American Restaurant Concepts, Inc. Acquires 50% Interest In Wing Nutz
LAFAYETTE, La., Jan. 27, 2014 /PRNewswire/ -- American Restaurant Concepts, Inc. (OTCBB: ANPZ), operator and franchisor of the award-winning Dick's Wings & Grill® restaurants, announced that it has acquired a 50% interest in Wing Nutz®.
Based in Salt Lake City, Utah, Wing Nutz is a leading franchisor of family-friendly, sports-themed restaurants offering premium baked chicken wings, baked sandwiches, and other baked foods. It also offers its own proprietary line of craft beers under the name "Nut Job Beers." Wing Nutz currently has 10 restaurants in Utah and one restaurant in Idaho, with an additional restaurant about to open in Utah and one in Las Vegas, Nevada. There are an additional six restaurants in the pipeline in other western states.
Under the terms of the deal, the Company acquired a 50% ownership interest in Paradise on Wings Franchise Group, LLC, which is the franchisor of the Wing Nutz restaurants and owner of the Wing Nutz intellectual property, in return for a combination of cash and stock. In a separate but related transaction, Blue Victory Holdings, a Louisiana-based private equity firm, acquired a 50% ownership interest in Wing Nutz Development, LLC, which holds the operating assets and liabilities associated with running the Wing Nutz franchisees.
"We are pleased to have acquired a significant ownership stake in Wing Nutz as part of our strategy to drive growth and shareholder value by expanding into other brands," stated Richard Akam, CEO of American Restaurant Concepts. "The Wing Nutz brand of premium baked chicken wings and other quality baked products complements our current Dick's Wings offering and expands our reach into the western half of the United States. This transaction increases the number of restaurants in which we have a financial interest by almost 70%, from 16 to 27, and will contribute greatly to our bottom line. We look forward to working with Will Miller and Will Owens and their team at Wing Nutz as we continue to grow our respective brands."
"ARC is a superb company that is run by an outstanding group of industry veterans," stated William Miller, Manager of Wing Nutz. "We are excited to have entered into this arrangement with American Restaurant Concepts and to continuing to expand our Wing Nutz brand throughout the United States."
"Wing Nutz is committed to providing our customers with the very best foods to enjoy, and by teaming up with ARC, we now have access to the substantial industry knowledge and resources necessary to take our business to the next level," added William Owens, Manager of Wing Nutz. "By working together, this will be a win-win situation for both companies."
About Wing Nutz, LLC
Wing Nutz, LLC, headquartered in Salt Lake City, Utah, is the operator and franchisor of the Wing Nutz franchise. It offers a large selection of premium, never frozen, always baked chicken wings, tenders, boneless wings, hog wings, wraps, salads, nachos, sandwiches, sides and quesadillas. With more than 18 custom sauces and its own line of crafted beers, Wing Nutz provides its customers with a truly exciting, family-friendly sports dining experience. The company currently has 10 locations in Utah and one location in Idaho, with several additional locations about to open and in the pipeline. For more information, please visit the company's website at www.bakedwingsarebetter.com.
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.
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