Checkers & Rally’s to deploy Presto’s voice ordering
solution at all corporate-owned restaurants nationwide, becoming
the first large concept to utilize artificial intelligence (A.I.)
based drive-thru voice ordering nationwide.
Presto, a leader in the restaurant hospitality technology
industry, has been selected by Checkers Drive-In Restaurants, Inc.,
the operator of Checkers & Rally’s iconic drive-thrus, as the
exclusive provider of automated voice ordering for all its
corporate-owned drive-thru restaurants. Today’s announcement marks
the largest and first of its kind rollout of an A.I.-based voice
assistant solution in the hospitality industry.
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Designed to help restaurants maximize labor efficiency, Presto’s
next generation solutions help improve order accuracy, increase
upsells, and provide a superior guest experience. The Presto
systems are scheduled to be deployed across all corporate-owned
Checkers & Rally’s restaurants in the United States in
2022.
According to a Franchise Times article, over 80% of
quick-service restaurant sales are being generated from the
drive-thru, a clear indication that there is a growing opportunity
for a frictionless drive-thru model such as Checkers & Rally’s.
A faster, more efficient drive-thru can offer significant
competitive advantages and reduce lines that may discourage
customers from ordering.
In 2021, Checkers & Rally’s conducted a detailed pilot
program of Presto’s automated voice ordering technology at multiple
locations over a four-month period. During this time, Presto’s
solution delivered a high level of automation and accuracy with
over 98% of drive-thru orders completed with minimal intervention
from restaurant employees. The Presto solution also performed well
with unique or infrequently ordered menu items and easily managed
various guest accents.
“Checkers & Rally’s is the pioneer of the double drive-thru
restaurant model, so our decision to again lead the industry with
the largest rollout of an A.I.-based voice assistant solution
should be no surprise,” said Frances Allen, President and Chief
Executive Officer at Checkers & Rally’s. “We are excited about
this new era in partnership with Presto, a leader in the restaurant
hospitality technology field. As a company, we embrace technology
that will help our team members maximize time and efficiency while
making their jobs easier and more enjoyable, creating a better
experience for them as well as our guests.”
This new partnership is expected to enable Checkers &
Rally’s to streamline the guest experience while increasing the
guest-to-staff ratio in the drive-thru. By deploying Presto,
Checkers & Rally’s believes that they can free up staff for
more people-dependent areas of their business and enhance guest
interaction overall.
“We’re excited to be selected by Checkers & Rally’s as their
exclusive drive-thru automated speech recognition partner for all
their corporate-owned locations,” said Rajat Suri, Founder and CEO
of Presto. “Checkers & Rally’s desire to take the industry
forward through disruptive innovation is inspiring, and Presto is
fully committed to supporting this bold vision.”
On November 10, 2021, Presto announced the execution of a
definitive merger agreement with Ventoux CCM Acquisition Corp.
(NASDAQ: VTAQ), a publicly-traded special purpose acquisition
company (“Ventoux”), that will result in Presto becoming a publicly
listed company. Upon closing, the combined company (the “Company”)
will be renamed Presto Technologies, Inc. and expects to trade on
Nasdaq.
Presto offers a powerful next-generation drive-thru voice
solution that uses A.I. to automate speech recognition for
restaurant drive-thrus. This solution has been developed in
partnership with Hi Auto, a conversational A.I. technology company
focused on creating a human-like solution for automating and
optimizing the sales experience at drive-thru restaurants.
Additionally, Presto has other voice products that can be
deployed in a variety of restaurant settings including line
busters, kiosks, pay-at-table systems, and server handhelds to
streamline the guest experience while increasing the guest-to-staff
ratio. Presto’s solutions take orders using automated A.I. that
frees up staff by automatically transmitting orders to the
restaurant’s POS system. The company believes that its solutions
enable faster transactions and improve order accuracy by
eliminating human order taking. They can also increase check sizes
with automatic upselling and cross-selling.
For more information, visit presto.com/voice. To schedule a live
demo or learn more about Presto’s products, please contact
mktg@presto.com or visit presto.com.
