ORLANDO, Fla., March 5, 2013 /PRNewswire/ -- Big Three Restaurants, Inc., (OTCQB: BTHR) announced today it has entered into a letter of intent to purchase Mangos Restaurant and Lounge, located at 904 East Las Olas Boulevard in Fort Lauderdale, Florida. The Company has also entered into a separate contract to purchase the land and building at which Mangos operates. The price for Mangos is $2.5 million and the price of the real estate is $5.6 million. The purchase of Mangos is contingent on funding, completion of due diligence and entry into a definitive agreement. The purchase of the real estate is conditional on the purchase of Mangos.
John V. Whitman, Jr., the Company's chief executive officer, said "The owners of Mangos have been operating a restaurant at the same location for 31 years. Mangos has been the restaurant's name for the past 12 years. Mangos has a history of profitable operations. We plan for Mangos to be one of our flagship restaurants, as we pursue additional acquisitions."
Mangos Restaurant and Lounge offers an upscale family menu with full bar. It employs a total management and staff of 145 personnel. Las Olas Boulevard is considered by many to Fort Lauderdale's Rodeo Drive (Beverly Hills) or Worth Avenue (Palm Beach).
ABOUT THE COMPANY
The Company is a developmental stage enterprise planning acquisitions of profitable restaurant operations in three categories – respected franchise brands, upscale family dining and theme style restaurants.
SAFE HARBOR AND INFORMATIONAL STATEMENT
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact, regarding the intent, belief or current expectations of the Company and its management with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The Company claims the safe harbor provided by Section 21E(c) of the Exchange Act for all forward-looking statements
For more information contact –
John V. Whitman Jr., Chief Executive Officer
SOURCE Big Three Restaurants, Inc.