Spicy Pickle (SPKL) has officially released their first bit of news as a bulletin board stock. Yesterday afternoon, we learned the company has signed a new Franchisee in Gainesville, Florida. It will be their first store in the state, and it should be open sometime in 2008. The company’s real estate selection team has begun the hunt for an ideal store site.

While one store may only be a drop in the bucket, with new restaurant concepts, one store can be like a seed. Once the seed takes root, branches start to sprout. We won’t be surprised to see a few more Spicy Pickle’s pop up in Florida shortly after this one goes up.

Also, if you haven’t had a chance to view the web film, we encourage you to do so. We know a lot of you can’t actually go and try the food (yet), so the presentation really gets you up close and personal with what this restaurant really is. More importantly, it can really explain what all the buzz is about within the investment community.

As far as trading is concerned, what’s not to like? On the Friday we released our profile, SPKL closed at 69 cents. As of right now (10:24 AM on the next Friday), it’s trading at 91 cents. That’s a 31.8% gain in about a week. Better still, the volume still seems to be matching the upward momentum, and we’re still seeing higher highs and higher lows. The amazing part? Based on our analysis, SPKL is still undervalued as an intermediate-term holding.

For the full news release, click here. To see the brief video, click on the image above.