About Presto
Presto overlays next-gen digital solutions onto the physical
world. Our enterprise-grade touch, vision, and voice technologies
help hospitality businesses thrive while delighting guests. With
over 250,000 systems shipped, we are one of the largest labor
automation technology providers in the industry. Founded at M.I.T.
in 2008, Presto is headquartered in Silicon Valley, Calif. with
customers including many of the top 20 restaurant chains in the
U.S.
About Checkers & Rally’s Restaurants
Based in Tampa, Fla., Checkers Drive-In Restaurants, Inc., an
iconic and innovative drive-thru restaurant chain known for its
bold, craveable food, famous fries, exceptional value, and
people-first attitude, operates and franchises both Checkers® and
Rally's® restaurants. With 836 restaurants and room to grow,
Checkers & Rally's is a proven brand with flexible building
formats that is aggressively expanding across the country. Checkers
& Rally's is dedicated to being a place where franchisees and
employees who work hard can create opportunities for themselves,
their families, and their communities. In recent years, the brand
has earned several of the industry's most prestigious awards
including: "#1 Most Craveable Fries" by Restaurant Business 2020,
2018 and 2017; Best Franchise Deal and "Best Drive-Thru in America"
by QSR Magazine; Top Food and Beverage Franchise by Franchise
Business Review; the "Hot! Again" award from Nation's Restaurant
News and has consistently been ranked on Entrepreneur's Franchise
500.
Additional Information and Where to Find It
In connection with the proposed business combination involving
Ventoux and Presto, Ventoux intends to file a registration
statement, which will include a preliminary proxy
statement/prospectus, with the SEC. The proxy statement/prospectus
will be sent to stockholders of Ventoux. This press release is not
a substitute for the proxy statement/prospectus. INVESTORS AND
SECURITY HOLDERS AND OTHER INTERESTED PARTIES ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT
HAVE BEEN FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY
AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION ABOUT PRESTO, VENTOUX, THE PROPOSED BUSINESS
COMBINATION AND RELATED MATTERS. The documents filed or that will
be filed with the SEC relating to the proposed business combination
(when they are available) can be obtained free of charge from the
SEC’s website at www.sec.gov. These documents (when they are
available) can also be obtained free of charge from Ventoux upon
written request at Ventoux CCM Acquisition Corp., 1 East Putnam
Avenue, Floor 4, Greenwich, CT 06830.
No Offer or Solicitation
This communication is for informational purposes only and is not
intended to and shall not constitute a proxy statement or the
solicitation of a proxy, consent or authorization with respect to
any securities in respect of the proposed business combination and
shall not constitute an offer to sell or the solicitation of an
offer to buy or subscribe for any securities or a solicitation of
any vote of approval, nor shall there be any sale, issuance or
transfer of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
Participants in Solicitation
This communication is not a solicitation of a proxy from any
investor or security holder. However, Ventoux, Presto, and certain
of their directors and executive officers may be deemed to be
participants in the solicitation of proxies in connection with the
proposed business combination under the rules of the SEC.
Information about Ventoux’s directors and executive officers and
their ownership of Ventoux’s securities is set forth in filings
with the SEC, including Ventoux’s annual report on Form 10-K filed
with the SEC on March 30, 2021 and amended on June 22, 2021 and
December 3, 2021. To the extent that holdings of Ventoux’s
securities have changed since the amounts included in Ventoux’s
most recent annual report, such changes have been or will be
reflected on Statements of Change in Ownership on Form 4 filed with
the SEC. Additional information regarding the participants will
also be included in the proxy statement/prospectus, when it becomes
available. When available, these documents can be obtained free of
charge from the sources indicated above.
Forward-Looking Statements
This communication contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
about future financial and operating results, plans, objectives,
expectations and intentions with respect to future operations,
products and services and expectations regarding the proposed
business combination between Presto and Ventoux; and other
statements identified by words such as “will likely result,” “are
expected to,” “will continue,” “is anticipated,” “estimated,”
“believe,” “intend,” “plan,” “projection,” “outlook” or words of
similar meaning. Such forward-looking statements are based upon the
current beliefs and expectations of our management and are
inherently subject to significant business, economic and
competitive uncertainties and contingencies, many of which are
difficult to predict and generally beyond our control. Actual
results and the timing of events may differ materially from the
results anticipated in these forward-looking statements.
