JACKSONVILLE, Fla., Sept. 18, 2012 /PRNewswire/ -- American Restaurant Concepts, Inc. (OTCQB: ANPZ), the operator and franchisor of America's award-winning Dick's Wings® restaurants, provided an update to investors regarding the Company's current business and outlook.
The Company announced today that it is continuing to build on the record results that it generated for its second fiscal quarter of 2012. The revenue that the Company has generated during the first 2½ months of its third fiscal quarter ended September 30, 2012 is already more than 10% higher than the revenue that it generated for its entire second quarter of 2012, and the Company still has a few weeks to go before its third fiscal quarter ends.
"Our third fiscal quarter is shaping up to be another record quarter for us," stated Michael Rosenberger, CEO of American Restaurant Concepts. "We have continued right where we left off at the end of our second quarter -- with strong growth in our revenue. Our third quarter revenue growth, coupled with our disciplined expense management, should result in record third quarter profits for us."
Mr. Rosenberger continued, "I am also very pleased with the substantial amount of attention we have been receiving from the investment community and the general public. Due to this increased level of interest, we expect to enter into agreements with franchisees before the end of the year for the establishment of new Dick's Wings® restaurants, which will bolster future revenue growth."
American Restaurant Concepts also announced that, as a result of the filing of its Quarterly Report for Q2 2012 with the SEC last week, the Company is now current with its SEC reporting obligations and its common stock has returned to trading on the OTCQB market tier of the OTC Markets Group. The occurrence of these events also satisfied the remaining conditions to the closing of the previously announced transaction with Seenu Kasturi of Blue Victory Holdings. This transaction is expected to close within the next few days.
"I expect the business relationship between American Restaurant Concepts and Seenu Kasturi of Blue Victory Holdings will transform the Company," added Mr. Rosenberger. "Once the transaction is closed, we will announce our joint strategic plan for American Restaurant Concepts and the manner by which we will grow the Company's revenue and profits at an accelerated pace during future periods. These growth drivers should create substantial value for our shareholders during the near and long term."
About American Restaurant Concepts, Inc.
American Restaurant Concepts, Inc., headquartered in Jacksonville, Florida, is the operator and franchisor of the Dick's Wings & Grill® full-service restaurants and Dick's Wing Express® express restaurants. The company prides itself on the 365 original mouth-watering flavors it has created for its premium grade chicken wings. Dick's Wings® 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. Dick's Wings & Grill's® chicken wings have won numerous awards in Florida and Georgia, including having been voted "Best Chicken Wings in Northeast Florida" 12 consecutive years by Folioweekly magazine. Dick's Wings® currently has 16 full-service restaurants and 2 express restaurants. Fifteen of the restaurants are located in Florida, with one located in Georgia and two located in Canada. For more information on the company, please visit its website at www.dickswingsandgrill.com.
Safe Harbor Provision
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained herein, including, without limitation, statements regarding the company's future financial position, business strategy, budgets, projected revenues and costs, and plans and objectives of management for future operations, 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 25, 2011 and its other filings and submissions with the Securities and Exchange Commission. 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 of the information contained in this press release.
SOURCE American Restaurant Concepts, Inc.