Restaurant Network to Grow to 1,000 Locations
DALLAS, Feb. 25 /PRNewswire/ -- IndoorDIRECT announced that it has secured a funding package that could reach $22.5 million to complete the rollout of its in-store entertainment network into 1,000 quick-service and fast-casual restaurants from its current base of 430 locations.
The funding was led by Syncom Venture Partners, a firm that specializes in media properties. Joining them were Northwood Ventures LLC and Poseidon Enterprises LLC, which also have considerable media expertise. Challenger Capital Group LTD and Haynes & Boone LLP assisted in the transaction.
The funding will allow indoorDIRECT to establish an initial national media platform of more than 10 million viewers per month in top DMAs.
"Our network is an effective way for advertisers to reach consumers for many reasons," said Bill Myers, Co-Founder and COO. "We entertain our viewers with engaging content that people enjoy watching and listening to while they are sitting, not just walking past the screens. This enables impressions to really register with viewers who are in most cases close to retail sites where they can immediately act on the messages presented to them."
"We feel that indoorDIRECT is reaching captive customers who want to be entertained," said Duane McKnight, head of Syncom Venture Partners. "In a time of TIVO and channel switching, this venue is especially effective for advertisers." Peter Schiff of Northwood Ventures LLC added, "As one of the first serious investors in this booming sector, we feel the advertising community will strongly embrace the consumer reach this network creates."
About theBITE Network
Each week indoorDIRECT creates and produces theBITE Network, the program which airs on its LCD screens in restaurant dining rooms, providing advertisers with national reach in a receptive environment. Four dynamic hosts, selected exclusively for theBITE, host the 60-minute program reporting on news, entertainment, music and sports. TheBITE features customized content for a range of interests such as music videos, NASCAR updates, college football features and content from providers including CBS, TBS, TNT, Speed and most recently NFL Network. TheBITE also features scrolling text with breaking news, sports updates and localized time and weather. Catch the latest from theBITE at www.thebitenetwork.com/STREAM.
Fred Margolin, the company's CEO, said that indoorDIRECT is pleased to be working with leading restaurant chains that have a total of more than 30,000 locations nationwide. "Our rollout to more restaurant locations will enable us to attract greater advertiser attention and we will have the opportunity to grow very quickly," he said.
"We are gratified by the positive response we've gotten from franchisors and franchisees of restaurant chains throughout the country that have installed the indoorDIRECT system," said Michael Winton, President and Co-Founder. "They immediately see the network helps store profitability and makes the dine-in experience much more enjoyable for their customers."
About indoorDIRECT
IndoorDIRECT is a powerful digital out-of-home media company providing entertainment content to high-volume quick-service and fast-casual restaurant chains across the nation. IndoorDIRECT created theBITE Network -- a combination of entertainment content and advertising tailored to reach the millions of Americans who visit quick-service and fast-casual restaurant chains every month. IndoorDIRECT LCD screens are located in restaurant dining rooms, as well as a promotional board at the point-of-purchase to highlight featured menu items. The promotional network has shown proven results that about 40 percent of the customers are influenced. The company is privately held and has its headquarters in Dallas. More information is available at www.indoordirect.com.