In addition to factors previously disclosed or that will be
disclosed in Ventoux’s reports filed with the SEC and those
identified elsewhere in this communication, the following factors,
among others, could cause actual results and the timing of events
to differ materially from the anticipated results or other
expectations expressed in the forward-looking statements: (1) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement or could
otherwise cause the transactions contemplated therein to fail to
close; (2) the outcome of any legal proceedings that may be
instituted against Ventoux, Presto, the Company or others following
the announcement of the proposed business combination and any
definitive agreements with respect thereto; (3) the inability to
complete the proposed business combination due to the failure to
obtain approval of the stockholders of Ventoux or Presto; (4) the
inability of Presto to satisfy other conditions to closing; (5)
changes to the proposed structure of the proposed business
combination that may be required or appropriate as a result of
applicable laws or regulations or as a condition to obtaining
regulatory approval of the proposed business combination; (6) the
ability to meet stock exchange listing standards in connection with
and following the consummation of the proposed business
combination; (7) the risk that the proposed business combination
disrupts current plans and operations of Presto as a result of the
announcement and consummation of the proposed business combination;
(8) the ability to recognize the anticipated benefits of the
proposed business combination, which may be affected by, among
other things, competition, the ability of the Company to grow and
manage growth profitably, grow its customer base, maintain
relationships with customers and suppliers and retain its
management and key employees; (9) the impact of the COVID-19
pandemic on the business of Presto and the Company (including the
effects of the ongoing global supply chain shortage); (10) Presto’s
limited operating history and history of net losses; (11) Presto’s
customer concentration and reliance on a limited number of key
technology providers and payment processors facilitating payments
to and by Presto’s customers; (12) costs related to proposed
business combination; (13) changes in applicable laws or
regulations; (14) the possibility that Presto or the Company may be
adversely affected by other economic, business, regulatory, and/or
competitive factors; (15) Presto’s estimates of expenses and
profitability; (16) the evolution of the markets in which Presto
competes; (17) the ability of Presto to implement its strategic
initiatives and continue to innovate its existing products; (18)
the ability of Presto to adhere to legal requirements with respect
to the protection of personal data and privacy laws; (19)
cybersecurity risks, data loss and other breaches of Presto’s
network security and the disclosure of personal information; and
(20) the risk of regulatory lawsuits or proceedings relating to
Presto’s products or services.
Actual results, performance or achievements may differ
materially, and potentially adversely, from any projections and
forward-looking statements and the assumptions on which those
forward-looking statements are based. There can be no assurance
that the data contained herein is reflective of future performance
to any degree. You are cautioned not to place undue reliance on
forward-looking statements as a predictor of future performance as
projected financial information and other information are based on
estimates and assumptions that are inherently subject to various
significant risks, uncertainties and other factors, many of which
are beyond our control. All information set forth herein speaks
only as of the date hereof in the case of information about Ventoux
and Presto or the date of such information in the case of
information from persons other than Ventoux and Presto, and we
disclaim any intention or obligation to update any forward-looking
statements as a result of developments occurring after the date of
this communication. Forecasts and estimates regarding Presto’s
industry and end markets are based on sources we believe to be
reliable, however there can be no assurance these forecasts and
estimates will prove accurate in whole or in part. Annualized, pro
forma, projected and estimated numbers are used for illustrative
purposes only, are not forecasts and may not reflect actual
results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220110005382/en/
For Presto:
Rajul Misra VP of Marketing, Presto +1 (408) 659-6825
media@presto.com
Ryan Gardella & Michael Bowen Investor Relations
investor@presto.com
For Checkers & Rally’s:
Madison McGillicuddy ICR Checkers@icrinc.com
Joyce Oliva Checkers & Rally’s OlivaJ@checkers.com
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