American Restaurant Concepts Announces Further Reduction In Outstanding Debt
LAFAYETTE, La., Nov. 4, 2013 /PRNewswire/ -- American Restaurant Concepts, Inc. (OTCBB: ANPZ), operator and franchisor of the award-winning Dick's Wings & Grill® restaurants, announced today that it has settled another of the Company's outstanding debt obligations.
On November 1, the Company agreed to issue 200,000 shares of common stock in full settlement of a total of $55,000 of principal and accrued interest due under a promissory note that had originally been issued to The Carl Collins Trust in January 2012.
This represents the second major debt settlement achieved by the Company during 2013. In April, the Company paid Bank of America $50,000 in full and final settlement of all outstanding principal, accrued interest and other amounts due under the loan agreement originally entered into by the parties in October 2008. The Company owed approximately $370,000 to Bank of America on the date of that settlement agreement.
"We continue to execute upon our strategy of improving our financial position to create shareholder value," stated Richard Akam, CEO of American Restaurant Concepts. "Between this note and our note with Bank of America, we have removed a total of $425,000 in debt from our balance sheet during 2013. This significant reduction in debt has strengthened our financial position and contributed to our bottom line through the termination of the related interest payments."
"A strong balance sheet will continue to be a focus for the Company as we move forward with our aggressive growth plan," continued Akam. "Our goal is to remove virtually all of our outstanding debt obligations from our balance sheet by the end of the year."
About American Restaurant Concepts, Inc.
American Restaurant Concepts, Inc., headquartered in Lafayette, Louisiana, is the operator and franchisor of the Dick's Wings & Grill® full-service restaurants and Dick's Wings Express® express restaurants. The Company prides itself on its award-winning chicken wings, for which it boasts 365 mouth-watering flavors. It offers customers the freshest wings, sandwiches, burgers, wraps, salads and signature waffle fries, all in a unique setting that combines a family-friendly environment with a sports-themed restaurant. The Company currently has 15 full-service restaurants and one express restaurant. For more information, please visit the Company's website at www.dickswingsandgrill.com.
Safe Harbor Provision
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the Company's future financial position, business strategy, plans and objectives, are forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expects," "intends," "plans," "projects," "estimates," "anticipates," or "believes" or the negative thereof or any variation thereon or similar terminology or expressions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors set forth in the Company's Annual Report on Form 10-K for the year ended December 30, 2012 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements.
SOURCE American Restaurant Concepts, Inc.