GRILLiT® Announces FINRA Approval and Effectiveness of Stock Dividend
MIAMI, Florida, September 6, 2013 /PRNewswire/ --
GRILLiT, Inc. (OTC: GRLT) ("GRILLiT" or the "Company") today announced that FINRA has approved and made effective the Company's previously announced common stock dividend.
On September 4, 2013, FINRA announced a "5-1 STK; Restricted" (found here: http://otcbb.com/dailylist/txthistory/di09042013.txt). It has come to the Company's attention that this stock dividend is being interpreted as a forward split, when in fact it is a stock dividend of restricted shares, which will not cause an increase of the public float or result in an automatic per share price adjustment.
All shareholders of GRILLiT, Inc. owning common shares on the record date of August 7, 2013 shall receive four (4) shares of GRILLiT, Inc. restricted common stock for every share held by such shareholder. For example, if a shareholder owns 10,000 shares of GRILLiT, Inc. common stock at the close of business on August 7, 2013, that shareholder shall receive 40,000 additional shares of GRILLiT, Inc. restricted common stock, giving that shareholder a total of 50,000 shares.
The dividended common shares will be "restricted" as defined in the Securities Act of 1933. Rule 144 allows for the public resale of restricted securities only if certain holding period and other conditions are satisfied. The start date for the holding period for the dividended shares shall be the record date of August 7, 2013, and the holding period is one year.
The Company will receive the certificates of the dividend shares of restricted common stock and will deliver the certificates to its shareholders over the course of the next several days.
GRILLiT (GRLT) 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 Angus beef. Restaurants offer an inviting and comfortable atmosphere with an open kitchen and contemporary, industrial design. GRILLiT currently has two locations and expects to have at least 21 corporate and 58 franchised locations open and operating within the next five years. The company is targeting Florida, North Carolina, New Jersey, Pennsylvania, New Hampshire, Ohio, Kentucky, Tennessee and Georgia for new growth. For more information, visit http://www.grillitinc.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 ability to build a chain of health-conscious fast-casual restaurants. 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.
SOURCE GRILLiT, Inc.