FOR IMMEDIATE RELEASE
November 20, 2002

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For further information, contact:
Lawrence Spinelli (202) 336-8690
Timothy Harwood (202) 336-8744

OPIC LOAN ENABLES WENDY’S FRANCHISEE TO EXPAND IN MEXICO            

WASHINGTON, D.C. – A $1.2 million loan from the Overseas Private Investment Corporation (OPIC) will enable a U.S. franchisee of Wendy’s International to establish up to three Wendy’s fast food restaurants in Mexico – OPIC’s first franchise project in the country, OPIC President and CEO Dr. Peter Watson announced today.

The OPIC loan to Wend-Rey, Ltd. of Texas will be onlent to its Mexican subsidiary to fund up to 75 percent of the start-up costs associated with developing and operating the Wendy’s restaurants in Mexico. The subsidiary, Wend-Mont (WM), already successfully operates two Wendy’s restaurants in the country.

The expansion will also enable WM to enhance profitability by capitalizing on a multi-restaurant strategy: additional restaurants allow WM’s existing corporate overhead costs to be diffused across a larger sales base, thereby reducing each restaurant’s overall fixed costs.

“This project enables OPIC to meet several Bush Administration trade priorities,” Dr. Watson said. “It supports economic development in Mexico, as well as the expansion of U.S. small businesses into emerging markets, in this case through the vehicle of a U.S. franchisee of a successful restaurant chain. The multiplying effect of the growth of Wendy’s in Mexico should have positive results for local economies there.”

Wendy’s International is the third largest hamburger chain in the world, with over 6,043 outlets in 27 countries -- 1,228 operated by the Company and 4,815 by its franchisees -- and approximately $2.5 billion in annual sales. There are 165 Wendy’s restaurants in Latin America and the Caribbean, and 16 in Mexico. Wend-Rey was established in 1996 by four U.S. citizens.

OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. Because OPIC charges market-based fees for its products, it operates on a self-sustaining basis at no net cost to taxpayers.

OPIC’s political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency’s 30-year history, OPIC has supported $142 billion worth of investments that have helped developing countries to generate over $11 billion in host-government revenues and create over 673,000 host-country jobs. OPIC projects have also generated $64 billion in U.S. exports and create more than 253,000 American jobs.