Exhibit 10.1


NEWS BULLETIN                           RE:      NOBLE ROMAN'S, INC.
                                                 1 Virginia Avenue, Suite 800
                                                 Indianapolis, IN  46204

FOR ADDITIONAL INFORMATION, CONTACT:

               Paul W. Mobley, Chairman
                      317/634-3377
           Michael Lauren, Investor Relations
                      415/564-5677


Indianapolis, Indiana - Noble Roman's, Inc. announced today that in a series of
transactions which closed on February 8, 2000, it has obtained approximately
$8.5 million in additional capital. These events are part of its strategic plan
to position Noble Roman's for accelerated growth in the franchising of
non-traditional locations and co-branding with other traditional foodservice
companies such as Subway(R) and TCBY(R).

Noble Roman's, Inc. began franchising non-traditional locations in 1997, and
co-branding with Subway and TCBY in 1999. To date the company has awarded over
500 franchised locations in 35 states with many more on the way. Though
non-traditional locations were developed first, officials at Noble Roman's
anticipate co-branding will offer at least as much if not more opportunity for
growth in the future.

Over the past two years the company has developed a method for franchisees to
establish a miniaturized version of a Noble Roman's pizzeria in universities,
recreational facilities, convenience stores, travel plazas and other
high-traffic facilities. These "non-traditional" locations, as they are called,
offer many of the same quality menu items that Noble Roman's has sold for 28
years at its traditional locations, including fresh made pizzas and breadsticks
among other items, plus a line of breakfast products. In discussing the
company's non-traditional franchise concept, Paul Mobley, Chairman of Noble
Roman's, stated, "We believe our concept is second to none. The food quality is
superior, the operations are simple, staffing requirements are minimal, and the
franchisee gets the benefit of a low initial investment and great on-going unit
economics. So far we have received an amazing reception in 35 states, and the
growth possibilities are enormous".

In addition to the non-traditional locations, the company has franchised
locations under co-branding agreements such as the recent opening of Noble
Roman's franchises in the TCBY at 49th Street and Pennsylvania Avenue and in the
Subway at West 71st Street and I-465, both in Indianapolis. Scott Mobley,
President of Noble Roman's, stated that, "Both non-traditional and co-branded
franchising are the wave of the future in the restaurant industry, and we're on
the cutting edge of that trend. We developed what we think is a better concept,
and this fact has been proven in the rapid sale of more than 500 franchises in
just over 2 years. We are devoting as much of our human resources as possible to
capitalize on this early success."

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Accordingly, the company will now limit its direct operational involvement in
traditional locations to a core group of locations in the Indianapolis,
Columbus, Bloomington and Evansville area markets in Indiana. Scott Mobley said,
"We have closed 16 traditional locations at least temporarily while we complete
on-going discussions on the possibility of re-opening them as franchises or
co-brand locations. In the meantime, we have reassigned several supervisors and
others formerly involved in those operations to help facilitate the growth of
our non-traditional and co-branded facilities. But the traditional locations are
extremely important to us - our product innovations and operating experience all
come from that side of the business, and we expect they will continue to do so
in the future."

The additional capital came from investors associated with Geometry Group, Inc.
in New York, certain local investors in Indianapolis and The Provident Bank in
Cincinnati. The Geometry Group and other local investors purchased common stock
of the company for approximately $2.0 million in a private placement. The
Provident Bank exchanged $6.5 million senior secured debt for $1.6 million in
common stock and $4.9 million in no-yield preferred stock which may later be
converted to common stock at $3.00 per share at its option.

Paul Mobley stated that, "Having already begun to reap the rewards of a
repositioned business strategy, and now with the significant increase in capital
and the management infrastructure which has been established in the past two
years, Noble Roman's is positioned for the expansion of several thousand
franchised co-branded and non-traditional units over the next few years." Mobley
further stated, "I am extremely pleased with the way Noble Roman's is now
positioned for the future. We have aligned our company with several of the
largest and well known retail food establishments in the country including
Subway(R) and TCBY(R). As experts in the field of food retailing both of these
companies recognize the significance of co-branding and have chosen Noble
Roman's over hundreds of other concepts. There is no doubt that co-branding and
non-traditional fast food retailing are sweeping the nation as more and more of
us eat where it is convenient. Given this need for consumer convenience, we
believe our business strategy has positioned Noble Roman's to take advantage of
these opportunities."

Given the significance of the current transactions, the company will be filing a
Form 8-k with the SEC showing restated proforma income statement information as
if the transactions had occurred on January 1, 1998, and proforma balance sheet
information as if the transactions had occurred on September 30, 1999. The
proforma income statement shows operations at approximately a break-even level
for both the twelve months ended December 31, 1998 and the nine months ended
September 30, 1999. The proforma balance sheet as of September 30, 1999 shows
current assets of $4.0 million (actual September 30, 1999 were $2.9 million),
current liabilities of $3.3 million (actual current liabilities for September
30, 1999 were $4.0 million), long-term obligations of $10.6 million (actual
September 30, 1999 were $16.7 million) and stockholder's equity of $4.6 million
(actual September 30, 1999 were $17 thousand).

The statements contained in this Press Release concerning the Company's future
revenues, profitability, financial resources, market demand and product
development are forward-looking statements (as such term is defined in the
Private Securities Litigation Reform Act of 1995) relating to the Company that
are based on the beliefs of the management of the Company, as well

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as assumptions and estimates made by and information currently available to the
Company's management. The Company's actual results in the future may differ
materially from those projected in the forward-looking statements due to risks
and uncertainties that exist in the Company's operations and business
environment including, but not limited to: the operations and results of
operations of the Company as well as its customers and suppliers, including as a
result of competitive factors and pricing pressures, shifts in market demand,
general economic conditions and other factors including but not limited to,
changes in demand, for the Company's products or franchises, the impact of
competitors' actions, and changes in prices or supplies of food ingredients.
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions or estimates prove incorrect, actual results may vary
materially from those described herein as anticipated, believed, estimated,
expected or intended.




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