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Palm
Beach, FL – March 2021 / Newsmaker Alert / BurgerFi
International Inc. (Nasdaq: BFI, BFIIW), one of the nation’s fastest-growing
premium fast-casual concepts and QSR’s 2020 Breakout Brand of the Year
known for its better burgers, has hired Michael Rabinovitch as Chief Financial
Officer. Rabinovitch holds over 25 years of extensive financial leadership
skills from best-in-class publicly held retail and distribution companies,
high growth retail concepts, extensive international experience and has
completed and integrated over 25 acquisitions valued at over $2 billion
dollars during his career.
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“As
BurgerFi continues to accelerate its growth strategy, Michael’s extensive
experience in acquisitions, business processes and managing the strong
financial structure and growth of large public companies adds significant
value to our organization,” said Ophir Sternberg, Executive Chairman of
BurgerFi. “We are pleased to welcome Michael to BurgerFi and look forward
to his leadership.”
Rabinovitch
joins BurgerFi after serving as Chief Accounting Officer at Tech Data Corporation
(formerly Nasdaq: TECD), a $38 billion dollar, Fortune 100 global technology
distributor. He also has held the positions of Chief Accounting Officer
and Vice President of Finance for North America at Office Depot Inc. (Nasdaq:
ODP) where he was responsible for all aspects of accounting policy and
process including Sarbanes Oxley compliance.
“Michael
will develop trusted relationships with key stakeholders and teams while
building confidence and transparency. I know he understands key metrics
for value creation and will collaborate with our leadership to deliver
outstanding results,” said Julio Ramirez, CEO of BurgerFi. “I am thrilled
to have him as part of my talented executive team.”
For
nearly a decade, Rabinovitch served as Chief Financial Officer of Mayors
Jewelers, Birks Group Inc., a (NYSEAMERICAN: BGI), with 77 locations across
the United States and Canada. He was also the Vice President of Finance
at Claire’s Stores, Inc. during their years of rapid expansion and contributed
to their growth from 1,200 to over 3,000 locations in 10 countries during
his six year tenure with the brand. Rabinovitch began his career with Price
Waterhouse (now PwC). He is a licensed certified public accountant (inactive).
Rabinovitch has both Bachelor of Science degrees in accounting and finance
from Florida State University and is an advisory board member of the School
of Accounting at both Florida State University and University of South
Florida.
“I
am excited to be joining BurgerFi and look forward to adding value to the
company as they execute on their growth strategy,” said newly appointed
CFO, Michael Rabinovitch. “I am looking forward to supporting the leadership
team in implementing strategies that will drive profitability of the organization
and shareholder value.”
Rabinovitch
replaces Bryan McGuire, Chief Financial Officer, effective April 1st, 2021.
During his time at BurgerFi, McGuire has helped the company maintain high
standards of financial compliance and aided the company’s process to go
public through a business combination via SPAC merger. McGuire will remain
with BurgerFi to lead the company’s quarter-close process and financial
filings, working with Rabinovitch to ensure a seamless transition.
About
BurgerFi International (Nasdaq: BFI, BFIIW)
Established
in 2011, BurgerFi is among the nation’s fastest-growing better burger concepts
with approximately 125 BurgerFi restaurants domestically and internationally.
The concept is chef-founded and is committed to serving fresh food of transparent
quality. BurgerFi uses 100% American angus beef with no steroids, antibiotics,
growth hormones, chemicals or additives. BurgerFi’s menu also includes
high quality wagyu beef, antibiotic and cage-free chicken offerings, fresh,
hand-cut sides and custard shakes and concretes. BurgerFi was named QSR
Magazine’s Breakout Brand of 2020, placed in the top 10 on Fast Casual’s
Top 100 Movers & Shakers list in 2020, was named “Best Burger Joint”
by Consumer Reports and fellow public interest organizations in the 2019
Chain Reaction Study, listed as a “Top Restaurant Brand to Watch” by Nation’s
Restaurant News in 2019, included in Inc. Magazine’s Fastest Growing Private
Companies List, and ranked on Entrepreneur’s 2017 Franchise 500. To learn
more about BurgerFi or to find a full list of locations, please visit www.BurgerFi.com.
Download the BurgerFi App on iOS or Android devices for rewards and ‘Like’
BurgerFi on Facebook or follow @BurgerFi on Instagram and Twitter. BurgerFi®
is a Registered Trademark of BurgerFi IP, LLC, a wholly-owned subsidiary
of BurgerFi.
Forward-Looking
Statements
This
press release may contain “forward-looking statements,” including BurgerFi’s
estimates of its future business outlook, prospects or financial results.
Statements regarding BurgerFi’s objectives, expectations, intentions, beliefs
or strategies, or statements containing words such as “believe,” “estimate,”
“project,” “expect,” “intend,” “may,” “anticipate,” “plans,” “seeks,” “implies,”
or similar expressions are intended to identify such forward-looking statements.
It is important to note that BurgerFi’s actual results could differ materially
from those in such forward-looking statements, and undue reliance should
not be placed on such statements. Statements about the effects of the COVID-19
pandemic on our business, operations, financial performance and prospects
may constitute forward-looking statements and are subject to the risk that
the actual impacts may differ, possibly materially, from what is reflected
in those forward-looking statements due to factors and future developments
that are uncertain, unpredictable and in many cases beyond our control,
including the scope and duration of the pandemic, actions taken by governmental
authorities in response to the pandemic, and the direct and indirect impact
of the pandemic. Among the important factors that could cause such actual
results to differ materially are (i) the impact of any economic recessions
in the U.S. and other parts of the world, (ii) fluctuations in the global
economy, (iii) BurgerFi’s ability of maintaining its margins, (iv) changes
in applicable accounting principles or interpretations of such principles,
(v) delays in BurgerFi’s ability to develop new products and services and
market acceptance of new products and services, (vi) rapid technological
change, (vii) BurgerFi’s ability to attract and retain key management personnel,
(viii) the existence of substantial competition, and (ix) other risk factors
listed from time to time in BurgerFi’s registration statements and reports
as filed with the Securities and Exchange Commission. All forward-looking
statements included in this press release are made as of the date hereof,
and BurgerFi undertakes no obligation to update any such forward-looking
statements, whether as a result of new information, future events, or otherwise.
Media
Contacts:
BurgerFi
International Inc.
Ashley
Spitz ||| Crystal Rosatti |