ltd. p. 113. ISBN 978-1-4127-1683-3.
  2. ↑ 2.0 2.1 http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=4322330

External links