Exhibit 21.1 List of Subsidiaries of BAB Holdings, Inc.

BAB Systems, Inc., an Illinois corporation 

BAB Operations, Inc., an Illinois corporation 

Brewster's Franchise Corporation, an Illinois corporation 

Systems Investments, Inc., an Illinois corporation (a wholly-
owned subsidiary of BAB Systems, Inc., which is a subsidiary of 
BAB Holdings, Inc.) 

My Favorite Muffin Too, Inc., a New Jersey corporation