MIAMI, April 1, 2014 /PRNewswire/ -- GRILLiT, Inc. (the "Company" or "GRILLiT") (GRLT) today announced that it has completed two agreements effective as of March 28, 2014 for the sale of GRILLiT master franchise rights in the States of Texas and Arizona. The rights were obtained for a total cash consideration of $200,000, which the Company will book to its revenue in the first quarter of this year, plus an ongoing 4% royalty commitment on all gross revenues, and a $12,500 up front fee for each franchised location established in these territories.
The master franchisee is operated by Texas Expansion Wing Group, LLC, an experienced restaurant area developer and franchise sales organization. The principals of Texas Expansion Wing Group have over 26 years experience in the retail and food industry, both as operators and owners. Their experience ranges from the sale of over 100 franchises for QSR, the opening of over 90 restaurants in Austin, San Antonio, Corpus Christi, Laredo, Brownsville, Harlingen, and McAllen, Texas, and owning and operating YUM brands in Mexico. Their most recent projects include acting as area developers for Hurricane Grill and Wings, one of the fastest growing casual dining concepts in the country, and Dazbog Coffee, which franchises the operation of specialty coffee stores.
"This is a big leap forward for the company for several reasons," said the Company's Chief Executive, Ghazi Hajj. "First, this represents the Company's first initiative in the southwestern United States - Texas and Arizona are the most logical states to commence franchise operations in this region. Second, we are very fortunate to have a master franchisee the caliber of The Texas Expansion Wing Group. We believe they are the perfect operator to carry out this program, mainly because they have a proven track record of establishing and supporting restaurant franchise owner/operators. I have seen their work firsthand through prior projects on which I have worked with them. They have a very strong network of potential franchise buyers all over of the Southwest. They are a small group of successful businessmen who are as excited as we are to take the GRILLiT concept to the next level."
"We are in discussions with Texas Expansion Wing Group to establish agreements in other States," Mr. Hajj concluded.
As announced on March 18, 2014, the Company changed its name from Grillit, Inc. to Healthy & Tasty Brands Corporation, and is in the process of effectuating the name change with FINRA.
About GRILLiT (now known as Healthy & Tasty Brands Corporation)
GRILLiT (GRLT), now known as Healthy & Tasty Brands Corporation, is a company that holds interests in restaurants and food-related entities that are focused on healthy, natural, and nutritional foods.
It's 100% owned subsidiary, GRILLiT, is a growing Latin-Caribbean fusion restaurant concept that marries fast casual to nutritious and healthy food. The company opened its first location in Miami in 2011 and specializes in chef-inspired custom crafted rice bowls, pasta and wraps as well as salads. GRILLiT utilizes domestic growers and delivers healthy cuisine using only fresh proteins, such as never-frozen chicken and Organic beef. Restaurants offer an inviting and comfortable atmosphere with an open kitchen and contemporary, industrial design. For more information, visit http://www.handtbrands.com.
Forward Looking Statements:
Statements in this press release that are not purely historical facts, including statements regarding GRILLiT's beliefs, expectations, intentions or strategies for the future, may be "forward-looking statements" under the Private Securities Litigation Reform Act of 1996. Such statements consist of any statement other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "plan", "may", "expect", "anticipate", "intend", "estimate" or "continue" or the negative thereof or other variations thereof or comparable terminology. The reader is cautioned that all forward-looking statements are speculative, and there are certain risks and uncertainties that could cause actual events or results to differ from those referred to in such forward-looking statements. This disclosure highlights some of the important risks regarding our business. Specifically, the reader should not place undue reliance on statements regarding our master franchisees ability to increase franchise sales in their targeted franchise markets. Additionally, there are number of other risk factors relating to our business more fully explained identified by us in our filings with the OTC Markets, which are available through http://www.otcmarkets.com.
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